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Debts hit mental health and everything gets worse

Many people often think that if they had more money, all their worries would go away.

While I am sure you’d prefer to find this out for yourself, I can tell you that, for most people, more money just means different types of worries.

The majority of us live to our means but some people, for various reasons, live beyond their means.

When your budget begins to stretch and you start borrowing for day-to-day spending, your money worries can quickly grow.

This is the reason I don’t like using credit cards and why I developed the Bank Account System to help people gain control over their spending.

Worries are one thing, but for some people, small worries can easily escalate rapidly into bigger problems and cause mental health issues that paralyse our decision-making process.

Just thinking about money, your bills and credit card statements can make you shudder, bringing on a sense of helplessness and a lack of hope.

That’s especially true of being in debt if you can’t see a way to repay what you owe.

This causes a vicious circle which can quickly spiral out of control. Your money worries prompt poor mental health and that poor mental health makes it so much harder to face your financial challenges head-on – so your money problems just get worse.

If this is you, then you are not alone and help is out there.

Several charities can support you when you have money challenges. Two I like are Mind.org.uk, which helps people who have money and mental health problems, and Stepchange.org, which has been empowering people to get out of debt for more than 25 years.

I write about the topic of money worries this week because Mental Health Awareness Week, hosted by the Mental Health Foundation, is taking place from May 9-15.

The theme this year is loneliness – something that is affecting more and more of us in the UK.

It has had a huge impact on our physical and mental health during the pandemic, especially because of the increase in remote working.

I feel incredibly grateful to have a strong connection with my family and friends and I feel this connection has given me the confidence to do more in my life. When we are alone, we often have conversations with ourselves that go round in circles because there’s no one to offer a second opinion.

As human beings, we have a natural urge to connect with others and if we don’t have anyone to share our worries with, or encourage us to seek help, things can often go from bad to worse.

If you’re struggling with money, or anything else in your life, please don’t try to resolve it alone.

You should always reach out for help – because after all, a problem shared is a problem halved.

For more money planning help and advice, search for the Money Planner podcast online.