Money. We all use it, and need it. However, unless you’re super rich and can afford to flash the cash, the reality is that we all worry about money. But when it affects your mental health, you need to act.

Poor mental health impacts our ability to organise our money and cope with debt. That’s because conditions like depression or anxiety don’t just impact the way we feel, they affect the way our minds work. Financial admin is not fun for anyone at the best of times, but when we struggle with mental health, our ability to rationalise, communicate with others and understand the world around us is also impacted.

Here’s how to cope if you’re struggling:-

  1. Be Open and Honest

The worst thing you can do is hide from your money troubles. Not opening letters from the bank and not checking your account regularly is a surefire way to get yourself into a worse position. It might be painful at first, but take a look at everything, find out exactly how much money you have, how much you owe (if anything) and then begin creating a plan. You never know, it may not be as bad as you think, but you must be honest with yourself.

 

2. Consolidate Any Debts

There are so many ways to haul yourself out of the stresses of debt. Consolidating any debts into one easy, manageable payment could be the way forward. Get in touch with debt charity Step Change for free advice.

 

3. Set out a Proper Budget

Once you’re aware of your financial situation, you should create a budget. This can be a daily, weekly or monthly budget – whatever works for you. Some banking apps, such as Monzo have a dedicated budget section to help plan out your spending.

 

4. Live Within Your Means

You may find yourself despairing when it’s the middle of the month and you’re running dangerously low on funds, but ask yourself: how many times have you ordered Deliveroo on gone on a shopping spree without thinking? If your money isn’t lasting as long as it should, you need to look at your spending habits and potentially be prepared to make some changes.

 

5. Look After Yourself

Money worries can have a big impact on your general wellbeing, which can sometimes make it even harder to take positive steps. Focusing on your diet, sleep and exercise can really help you feel more positive and in control.

It can help to try and notice when your mood and behaviour start to change and think about what you can do to help yourself. This can help you feel more in control and prevent money problems getting worse.

Ella in the Big City – She can be found with her head in a book or attempting to learn a new skill (some with more success than others!). Travelling is her second passion and she is constantly dreaming about her next far-flung destination. 


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