Money and Mental Health
Money is entwined in all areas of life; it is the reason we go to work, it is how we purchase items and we all want to earn enough to ensure we can retire. However, the fact that our lives may revolve around money means that it is also going to be intrinsically linked to our overall health and wellbeing, and more specifically, our mental health.
According to Money and Mental Health Britain over half of the people that are in debt also have a mental health problem – however understanding which came first is a bit like trying to answer whether the chicken or the egg came first. What is known though is that 86% of the 5,500 people they surveyed said that their financial situation had made their mental health problems worse.
This article breaks down issues connected to money and mental health and offers useful tips to help approach the situation.
Recognise the pattern
It is important to identify a pattern and behaviours with money therefore keeping a diary with the following information could help you determine the details:
- Write down any unnecessary purchases
- How much was it?
- Why did you buy it?
- What was your mood when you bought it?
- What was your mood after you bought it?
- Did you have the funds to buy it or is the purchase on credit?
Feeling low and splurging
Research suggests that when going through a period of ill mental health, such as depression or low mood, it is common to turn to spending to try an achieve an instant high. Recognising this tendency in yourself can help you put in place recommended steps to avoid over spending beyond your means:
- Give your credit and debit cards to someone you trust during this time
- Ensure you card details are not saved in to websites
- Find something else to do that makes you feel good
- Delay the purchase, tell yourself “I will buy it tomorrow if I still want it”
Anxiety
Anxiety surrounding money comes in many different forms, from being scared to open bills to ringing the bank. If you experience anxiety in association to money consider the following
- Ask someone you trust to open your letters and provide you with the important ones
- When ringing, tell the person at the beginning of the conversation that you find it difficult talking on the phone
- If you don’t feel comfortable visiting banks, consider finding a bank with online services, including webchat
If you wish to explore the benefits available to you at the University regarding finances, including financial education, please visit your engagement platform www.linc-on.co.uk.
A change in life circumstances such as loss of employment or bereavement can result in financial difficulties which then impact your mental health. For people who live with a mental illness, the impact this can have on memory, impulse control and cognitive function can result in money difficulties.