How Mental Health Can Affect Your Finances

Your mental health significantly impacts how you manage your finances. Here are some common ways this can happen:

• Lack of Motivation: If you're feeling low or depressed, you may find it hard to motivate yourself to handle your finances. It might feel like there's no point in trying.
• Impulse Spending: Spending money can provide a brief mood boost, leading you to overspend to feel better.
• Manic Spending: During periods of mania or hypomania, you might make impulsive financial decisions.
• Reduced Income: Mental health issues can affect your ability to work or study, potentially reducing your income.
• Avoidance Behaviours: You might avoid dealing with finances altogether, such as ignoring bills or not checking your bank account.
• Increased Costs: Having a mental health problem might mean you pay more for insurance.

How Financial Problems Can Affect Your Mental Health

Money issues can also negatively impact your mental health in various ways:

• Anxiety and Panic: Situations like opening envelopes or attending benefits assessments can trigger anxiety and panic.
• Sleep Problems: Worrying about money can disrupt your sleep.
• Basic Needs: Financial problems might mean you can't afford essential items like housing, food, water, heating, or medical treatments.
• Social Life: Money troubles can strain your social life and relationships, leaving you feeling isolated or unable to do the things you enjoy.

Emotional Responses to Money

Money can evoke strong emotions, and you might experience various feelings related to financial matters:

• Guilt: You might feel guilty about spending money, even if you can afford it, or for seeking financial support when needed.
• Fear: Checking your bank balance or speaking to the bank might cause fear.
• Shame: Needing support can make you feel ashamed, though everyone has the right to essentials like food and housing.
• Stress: Financial pressures, such as supporting yourself or navigating the benefits system, can be stressful.
• Fatigue: Long-term money problems can leave you feeling worn out.
• Past Trauma: Experiences of financial abuse can influence how you feel about money now.

Understanding Your Money and Mood Patterns

It's helpful to reflect on how you feel about money and identify patterns in your behaviour. Consider these questions:

• Are there times when you're more likely to spend or save money?
• How do you feel when you spend money?
• What emotions do you associate with money?
• Which financial tasks worsen your mental health?

Keeping a diary of your spending and mood can help you recognise patterns and plan for challenging times.

Managing Overspending When You're Unwell

If you tend to overspend when you're unwell, consider these tips:

• Seek Support: Share your struggles and warning signs with someone you trust.
• Limit Access: Give your cards to a trusted person or place them in a difficult-to-reach spot.
• Remove Temptations: Avoid saving card details on websites and delete apps that encourage spending.
• Control Ad Exposure: Limit time on social media to reduce exposure to adverts.
• Delay Purchases: Practice delaying purchases by deciding to buy the item the next day if you still want it. Make a wish list or take photos of items you want.
• Find Alternatives: Distract yourself with other activities that make you feel good.
• Notify Your Bank: Inform your bank about your mental health condition so they can monitor for unusual spending patterns.
• Avoid Credit Cards: Some people find it helpful to avoid credit cards altogether.
• By understanding your financial behaviors and emotions, you can take steps to manage your money more effectively and reduce the impact on your mental health.