According to StepChange, worrying about finances is preventing more than seven million adults in the UK from getting a good night’s sleep. While it is often assumed that those with money worries are facing debt, people also have anxieties over money management when they are within budget.
On average, The Bank of England reports a UK household will spend £500 pounds extra this December. Whether you are a big spender or a savvy saver, the run up to Christmas creates financial pressure for many.
Dealing with anxieties over money management by yourself can put your physical and mental wellbeing under strain, with The Independent reporting money as the number one cause of stress in the UK. If money worries have left you feeling isolated, anxious, and are affecting your work and home life, or if you are concerned for a friend, colleague or family member, it’s time to seek help.
Take back control
Mind’s money management advice suggests you:
- Understand your behaviour. Think about the times that you spend money and the reason behind it. Think about what aspects of money causes you stress and worry
- Keep track of your spending. Keep a diary or download an app to help you manage your money – look out for any patterns in bad spending habits or triggers
- Talk to someone you trust. A friend or loved one, colleague or health professional can help you make a plan or just be there for you to talk things through
- Take time to organise. Take time every week to look at your finances, keep all your important documents in one place and organise them. Spreadsheets and a monthly budget is an excellent step in the right direction to defeating your money monster. Organising your finances can be daunting – but will be an enormous relief once it’s been done
- Seek professional advice. Go to Useful Contacts on Mind’s website for places that can help with a range of money issues
- Take care of yourself. Tell someone you trust about your worries and think about what you can do to help yourself.
- Try an online budget planner. This is an excellent way to stay organised
- Could you transfer your debt to 0% balance transfer credit card?
- Price comparison websites. This will help you make the most of your money
- Money health check. This provides you with a clear picture of your finance.
- StepChange – free, confidential and expert debt advice online or over the phone
- Citizen’s Advice – a range of financial advice and support, from organisation to gambling addiction
- Debt Support Trust – free support, advice and ‘debt test’
- Health Shield – available to all employees, their partners and dependents, Health Shield provides a free 24 hour counselling and support helpline for a range of issues:
- Money Saving Expert / Money and Mental Health Policy Institute – Martin Lewis has set up a charity that directly addresses money concerns and mental health.