There is a link between having money problems and poor mental well-being. Worrying about your money situation can render you low. And being low is likely to make it tougher for you to manage your money.
We all are likely at one point or another in our life to face situations that will render us sad and anxious, and even depressed. The reasons are many – a loved one passed away, problems with your children, a health issue in your family, stressful activity at your work – or just a general state of play of ennui.
There are many ways this can happen – for example:
- You start missing out on your work, and this may negatively affect your income.
- You decided to go on a ‘shopping’ spree to clear the ‘blues’ – spending money that you need for living expenses such as your electricity bill.
- Splashing out beyond your means is likely to create even more anxiety and stress as you are worry how you are going to meeting important life and / or family expenses.
- A consequence of being down is that your are more likely to be lethargic and disinterested – including the management of your money: failing to pay your credit card bill on time because you are not up to the task to handle such matters is likely to make your financial situation worse as credit cards carry a high APR.
- Sometimes a poor mentally well-being blunts your ability to carry out basic functions and hence you may forget to pay your bills.
click on each tab below
Ask somebody you trust to look after your post for you. Sometimes being faced with a stream of bills is overwhelming.
Try to remain in contact with your creditors – and explain to them the situation and work out a plan to allow you to ease through such a difficult period. Ignoring them will not make them go away. They will continue to chase you, your problems with them will get worse as interest piles up – neither will they be sympathetic nor likely to give you the breathing space you need to get over this difficult phase in your life.
If you are down – do not just fail to turn up to work. Speak to the HR Department, and if you have a good relationship with your boss – to him and her as well. Many employers take care of their staff and will support them in difficult times. Letting the boss know what your are going through means that he or she will with you rather than being irked because he or she cannot understand the change in your behaviour. Losing your job will only make your situation far worse
Financial services firms and utilities companies are improving how they identify and provide support for customers’ different needs. If you feel up to it, actively contact your service provider to let them know you need more support. Ask if they have a specialist team or what they can do to help customers in your circumstances.
Remember, asking for support and explaining your needs can help banks and other service providers provide better understanding if there is a need to manage better your money.
Use freeware like Ad Block to block out on line advertisements and remove the temptation to go on a spending binge when stressed.
Here are some easy and practical things you can do. Click on each tab below
Online shopping sites and browsers often remember card details to make it easier and smoother to make purchases. If you feel at risk of making impulsive spending decisions you later regret, removing the auto-filled information can help slow down your purchasing decisions. Google ‘how to clear your cookies’ to find out how to do this.
Keep your wallet out of your living room or bedroom (wherever you spend most of your time). This makes spending more difficult.
Consider asking your bank to add a note to your credit file (make sure, however, that this will not harm your credit record).
Think about ditching credit cards completely if you find them too difficult to manage. Get some confidential debt advice if you’re worried how you’ll pay them off.
If you have a credit card with a very high credit limit trade it in for one with a very low limit.
If you’ve been feeling overwhelmed, get back in control by making small meaningful steps to build your confidence. Consider making a budget that will put you in control of your household spending and analyses your results to help you take control of your money. Use our budget planner.
When you’re feeling better, think about putting money aside for times when you might not be able to focus on saving. Our savings calculator can help you understand how long it will take to save a specific amount, or how much you need to save to have enough by a particular date.
