Put positive steps in place to minimise money worries
ARE money worries getting you down?
Nowadays, financial stress is all too common. The rising cost of living, low paid and insecure jobs and a materialistic culture fuelled by relentless advertising all play a part.
The relationship between money and our mental health is complex. When we get into financial difficulty, this often means our mental health suffers. Conversely, when our mental health is affected for other reasons, this can make managing money harder.
Our values and beliefs about money also play a big part in how we manage money and how this makes us feel.
For example, if you believe that money is the key to happiness then you are more likely to feel down when you don’t have much money, than someone who finds happiness in other ways.
Regardless of your situation, research shows that we all need a certain degree of financial stability in order to feel secure and content.
If money worries are getting you down, the tips below can help get your finances and your wellbeing back on track.
UNDERSTAND YOUR BEHAVIOUR
THINK about your values, beliefs and past experiences when it comes to money and how these feed into your current spending or saving habits.
When do you spend money and why? Do you have any bad financial habits that are currently having a negative impact on your mental health?
TALK TO SOMEONE YOU TRUST
TALKING about your money worries with a trusted friend or family member can be a relief, help you to feel like you are not on your own and generate ideas for solving the money problems that are causing you stress.
ORGANISE YOUR FINANCES
SET aside a regular time each week to review your finances so money worries don’t build up.
Put a filing system in place for all your bills, bank statements and other financial documents so you know where everything is and can access them easily.
Create a budget so you can keep track of your spending. The Money Advice Service offers lots of helpful tools and advice on managing money at moneyadviceservice.co.uk.
GET PROFESSIONAL HELP
IF you are struggling with financial problems, there are lots of organisations out there that offer impartial advice. Try speaking to your local Citizen’s Advice Bureau or visit the Step Change debt charity at stepchange.org
Dr Ellie Milby is a counselling psychologist