Money and mental health
Take control of your spending with our new budget calculator. It’ll help you work out where your money goes and see if you can cut some of your bills or start saving more.
How money worries can affect our mental health
Poor mental health can make earning and managing money harder. And worrying about money can affect how you look after your mental health. It can start to feel like a vicious circle, but there are lots of things we can all do to break the cycle.
Worrying about money has probably affected us all at one time or another, but if you're finding it difficult to deal with money problems and need help - we're here.
The impact money worries can have on your mental health
Our mental health can be affected by money worries in many different ways. You might not be able to afford the essential things you need to stay well such as housing, food, water, heating, or medication, which can understandably affect your mental health. Money problems can make you feel:
- stressed, worried or anxious because you might not have enough money to pay priority debts
- low in mood or depressed
- guilty for not earning enough money or because you’re currently unemployed
- exhausted from keeping you up at night
- overwhelmed
If you’re feeling this way, you’re not alone. Money worries are one of the main reasons why people ask Ben for help. Don’t let things spiral out of control, contact us as soon as the worries start - so we can help you to get a plan in action.
How our mental health can affect how we manage money
When we’re struggling with our mental health, thinking about money can be the last thing that we want or need to tackle. The thought of trying to solve money problems can be overwhelming so we just put it off, which doesn’t help in the long run.
Here are some ways that your mental health can affect how you manage your money. You might:
- feel low or depressed and lack motivation to manage your finances
- make impulsive financial decisions and overspend to make you feel better short term
- avoid doing things to stay on top of your money, like opening bills or checking your bank account. You might try to avoid thinking about money completely
- start skipping meals or staying home to save money, which may lead to increased social isolation and loneliness
- have to reduce your income if it impacts your ability to work
If you’re struggling, here are some tips to help you look after your mental health. Talking about money with someone you trust can also help us to protect our mental health.
If you need support with money, your mental health, or both - we’ve got your back.
Talking about money
We know opening up about your finances can be scary, but you can shape that conversation in any way you want. Chat with a colleague over a cuppa, call a trusted friend or text a family member – it all counts. And we’re always here for you if you need support.
Talking about money can feel difficult and embarrassing. We might feel like people will judge us for not having enough money, or not knowing how to manage it. Many of us avoid talking about money, which can make it even harder when we suddenly need support. Starting a conversation about money can be difficult, but it’s important to let people know what you are struggling with. It can help to talk to:
- Someone you trust – they can help make your money problem seem smaller or help you gain a new perspective. This could be a close friend, colleague, partner or family member
- Friends – being honest about money can help others understand so that you can do activities that everyone can afford. This makes sure no-one feels left out and you might even find that others are in a similar boat
- Trained professionals – can offer expert advice to help you manage your money, get the most out of it and make sure that you're getting all the benefits you're entitled to (we can help with this)
To help you have difficult conversations about money with more confidence, try saying no in a positive way. For example, if you've been invited to do something that's out of your budget - here are some things you can say:
“As much as I’d love to, money is a bit tight at the moment - maybe next time”.
“I’d really like to mate, but I just haven’t got the funds at the moment”.
“I’m busy that day, I’ll try and come next time”.
How we can help
If you need support with money, your mental health, or both - we’ve got your back.
Each year, we support many people who are struggling to make ends meet for all different kinds of reasons. In fact, money worries and debt are one of the main reasons why people ask us for help.
If you’re worried about money, chat with us online or call our free and confidential helpline on 08081 311 333 (Mon-Fri 8am-8pm).
Online money worries programme
Take a look at our online ‘Money Worries’ programme which is free for anyone who works or has worked in the automotive industry. It covers topics such as how to stick to a budget, impulse spending, sorting large amounts of debt and experiencing bankruptcy or house repossession and more. Find out more and sign up here.
Related articles
Budget-friendly Valentine's Day ideas
Fun, memorable and budget-friendly ideas for Valentine's Day
Cost of living
We’ve pulled together some tips, advice and tools to help you cut costs at home and save your hard-earned cash.
How to manage your money
Money worries are one of the biggest reasons why people ask us for support. To help, we’ve pulled together lots of tips, advice and tools to help you manage your money and minimise your risk of getting into debt.
How to deal with debt
When you don’t have enough money coming in to cover all the things you have to pay out, it can be really worrying. It might not be easy or quick, but debt and financial concerns can be overcome. We share some information and advice on how you can start to get out of debt. Learn more about:
How to eat well on a budget
Lots of people are concerned about the rising cost of their weekly food shop, and are looking at ways they might be able to save money, while still eating well. We've put together some tips to help
Reduce your living costs
Tips, advice and tools to help you reduce your living costs and make big savings. If you're struggling to make ends meet - we can help
At risk or loss of employment
If you're worried that you might lose your job or you have been made redundant, we're here for you. Find out how we can help
Online pension guide
It’s never too early or too late to think about pensions. That’s why we’ve put together some information to help you plan your pension, whatever stage of life you’re at
Everything you need to know about pensions in under 7 minutes
Pensions can appear complicated, but with our handy guide you'll know everything you need to pension-wise in no time
Homelessness
There are around 380,000 people who are known as the ‘hidden homeless’. This is people who are facing risk of eviction, sofa-surfing at friends and family, or living in unsatisfactory conditions. Read more