WORRIES OVER MONEY

Why money worries affect our mental health?

Many adults have been concerned about a friend, family member or colleague's mental well-being.

Although stress caused by money worries can affect anyone, research suggests younger people are particularly at risk. Many people aged between 18 years and 34 years old have at some point experienced mental health or well-being issues linked to money. Common signs include changes in mood, trouble sleeping, and feeling anxious or stressed.

If we think of our basic needs in life, we need food, water, shelter and safety. To maintain those basic needs we need money to sustain us. If money is in short supply, then our baseline survival is threatened and this can create huge anxiety and stress.

Beyond our basic needs might be meaning, status and relationships. Where we are sitting financially in relation to our peers will have an impact on our emotional well-being. If there is a huge disparity between your own financial situation and those of the people around you, this can feed into feelings of inadequacy, or low self-esteem.

What is normal?

Whether it is the arrival of an unexpected bill, or a broken washing machine, we all occasionally worry about money. So how can we tell the difference between 'normal' financial concerns and worries that may be seriously affecting our mental health?

Feeling stressed and anxious over money if we are struggling is common and natural. The time when it becomes very serious is if it is leading to a downward spiral of deep despair, depression or suicidal thoughts.

Sometimes the pressure to support a family or pay off debts owed to companies sending letters with interest added can make people panic and feel there is no way out. That can feed into feelings of shame or a sense that it is not possible to ask for help - the danger in this is that it can lead to suffering in silence which can make it difficult to think logically.

Managing money can generally be more difficult during a period of mental ill-health. Those dealing with depression may lose motivation to keep on top of their finances, while people struggling with anxiety might feel anxious about doing financial tasks such as talking to their bank on the phone or opening bills.

When you have been made redundant or you are struggling with debt, feeling low or anxious is a normal response. Losing your job can affect your self-esteem and financial circumstances, which in turn can trigger emotional distress. Fear of redundancy can also lead to worry, which is a very common human emotion. You may be feeling, behaving or thinking in ways that are unfamiliar. But this does not necessarily mean you are suffering from depression or an anxiety disorder.

We know that money worries can make your mental health worse. About half of the people with mental health problems have thought about attempted suicide as a result of financial issues such as housing issues, debt, benefits support, and employment.

What to do?

Reduce your outgoings

If you are in a position to cut back expenses, switch to cheaper bills or find new income streams, that would be a positive step.

If you want to try to spend less, you could try just taking out as much money as you absolutely need to spend each week.

Keep a money diary

Writing down how much you earn and spend can help you keep track of your money and help you stay in control of your finances.

In terms of overcoming money worries in the context of mental health, it is important to take things one step at a time. Trying to understand your behaviour, and the patterns of why and when you spend your money is a good place to start, and it may help to keep a diary in this process.

Try an online budgeting tool

Try to choose a regular time to look at money and bills, and you may want to create a budget using an online tool.

A free online application on budget planner can help you keep track of your spending and outgoings.

Ask for help

If you are in a position to call your bank, tell your employer or ask for financial assistance, then do it. If it is too far beyond that and you are in a particular situation - for example where the debts are spiralling and you are feeling out of control - it can be easy to go into a panic and you no longer see the wood for the trees.

When you are in a financial mess, reaching out to a friend, a family member or a support worker is extremely important. Professional advice may be another option, that can help with different kinds of money issues.

Look after your emotional health

Making sure you spend time doing things you like, or activities you find relaxing, can really help your mental health. Walking or getting some exercise can give you head-space to think more clearly about a problem and reduce anxiety.

Money worries can have a big impact on your general well-being, which can sometimes make it even harder to take positive steps, but ensuring you are getting enough sleep, eating well and taking part in physical activity may help you better reach a state of mind in which is conducive to help tackle the problem.

Staying up at night and worrying about money would not magically make cash appear in your depleted bank account. Instead, learning how to calm your fears and feel confident about your financial choices is a matter of education, action, and respect. As you find proactive ways to stay on top of your finances, you just may find that the anxious feeling that comes when checking your bank balance dissipates in favour of control and confidence.

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