It is clear that money worries can contribute to poor mental health. There is a whole host of evidence that shows people’s concerns about their finances can contribute to a lack of mental wellbeing, with effects such as increased absenteeism from work. What’s more, once someone is experiencing a mental health problem it becomes even harder for them to manage their money effectively, creating a vicious cycle that can be hard to break free of.
So, what can you do to help ensure you stay on top of your money and avoid the risk of storing up mental health worries?
Understand Your Budget
Having a clear understanding of the money you have coming in and going out each month can help you to feel in control of your finances. Putting together a budget needn’t be a big, complex process. Just sitting down with a pen and paper and noting down the money you have coming in and where you spend it, will give you an idea of your financial circumstances.
Our article on ‘Keeping a Budget’ has more information on this. Try doing a budget for your household today.
Develop a Regular Savings Habit
Having a pot of savings to fall back on when unexpected bills or other types of expenditure crop up can provide you with a greater sense of financial security. Once you have put a budget in place, you should have a better idea of how much you can afford to save on a regular basis. There’s nothing more demotivating when you are trying to save than putting away too much and then having to draw on it again.
You don’t have to save much to start with. Even saving a few pounds each week can make a real difference. Once you’ve got in to the savings habit, you can think about increasing the amount you put away and watch your savings grow! At Commsave, we offer a series of accounts to help you save for various things, including dedicated accounts for Christmas and holidays.
Keep in Touch with Your Creditors
If you are experiencing some financial difficulties and finding it hard to stay on top of your existing commitments, it can be all too tempting to ignore the problem and just hope that it goes away. However, this will only make things worse in the long-run as having money problems on your mind that you aren’t dealing with is sure to damage your mental wellbeing.
Your creditors would far sooner you called them and explained your problems, rather than not hearing from you and not being able to put arrangements in place to support you. At Commsave, we want any member to feel they can get in touch and let us know if they are experiencing financial difficulties. We have various ways in which we can support members through tough times, so if you feel you are struggling, get in touch with us on 0303 0402 660 and speak to one of our friendly team.
Do the same with any other creditors you have and they should help you work out a plan that means you can pay off what you can reasonably afford and get yourself back on an even keel.
Get Professional Money Advice
Whilst your first port of call should always be to speak to your creditors directly, sometimes financial problems can get to the point where you need professional advice.
Useful Resources on Money and Mental Health
Mental Health and Money Advice
NHS Coping with Financial Worries
