Money worries can cast a heavy shadow over our mental health, creating a tangled web of stress, anxiety, and even depression.
The weight of financial concerns can affect every aspect of life, from the ability to afford basic needs to the constant pressure of looming bills and debts. And society doesn't help matters by still attaching a stigma to financial struggles, which just makes things worse and causes individuals to feel isolated and ashamed to seek help.
All of us have felt under financial pressure at some point - and when times are tough it can feel overwhelming. But it's important to realise that you are not alone in your worries and help is out there for everyone.
Saving and investing app Moneybox recently quizzed 4,000 adults, with nearly half (47 per cent) admitting to having money-based regrets causing them to stress about their current financial situation.
The most common financial regrets that people have are:
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Not prioritising saving more when younger
Not starting to save for a comfortable retirement earlier in life
Not educating themselves more on financial matters
Not taking time to plan for their future finances and only focusing on short-term needs and wants
Not making or sticking to a budget.
Twenty eight per cent of those surveyed said stretched finances have caused them stress and 27 per cent say this financial stress has already negatively affected their mental health, while 14 per cent say their physical well-being has been affected.
The Money and Mental Health Policy Institute has also shown how money worries can often be a root cause of anxiety and stress, as well as an exacerbator for ongoing mental health issues. Eighty-six per cent of those they spoke to admitted their current financial situation has made their mental health issues worse.
Brian Byrnes, head of personal finance at Moneybox, says: “At one time or another, we have all endured periods when we have been under financial pressure, and when times are tough it can feel overwhelming. When managing money concerns, it is important to realise that you are not alone in your worries and that there is more support out there than you may realise. While it may be tempting to delay addressing financial worries, in my experience, you could be surprised by how quickly you might start to feel better about your financial situation by committing to take some small positive steps regularly.
“If your financial confidence has been knocked, taking time to explore the options you have available to you, and making a step-by-step plan for the future will give you back a sense of control. We all have financial regrets in life, things we wish we had done differently, and opportunities we have missed. But taking small, consistent steps with our finances through the good times, and the bad, is the single most important thing you can do to boost your financial confidence and improve your financial situation in the long run.”
Below are five tips for anyone who would like to take greater control of their finances to help them manage money worries and financial stress:
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Set aside at half an hour each week to work on your personal finances. Sorting out all aspects of our finances takes time and feels overwhelming but over the course of a year, just 30 minutes a week would result in 26 hours dedicated to improving your financial situation and reducing financial stress.
Research what help might be available for you to hit your financial goals. This might be speaking with debt advice helplines like Citizens Advice, learning if there are benefits you are entitled to but are not claiming, or speaking with any lenders and explaining your situation so they can offer realistic timescales for you to repay any debts.
Map your outgoings and see where your income is actually going each month. Make a monthly budget that is reviewed regularly. If you find that your spending patterns have changed or your disposable income has increased or decreased, make sure you understand why this might be.
Create a plan to increase your income if possible. Often when budgeting we think only about reducing expenditure and not the other side of the equation. You could consider upskilling yourself and putting yourself in the best position for a promotion and raise at work or utilising your skills to generate income from a side hustle.
Be kind to yourself and acknowledge that progress takes time. As with any goal, learning how to improve your personal finances requires discipline and the occasional reset. There will always be unforeseen events that can take us off course but keeping the end goal in mind is the best way to ensure you’re always moving in the right direction.
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