Poor mental health can make earning and managing money harder. And worrying about money can make your mental health worse. It can start to feel like a vicious cycle.
It can feel hard to talk about money problems. And if you’ve had a bad experience in the past, you might feel as if there’s no point trying again. But there are lots of places you could turn to. If you need support with money, your mental health, or both, remember that support is available.
Here are some tips you could try to help organise your money:
- Make sure you’re claiming any extra money or supportyou’re entitled to.
- Put all your important documents in one place so you can find them easily. This could be letters, bank statements, payslips, bills and receipts.
- Check your bank balance at a regular, set time so you know what you’re spending your money on and how much you have left.
- Build money tasks into your daily or weekly routine. You could allocate a set amount of regular time to think about any tasks you need to do around money, for example paying bills. You could plan a relaxing activity for after you’ve finished. You could start by using this money and mental health toolkitfrom the Mental Health and Money Advice website.
- Make a plan for ways to distract yourself, if you notice changes in your mood that might affect your spending.
- If possible, use cash instead of cards. Take out only the amount of money you can afford to spend, for example for a weekly shop.
- Create a budget. The Money Helper website has budgeting advicefor people who are self-employed, on a zero hour contract, or claiming Universal Credit.
- Make a list of all the essential things you need to spend money on every month. This could be things like rent or mortgage payments, energy bills, phone bills and food shops. The Mental Health and Money Advice website has a free budget plannerwhich might help.
- Manage your debts if you can afford to. You could set up a standing order to pay off your debts each month. Or you could use an online debt tool. Use one of the tools on the StepChange website.
- If you’re struggling to pay off your debts, get debt advice. You might find it helpful to contact one of these debt organisations.
- If you’re struggling to pay off your debts, you could ask for a break from paying interest on your debts. This is possible under a Government scheme called breathing space. The National Debtline website has more information about the breathing space scheme.
- Use bank accounts which allow you to put money aside in separate pots. This can stop you spending the money you need for rent or bills. Money Saving Expert has more information about different banking apps.
- Set up direct debits for your bills and other regular payments so they don’t pile up.
If you can’t afford bills or food
If you can’t afford the things you need, help is out there. Remember, everyone has the right to essentials like food and housing. If you need support, the following things can help:
- Claim benefits to help with your living costs.
- Use a local foodbank.
- Community Fridgesoffer free food and most of the time you don’t need a foodbank voucher to use them.
- Find out if you should be gettingsocial care.
- If you’re on a low income and need to adapt your home because of a disability, you can apply for a Disabled Facilities Grant.
- Speak to your energy supplier. Most energy suppliers have schemes for people who are struggling to pay their bills.
- The disability charity Scope runs an energy advice servicewhere they can give you advice on managing energy bills and switching suppliers.
- Ofgem has information about getting help if you can’t afford your energy bills.
- Some councils have a local assistance scheme. You can apply to this scheme if you’re on a low income and need help with an emergency cost you can’t afford.
- Speak with your mortgage provider. Some banks have schemes for people who are struggling to pay their mortgage, or have payment holidays available.
- Money Helper has a tool on its websitewhich helps you to prioritise your bills and payments. It works like this – you pick the bills or payments you’re struggling with, and the tool puts these bills into a priority order. The tool then lists the steps you can take to help make these payments more manageable.
Support for your mental health
- Talk to a trusted friend or family member.
- Speak to a support worker or health professional, like your GP.
- Access peer support. This is when people use their own experiences to help each other.
- Contact the Samaritans. Money worries can make you feel trapped and hopeless. If you’re finding it difficult to see a way forward, you can talk to Samaritans for free by calling 116 123.
- Call us on 01482 240133 or email [email protected]
Information Credit: Mind
