Money and your mind:

Easing the emotional burden

Healthy Living > Mental health > Money and your mind

Blog Article | By HeadUp 14 July 2020

Staying in balance at the moment isn't easy. Which is why our HeadUp partners are here to help you, with some advice on managing your money and your mind to help you stay healthy.

 

If you’re feeling anxious about the economic impact of COVID-19, you’re not alone. Many of us are. We know that when people are worried about money, it can be really difficult to keep our emotions in check, especially for those of us taking care of family and loved ones. That’s why at a time like this, it’s important to recognise and address the strain that financial stress can put on your mental and physical health.

 

Scientific research, published in the Journal of Child and Family Studies [1], tells us that as financial stress increases, so too does the prevalence of mental health problems. Other studies have also linked this stress to increased alcohol and drug abuse[2].

Reviewing finances for budgeting reasons

If you’re feeling weighed down by economic uncertainty, here are four things you can do to help lift the emotional burden:

 

Plan a budget. Look at how much money you’ve got coming in and how much you can afford to spend. You may need to really cut back for a while, but it will be worth it when we’re on the other side of lockdown.

 

Talk to your creditors. After planning a budget, if you think you’ll struggle to pay essential bills, call those providers to discuss it before you miss a payment. They’re there to help and it may help you avoid any late payment fees.

 

Get professional advice. Look for reputable resources like the Money Advice Service, sponsored by the UK Department for Work and Pensions[3]. This website provides free budget planning, financial advice, and confidential help.

 

Share your concerns. Discuss how you’re feeling with a trusted friend or family member. Prefer to remain anonymous? Organisations such as Mind.org.uk can connect you with peer support and professional help online. No judgement, just people helping people – because together we’ll get through this.

 

You’re not alone in this.
 

Many people are in the same boat as you right now. Getting help with your money situation can take a lot of stress away, which can help you feel positive. Keep an eye out for more blogs on keeping your finances in check on our hub. We’re here to support you through this challenging pandemic.

 

 

References

 

[1] Journal of Child and Family Studies

The Relationships Between Family Financial Stress, Mental Health Problems, Child Rearing Practice, and School Involvement Among Taiwanese Parents with School-Aged Children. (2013) 

 

[2] Journal of Studies on Alcohol and Drugs

Are Changes in Financial Strain Associated With Changes in Alcohol Use and Smoking Among Older Adults? (2011)

 

[3] Money and Pensions Service

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