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Dealing With Finances and Mental Health

There is typically a direct correlation between dealing with financial struggles and suffering from poor mental health. After all, feeling depressed can make it increasingly difficult to handle your money properly. Likewise, worrying about your finances only compounds the issue entirely. This is a guide put together for those who think they are suffering from money management issues due to poor mental well-being.

What Exactly Is Poor Mental Wellbeing?

Having poor mental wellbeing typically means you are dealing with feelings of sadness or heightened levels of stress. If you find yourself struggling to deal with day to day life, you could be suffering from this. It could be caused by a variety of things. This includes feeling lonely, dealing with relationship issues, or even a direct result of having health complications.

If you are someone who is dealing with thoughts or feelings of suicide, you will want to contact professionals right away. Call "999" if you think you are in danger of harming yourself. You can also call the Samaritans at 166-123.

Unfortunately, poor mental wellbeing isn't predictable. You can suffer from poor mental wellbeing at just about any time. Likewise, you can deal with the issues stemming from it for any period. Dealing with financial struggles or having financial uncertainty can be the direct cause. However, no matter the cause, it is something that can happen to anyone.

How can poor mental wellbeing negatively affect your money management?

Some examples:

  • You could find that you lose your income or that it decreases substantially because you are forced to take time off work.
  • You could find yourself spending money that you cannot afford to try to make yourself feel better. However, it's the purchasing decisions that you will regret soon thereafter.
  • Feeling stressed out about facing your finances head-on. You may struggle to make a phone call to your bank, handle your bills, or even go to the bank.

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  • You may even feel stressed out, anxious, or nervous about the different financial decisions that you will have to make. This can cause you to put off the decisions that have to be made in a timely fashion.
  • You may begin to look at spending money as a very stressful endeavor. It may even cause you to become increasingly anxious when you are forced to spend money even if you have enough.
  • You may find yourself without the requisite amount of money to pay off your essentials.
  • You may have issues in paying back even a small personal loan.
  • You may begin to find it difficult to focus on any of the decisions you need to make to effectively manage your money.
  • You may begin to forget things that you have to get done.

What You Should Do if You Don't Feel Like Doing Anything

The fact is, everyone is going to feel down at some point. If you are someone who is feeling down and out about your finances, you may find it difficult to look at the bright side. By giving yourself the ability to look at the glass as half full and seek how to better your situation, you can provide yourself with the good guidance you need to get you out of the trouble you're in.

If you allow yourself to feel down about things on a day to day basis, you can quickly find it mounting up and causing you a lot of daily stress. If so, you should seek out help from your doctor. They should be able to give you the advice or prescribe you medication to get you back on track. It can be very difficult to speak with your doctor about something like this. 'Mind' has put together a tool that you can use which is called "Find The Words" and it will help you discuss it with your trusted doctor.

When you are dealing with financial issues, the sooner you face your issues head-on the sooner you will be able to get out of the trouble you're in. Unfortunately, for some, any debt issues they are faced with can seem insurmountable.

Follow These Tips to Tackle Things:

  • Bookmark this page to begin taking the necessary steps towards tackling your financial trouble.

  • Have someone help you throughout the process. If you need someone to open your mail for you, find someone you trust.
  • Don't avoid people you owe. Communicate with creditors to avoid the extra stress that comes with avoiding them.
  • Contact your HR manager if you need to take some time off work. Don't just be a 'no show.' A lot of companies will assist you with emotional support.
  • Contact your financial institution if you need additional support. They may be able to help you directly.
  • Ask for support from your credit card companies and banks to see what they can offer. There are plenty of ways you can do this. Some will allow you to go into a physical branch and some will have you contact them over the phone.
  • Your general practitioner may be able to provide you with a Debt and Mental Health Evidence Form that you can use to help you prove to your creditors that you are dealing with mental ailments.

You will find a lot of tools that will allow you to block websites for a specific period. If you are someone who would normally go online shopping to feel better about yourself or to cope, you can use these tools to avoid getting yourself in trouble.

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