Taking care of your mental health is good for your finances
And taking care of your finances is good for your mental health, here’s why.
Last updated on
Jun 1, 2022 10:59
TW: Suicide
When your mental health is poor, earning and managing money is tough; and when you’re worrying about money, it takes a toll on your mental health. It’s a cycle that lots of us experience.
It's Mental Health Awareness Week, so we’ve dug a little deeper into the issue and highlighted some ways to keep on top of things.
The link between mental health and problem debt (when a person can’t pay their debts or household bills) is clear. According to Money and Mental Health, a charity at work on the issue:
Financial problems are a common cause of stress, anxiety and poor sleep. Unfortunately, they’re also linked to feelings of shame which makes it hard to ask for help.
When money is low, people cut back on essentials like good food or heating, and creditors are often aggressive and insensitive when chasing debts. All of these negatives pile up, accelerating a downward spiral.
Sadly, people with problem debt are three times more likely to consider suicide. Of course, there is rarely one single factor which leads to these thoughts, but around 100,000 people in England attempt suicide while in problem debt each year.
It’s widely recognised that mental health problems impact income, savings, and spending.
Communicating with services like banks and energy companies about money worries is also tough for people with mental health problems, with 41% of those asked saying it’s difficult to make phone calls at times.
Whether it’s managing your finances to prevent mental health problems, or understanding your mental health to prevent financial problems, charities like Mind suggest habits that can help:
Here are a few tips on organising your money day to day:
If you’re feeling the squeeze, maybe:
If you can’t afford bills or food:
Getting to know how your moods affect your money management can be helpful. Spending to make ourselves feel better is normal, and isn’t a bad thing! Enjoying your hard earned cash is a fun part of life.
But if overspending or money management is problematic for you when your mental health is poor, these tips might help:
And if you’re concerned about gambling:
Deposits, credit scores and affordability are all looked at by lenders to assess whether they’ll offer you a mortgage.
Defaults and missed payments can stay on your credit file for several years, making it harder to borrow in the future.
There will always be specialist lenders and support out there, but if you, or someone you know is struggling, it’s really important to seek help.
We help with mortgages, but here are some useful contacts for wider financial or mental health support. Speaking to professionals about your individual situation is always the best course of action.
Call 116 123 anytime to talk to Samaritans.
It’s certainly possible, but a lot depends on the bigger picture of your finances.
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