Protect your mental health if you’re worried about money

Money worries can lead to constant stress during the day and insomnia at night. And that takes a toll on people, so it’s important to take care of yourself and your mental health.

New figures from St James’s Place show that more than half (54%) of people aged 18 to 34 believe their financial situation has harmed their mental health in the last year.

And almost half (48%) of 35 to 44-year-olds said the same, along with one in five (22%) people aged 55 and above.

That’s a huge number of people saying they’re suffering.

So if you’re among them, what can you to do look after yourself.

Be open

Don’t bottle things up.

You might feel you’re protecting your partner, your friends and your family by keeping it all to yourself, but suffering in silence can do real damage.

Create a budget

Mental health problems can lead to people feeling trapped and powerless.

But you can regain a sense of control by getting on top of your budget.

If you know how much money you’ve got coming in and where it’s going, you can see where savings can be made, prioritise essential costs and work out what you can afford to spend on treats and non-essentials.

Just having those numbers in front of you can put you back in the driving seat and take away that sense that you’re at the mercy of events.

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

Stick to a routine 

Regular habits can give you a sense of grounding and stability.

So find a routine that works for you and stick to it.

Don’t neglect your relationship

Nearly three-quarters of our customers (72%) say their finances are the main source of their stress.

But at the same time, over a quarter (28%) admitted that stress had caused their relationship to suffer.

So if you’re worried about money, make a point of spending time together doing fun activities that don’t cost any money, like going out for a nice walk.

Let yourself switch off

Confronting the reality of financial problem is really important, but you can’t think about it every minute of the day.

Resting your mind is also crucial, so take the time to switch off through activities like listening to music, breathing exercises and medication.

And don’t just do this as and when you’ve got five minutes.

Set aside some time in the day where you let yourself mentally relax.

Improve your sleep routine

Go to bed and get up at the same time each day, so your body can get into a sleep rhythm.

And if you’re suffering sleepless nights because of money worries, then avoid drinking alcohol or using devices with screens before going to bed.

Instead, enjoy relaxing activities like reading or journalling before you close your eyes.

Reach out for professional help

If you're struggling with poor mental health, reach out for help as soon as possible.

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.