Money is a topic that isn’t spoken about often but is a matter that is on everyone's mind. Whilst the rising cost of living has allowed some people to talk more about their financial situation, it is also having a massive impact on most people.
Money and your mental health can be a vicious cycle. Worrying about money can have adverse effects on your mental state, and poor mental health can take its toll on your ability to manage your money. Making decisions on what you can afford, what needs to be cut down or worrying about debt can make you feel stressed, which can lead to financial anxiety.
Moneyhub can help you bring together all your bank accounts, credit cards, investments, savings and borrowing in one place, to help talk about how you can manage those feelings of being overwhelmed and take control of your finances.
Money and mental health are very closely linked and learning to understand that will help with feeling out of control or feeling overwhelmed. If you’re constantly checking your bank accounts, comparing your financial situation to friends and family or feeling like you never have enough, you probably suffer from financial anxiety.
Where does it come from
Deducting your key bills, payments and essential costs, such as grocery shopping, fuel and clothing from your income will allow you to see your remaining funds. This money is to be used for savings, putting towards paying off extra debt or spending on days out, coffee with a friend or self-care.
Creating your first budget can be a minefield, and isn’t something to take on lightly. Break down each section into manageable tasks, and taking time away from it will allow you room to settle. Even if creating your budget takes you a week, month or more, make sure you do it in your own time.
Moneyhub can help you budget your money by identifying your income, your regular bills and payments, and allow you to clearly see where and when you are spending your money. Download the app, connect your bank accounts, and they will do the rest. You can use Moneyhub for FREE for 6 months with no automatic renewal, so you choose to subscribe later if it is right for you!
Asking for help
If you’re struggling with these feelings, it is important to allow yourself time to understand where these feelings are coming from so you can start your journal to financial wellness in an effort to feel in complete control of your finances which will, in turn, help your mental health.
There are plenty of organisations that will understand your personal circumstances and help ease the burden where they can.
Organisations offering helpful advice:
If you’re struggling to pay your debts, you can request a break from paying interest on your debts. This is possible under a Government scheme called Breathing Space. The National Debtline (below) has more information on this.
Money Advice Service, or call 0800 138 7777 from Monday to Friday, 8am to 6pm
National Debtline, or call 0808 808 4000 from Monday to Friday, 9am to 8pm
StepChange Debt Charity, or call 0800 138 1111 from Monday to Friday, 9am to 5pm
Citizens Advice has information on budgeting, debt solutions, rent arrears and more.
Mental Health and Money Advice provide a Mental Health and Money Toolkit
Money Saving Expert provides a Mental Health and Debt booklet.
Shelter has a debt and money problems section on its website.