Don’t neglect your mental health if you’re worried about money

How do you feel when a bill drops through your letterbox, or when a letter from a creditor lands on the doormat?

If you instantly feel stressed, worried or on edge, then you’re not alone.

In fact, research by Money Ready shows that nearly four in ten (39%) Brits feel anxious when they even think about money.

And that feeling can cause serious problems, from struggling to sleep to relationship issues.

Meanwhile, one in five (21%) say it’s led to them making bad decisions to solve money worries, such as taking on debt.

So if you feel anxious about money, it’s really important to look after yourself and your mental health.

But where do you start?

Don’t stop talking

Speak to your partner, your friends and your family openly. 

You might feel that you’re doing them a favour by keeping things to yourself, but suffering in silence ultimately does more harm than good.

Create a budget

Getting on top of your budget gives you a sense of control - and that can make a huge difference if you’re struggling with your mental health.

Creating a budget means you’ll know exactly how much money you have coming and where it’s going.

You can then spot areas where you can save money, prioritise essential expenses, and work out what you can afford to spend on non-essentials, so you can treat yourself occasionally without worrying about it.

Check our guide to how to create a budget to get started.

Don’t neglect your relationship

Make time for fun activities that you enjoy doing together and don’t cost any money, such as exercise or going out for walks.

Stick to a routine 

Regular habits can give you a sense of grounding and stability, and can give you that sense of control that you need in uncertain times.

Let yourself switch off

Admittedly, it’s easier said than done, but make a concerted effort to stop thinking about money at least some of the time.

Yes, acknowledging financial reality is really important, but so too is resting your mind.

Try meditating, breathing exercises, using mindfulness apps, listening to music - whatever works for you.

And set aside some time in the day where you allow yourself to switch off.

Improve your sleep routine

If money worries are keeping you up at night, then take steps to improve your bedtime routine.

For example, you shouldn’t drink alcohol or use devices with screens before going to bed if you want to sleep well.

Relaxing activities like reading or journalling can also help settle you down before you close your eyes.

And don’t forget the importance of a routine.

Go to bed and get up at the same time, so your body knows when it’s time to sleep and wake up.

Don’t be afraid to ask for professional help

If you're struggling with poor mental health, reach out for help sooner rather than later.

Taking that first step can be hard, but if you or someone you know needs support, consider getting in touch with one of these charities or organisations:

• Samaritans - www.samaritans.org
• SHOUT - text SHOUT to 85258, 24/7
• Mind - www.mind.org.uk or call 0300 102 1234
• Rethink - www.rethink.org or call 0808 801 0525

You can also contact your local NHS urgent mental health helpline or speak to your GP for immediate support. 

Get debt advice

If you’re struggling with debt, get in touch for confidential, practical and impartial debt advice.

We can also help you with creating a budget and finding out what benefits you’re entitled to.

You might be surprised at just how much help is out there.