Global Wellness Week: Looking after your money is looking after yourself

When we think about wellness, we often think about eating well, exercising regularly and making sure we get enough sleep. But there's another important part of living well that often gets overlooked: our financial wellbeing.

If you feel a sense of dread when a bill drops through your letterbox, or your heart sinks when you see a letter from a creditor on the doormat, you're not alone. Money worries can affect every part of our lives, from our relationships and sleep to our confidence and mental health.

We recently asked the people we help how money worries had affected them, and the results were alarming.

Nearly three-quarters (72%) said stress was impacting their mental health, while four in five (80%) said they felt stressed most of the time.

The figures highlight a common and widespread experience.

When money feels out of control and financial worries are weighing us down, it can affect every aspect of your life.

Getting advice makes a difference

The good news is that help is available and that it can have a very real, meaningful impact.

After receiving advice from Money Wellness, more than three-quarters (77%) said they felt a weight had been lifted, and over two-thirds (68%) felt less anxious.

Meanwhile, almost six in ten (57%) said they were enjoying life more.

Many people don’t seek help because they feel embarrassed, ashamed and sometimes without hope.

But the survey results show that speaking to an adviser can be a crucial first step towards regaining control over your money, your mental health and your life.

We can help with creating that budget, check you’re claiming all the financial support you’re entitled to and talk you through various options for dealing with debt. 

You may be surprised at just how much help is available. 

Tracy’s story

Tracy, 55, was unable to work after being diagnosed with multiple sclerosis, and her partner had to stop working to look after full-time.

The diagnosis hit Tracy very hard and she didn’t want to go anywhere or see anyone.

And at the same time, she and her partner were dealing with the fact that instead of earning, their household income had disappeared while their financial commitments remained unchanged.

After debts started mounting up, she eventually contacted Money Wellness for help.

"They went through all the debt with me,” she said.

“And then I had another phone call after that on my monthly outgoings and income."

The adviser also looked at Tracy’s circumstances beyond her debts and what support she might be entitled to.

"After that she said that I'd be entitled to this, this and this,” Tracey continued.

She was encouraged to apply for a debt relief order (DRO) and the impact was transformative, both practically and emotionally.

"The weight of the world came off my shoulders that day,” she said.

Josh’s story

Josh owed money to 15 different creditors and didn’t know how to deal with all the various demands for payment.

He tried to cope by simply avoiding and denying the problem in the hope that it would go away.

But he wasn’t coping at all, and became scared, stressed and not wanting to get out of bed.

Josh eventually reached a point where he couldn’t ignore it any longer and he contacted Money Wellness.

“The support that I got has been absolutely phenomenal,” he said.

“Throughout the whole phone call, I've never felt so much more at peace and less anxious.”

Thanks to the support he received, Josh’s life has been transformed, turning him from someone who couldn’t get out of bed because of money worries to someone who wakes up genuinely happy.

Don't struggle alone

Money worries can affect anyone.

Whether it’s a job loss, a sudden illness, a marital split or rising costs, life happens and often when we least expect it.

But you don’t have to deal with it by yourself.

This Global Wellness Week, remember that financial wellbeing is an important part of overall wellbeing. 

If you're struggling with debt, worried about your bills, or feeling overwhelmed by your finances, asking for advice could be the first step towards feeling better.

It could be one of the best decisions you ever make.