Money and Wellbeing
The relationship between money and mental health can be a vicious circle – financial worries can often lead to low mood, anxiety and stress, and similarly, mental health difficulties can make it harder for individuals to manage their money, impairing their ability to tackle what can be a daunting topic.
In this blog, we explore the link between money and mental health, and consider how one can affect the other. We also highlight some tools and resources which can help us to protect our mental wellbeing, get support when we or those we care about are struggling, and understand more about this topic.
Money worries can affect us in different ways
Financial difficulties can cause a range of negative feelings, ranging from shame, embarrassment and guilt, to anger, frustration and helplessness, as well as anxiety, panic, stress and depression. They can also lead to feelings of loneliness and isolation, which in turn can exacerbate our state of mind if we are already feeling low.
These feelings can manifest themselves in physical symptoms such as exhaustion, trouble sleeping at night, or complaints such as headaches and stomach aches – the connection between our emotions and physical state is not always immediately obvious, but can be far-reaching. And some of these problems lead to other health conditions, such as long-term tiredness, which can make us more susceptible to other illnesses.
Mental health issues can impact on how we view and manage our money
We may lack motivation to take the necessary steps to address our financial worries, and we may feel that anything we could do is pointless or futile. We may avoid anything to do with money, such as opening bills, or even thinking about it or discussing our issues.
Depression, anxiety and stress can all affect our confidence and ability to take practical steps and proactive action with regards to our money, which can be detrimental in the long run.
It could be that we overspend, to get a temporary lift and feel better about things by doing some ‘retail therapy’. Or that we stop spending at all, because we are worried about the consequences.
Longer term, mental health difficulties can impact on our ability to find or keep a job that brings in sufficient income for our needs, or to be able to study, if that is a means to getting a promotion or a job in a certain field.
What can we do if we are struggling with mental health issues and money worries?
Acknowledging the issue is an important, and difficult, first step. There is help out there for all kinds of mental health difficulties, and there are lots of resources to help us find the right support for ourselves and others.
Psychological techniques you can try yourself:
Mindfulness – a type of meditation that involves focusing on the moment and blocking out other distractions in our mind. It is often linked to breathing exercises, which can help to quieten our busy minds and focus our minds on one particular thing – take a look at this simple exercise as an example.
Meditation - try this short audio track to prepare for dealing with money issues; the Sorted mental health app also has some free meditation tracks (with more available via referral code from your GP); and Headspace (whilst the app charges a subscription) has lots of free content available via their YouTube channel.
Rational thinking vs catastrophising – a technique also known as ‘taking your thoughts to court’, it involves questioning your worries, rather than allowing yourself to run away with worst case scenarios. It can help us to look at factual evidence and consider negative thoughts in that context, to give us a more rational outlook and help to reduce anxiety. This video walks through the steps in an animated short.
Self-care:
Whether we are feeling low or not, it’s really important to take care of ourselves – body and mind – and some of the techniques below can also be used when we are struggling with money worries, to lift our mood:
- Exercising – a walk, jog, swim or cycle can transform how we are feeling mentally
- Eating & drinking healthily – avoiding ‘quick hit’ junk food when possible and paying attention to our diet and hydration levels
- Socialising - seeing or speaking to a friend or loved one is proven to improve our well-being
- Ensuring we get enough sleep – easier said than done, but a good bedtime routine, removing devices from the bedroom, and allowing yourself enough hours in bed can all really help to allow our bodies and minds to get the rest they need to feel on top form
- Journaling – writing down our thoughts can be very therapeutic: on our Money Course we discuss the benefits of keeping a journal in our section on gratitude, as the psychological benefits of this approach are well-documented.
The NHS’s ‘Five Ways to Wellbeing’ has more suggestions on self-care to improve our mental health and wellbeing.
In times of crisis
It’s really important that you speak to your GP if you are experiencing really low mood or extreme mood changes. They can discuss how you are feeling and talk through the range of options that might work for you and your particular mental health issues.
If your life or someone else’s is at immediate risk, you should call 999 straight away.
The Samaritans are open 24/7 to offer support to anyone having a difficult time and needing to talk - their number is 116 123. Alternatively the Shout text service gives the alternative to correspond with a trained volunteer via free SMS message (text 85258)
Further resources & support from professionals and peers
Here are some websites with lots of useful resources on this topic:
Every Mind Matters – the NHS’s portal to mental health support and information
Talking therapies – this NHS service allows you to self-refer for IAPT (Improving Access to Psychological Therapies), which includes Cognitive Behavioural Therapy (CBT), counselling, and self-help services (please note, you do need to be registered with a GP to use this service)
Rethink Mental Illness - a website offering support and resources for those affected by mental ill-health, including a section on the symptoms of stress, different mental health conditions, where you can find help in your area, and how to support others who are struggling with their mental health
Mental Health UK’s website features some exercises and resources to help you recognise and deal with stress
Local branches of MIND deliver mental health services in the community as well as providing activities and support for those struggling with their mental health or supporting someone in that situation
Local Recovery Colleges run a range of free courses and workshops which support with mental and physical wellbeing - search 'recovery college' + your borough online to find your nearest College.
Action for Happiness has lots of ideas for positive action, including a monthly self-care calendar with a daily task
The Stay Alive app has information and tools to help you (or someone else) stay safe in a mental health crisis
And finally, Mental Health and Money Advice have produced a useful Mental Health & Money toolkit which can be used to guide conversations about money and mental health with your healthcare worker, and during appointments with a debt adviser, budget coach or similar. It can be downloaded for free here.