Learning about the link between mental health and money can help you to manage your money better. Sorting your money might feel like an overwhelming task and lots of things may feel out of your control. The information and guidance below may help you manage your money better.
How your mental health may affect the way you handle money:
If your feeling low or depressed you may struggle to motivate yourself to organise your finances. Spending money may give you a brief feeling of happiness so you might overspend to help yourself feel better. Sometimes you may make impulsive decisions regarding money and your income may be affected by your inability to work or study. You may struggle with avoidance in terms of doing financial tasks like opening bills or checking your bank balance.
How money problems can affect your mental health:
Certain financial tasks might trigger anxiety and panic. Financial worries will also cause difficulty sleeping. You may also not be able to afford essential items to look after your wellbeing, a lack of money will also have a negative impact on social life and relationships which could leave you feeling isolated.
Feelings associated with money:
You might feel guilty for spending money even if you can afford it or feel guilty/ashamed about trying to access financial support. You might feel afraid of looking at your bank balance or speaking about money. The pressure of providing for a family or navigating the benefits system may lead to you feeling stressed. Financial problems especially if you have had them for a long period of time may leave you feeling tired or worn down.
Get to know your money and mood patterns:
It can be useful to think about how you feel about money so you understand and can manage your spending/savings habits better. Consider these questions; it may even be worth keeping a diary of your spending and how you felt so you can understand your habits better.
Are there times when you are more likely to spend or save money?
How do you feel when you spend money?
How do your feelings differ when you save rather than spend money?
What emotions and feelings are evoked when you think about money?
Which aspects of dealing with money affect your mental health for example is it managing your bank account or accessing financial support?
Overspending when your unwell:
As explained above when you feel unwell you may overspend to make yourself feel better and you are more likely to make impulsive financial decisions. There are some tips below to help you to stop this habit:
- Tell someone you trust about the signs you ae overspending or struggling with your mental health.
- Give your cards to someone you trust or put them somewhere more difficult to access.
- Don’t save your card details into websites to make it more difficult to spend money.
- Delete apps which you overspend on or apps that encourage you to spend. For example, limit your time on social media if adverts on there tend to encourage you to spend money.
- Find ways to delay purchasing by distracting yourself.
- Some people find it helpful to just not own credit cards.
- You may even consider telling your bank that you have a mental health problem so they can look out for unusual spending. You can access more support on how to do this and how they can help you here- https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/dealing-with-services/#telling-services-you-have-a-mental-health-problem
You can find out more about the link between money and mental health here:
Do you need advice around money and mental health?
Money and Mental Health is an online platform which offers practical advice and support for those experiencing issues with mental health and money. There is a toolkit with activities to help you build confidence, do self-care, develop your problem solving skills, prioritise outgoings, share the load and crisis plan. It covers a variety of topics including where to start, getting ready to take action, understanding your finances, navigating the benefits system , support and signposting.
Access this support and more from this platform here:
https://www.mentalhealthandmoneyadvice.org/en/https://www.mentalhealthandmoneyadvice.org/toolkit/
