Money Worries and Mental Wellbeing
Worrying about money can affect much more than your bank balance.
Worrying about money can affect much more than your bank balance.
You might find yourself thinking about bills when you wake up, avoiding looking at your account, losing sleep over what needs paying or feeling anxious every time a letter or email arrives.
Money problems can also affect relationships, work, confidence and how you feel about yourself.
If this is happening, you are not necessarily going to solve everything in one day.
But understanding what you are dealing with can be a useful place to start.
How can money worries affect mental wellbeing?
Financial pressure can create a continuing sense of uncertainty.
You might notice:
- worrying repeatedly about money
- struggling to sleep
- feeling anxious when bills arrive
- avoiding checking your bank balance
- putting off opening letters or emails
- finding it difficult to concentrate
- becoming irritable
- arguing about money
- withdrawing from other people
- feeling embarrassed about your situation
- struggling to make decisions
- feeling overwhelmed by everything that needs dealing with
Money worries can also work in both directions.
When you are anxious, low or overwhelmed, dealing with finances and paperwork can become harder. Delaying things may then increase the financial pressure, creating another source of worry.
Start by finding out what is actually happening
When money feels frightening, avoiding it can bring temporary relief.
But uncertainty can sometimes feel worse than knowing the figures.
You do not have to create a complicated spreadsheet.
Start with the basics:
What money is coming in?
What essential bills need paying?
What debts or payments are outstanding?
Is anything urgent?
Are there letters or messages I have been avoiding?
If doing everything feels overwhelming, choose one small task.
Open one letter.
Check one balance.
Find one bill.
Make one phone call.
The aim is to begin replacing uncertainty with information.
Deal with the most important things first
Not every payment has the same consequences.
If you cannot afford everything, getting appropriate debt or financial guidance can help you understand which commitments need the most urgent attention.
Try not to make decisions simply according to whichever organisation is contacting you most often.
There may also be help available with benefits, household costs or debt that you have not yet explored.
Check whether you are receiving the support you may be entitled to
A change in circumstances can affect household income.
This might include:
- losing a job or having your hours reduced
- becoming ill
- developing a disability
- becoming a carer
- separating from a partner
- having a child
- retiring
- experiencing a significant change in household income
Depending on your circumstances, there may be benefits, grants, reductions or other financial support worth checking.
Do not assume that because you work, have some savings or have never claimed support before, there is definitely nothing available.
Eligibility depends on the particular scheme and your circumstances.
Don’t ignore organisations you owe money to
If you are struggling to make a payment, contacting the organisation early may give you more options than waiting until the problem has become larger.
Before calling, write down:
- what you owe
- what you can currently afford
- why your circumstances have changed
- any questions you want to ask
You do not have to agree to something you do not understand simply because you feel under pressure.
If you are unsure what to do about debts, free independent debt advice can help you understand your options.
Try not to deal with money worries entirely on your own
Financial difficulties can feel embarrassing.
You might worry that other people will judge you or think you should have managed things differently.
That can make it tempting to hide what is happening.
Talking to somebody you trust may make the situation feel less isolating.
You may also benefit from speaking with an appropriate benefits, money or debt adviser.
Asking for information does not commit you to a particular course of action.
Separate the financial problem from how you see yourself
Money difficulties can happen for many reasons.
Redundancy, illness, caring responsibilities, separation, rising household costs, unexpected expenses or a reduction in income can quickly change someone’s circumstances.
Try to notice when:
“I have a money problem”
turns into:
“I’m a failure.”
They are not the same statement.
Financial problems are practical problems that may need information, decisions and support. They do not define your value as a person.
When money worries are affecting your mental wellbeing
If financial worries are affecting your sleep, mood, relationships or ability to manage everyday life, support with both parts of the problem may be useful.
Practical money, benefits or debt advice can help you understand your options.
Mental-health or wellbeing support can help with the anxiety, stress or low mood that may be happening alongside those difficulties.
You do not have to wait until every financial problem is resolved before looking after your wellbeing.
Sometimes the first useful step is simply:
“I need to understand where I am.”
7.2: [Money worries, next guide in this section]
7.9 onwards, Benefits and Financial Support
7.39 onwards, Debt and First Steps
1.7: Why Am I Worrying About Things I Can’t Control?
2.4: What Can I Do When Everything Feels Too Much?
22.5: I’ve Stopped Opening Letters and Emails
22.6: I’m Scared to Look at My Finances
General information only. This is not a substitute for professional financial, benefits, debt or healthcare advice. Individual circumstances can be different.