Money harbours a lot of stress for so many people. It can affect our lives in so many ways, from our education and work lives to our personal hobbies and commitments. For such an integral part of our livelihoods, money can very quickly become very difficult to navigate and control, and by extension, it can become overwhelming for many of us.
If you’ve ever worried about money, you’re definitely not alone. If you need urgent advice or help, please contact one of the listed institutions here. Otherwise, if you feel ready to take on board some practical advice for your financial situation, this guide is here to help you.
At Birmingham Mind, we recognise that financial concerns and our mental wellbeing are deeply interconnected, and it would be naïve to ignore the impact that money can have on our mental health.
The relationship between our bank accounts, wallets and our state of mind is incredibly complex. When money gets tight, it doesn’t just affect our ability to pay bills; it can cause a cascade of different emotions that affect numerous aspects of our lives, some less obvious than others.
The good news is that recognising this connection is pivotal to helping you maintain a sense of control and ownership over your situation.
Whether you’re embarking on your first year of university and are exploring living away from home for the first time, in the midst of transitioning between jobs, trying to navigate current cost-of-living pressures, considering retirement but are doubting whether you have enough to fund your future plans, or have recently suffered another type of financial hardship, then look no further. This guide is here to give you some essential tips to manage some common negative feelings associated with money.
Understanding the mind-money connection
Financial stress is more common than you realise, and it’s certainly not something that just disappears when you don’t want to think about it anymore. Recent data shows that 33% (17.7 million) of adults in the UK suffer daily financial anxiety. Financial stress manifests in various physical symptoms, ranging from disrupted sleep and elevated heart rates to becoming irritable or nervous in everyday interactions. Many who have experienced mental health struggles say that thinking about their financial situation makes them anxious, which only reinforces how prevalent this type of stress is.
What’s important to understand is that your worth as a person isn’t determined by your bank balance or income. When we’re caught in the grip of money worries, it’s easy to lose sight of this. For instance, you may be considering whether to alter your saving strategy so you can fund the lifestyle you want, one that prioritises your wellbeing and the things that matter to you. Conversely, you may be pursuing ways you can save money as a student who’s facing high tuition fees and large costs of rent and bills, without these affecting your social experiences at university, particularly during the first few weeks.
Without discrediting any existing money worries, the fact is that it’s all about balance.
Common money worries
Financial anxiety rarely comes from just one place. For many people, it’s a combination of concerns that can include:
- Making ends meet, putting food on the table and paying bills
- Falling into debt via credit cards, loans or mortgage repayments
- Job security and losing your income
- Planning for the future (retirement, pensions, etc.)
- Funding your children’s lifestyle, hobbies and education
- Being seen as a failure for not being able to comfortably provide for you or your family
These are all very real struggles that many of us deal with regularly.
How to talk about and manage money in a practical, healthy way
One of the most powerful tools in managing money worries is breaking the silence around them. It’s easy to view money as a ‘taboo’ subject in certain situations, but it’s alarming how few people seek help for financial anxiety despite the struggles being very real. Staying silent regarding worries – financial or otherwise – only exacerbates and amplifies the issue.
- Acknowledge and validate your feelings to yourself; it’s normal to feel anxious, frustrated or overwhelmed when it comes to money.
- Consider reaching out directly to trusted friends or family members – you’d be surprised at how common your worries may be.
- Consider professional support. Trained counsellors understand the connection between financial stress and mental health, and an impartial third party can help you develop coping strategies that address physical and emotional aspects of your situation.
- Focus on what you can control, and don’t try to own what you can’t control. Job markets, inflation, and prices are out of your hands, but you can control your responses to these elements. Create a simple budget that prioritises essential expenses, but try not to control outputs down to the penny.
- Establish a healthy, sustainable routine that feels normal to you. Maintaining structure helps protect your mental health when times get challenging.
- Be cautious with coping mechanisms. For some people with money issues, alcohol can become an issue, and while it might provide temporary relief, the side effects can worsen your stress and create additional problems.
- Seek independent financial guidance. The Citizens Advice Bureau offers free, confidential advice on debt management, benefits, and budgeting. Their trained advisors can help you understand your options without judgment.
Remember: You are more than your financial situation
Your mental health and wellbeing matter more than achieving perfect financial stability. While it’s normal to want security, it’s important to not let the pursuit of financial freedom come at the expense of your happiness or relationships.
Reflect on what brings you joy or fulfilment. This may include a positive mutually-beneficial relationship, personal growth, helping others, nature, your family, and others which don’t always require extensive financial investment. Focusing on these aspects of your life can help you maintain some much-needed perspective even when money feels like it’s scarce.
If you’re experiencing persistent anxiety or depression related to financial concerns, remember that professional support is available. The NHS Every Mind Matters platform offers practical self-care advice specifically for money worries, while Birmingham Mind provides personalised support that addresses both your mental health and practical concerns.
Even though they don’t always feel like it, financial troubles are often temporary. Practical solutions – both short and long-term – can be found with the right support network. What is most important of all is maintaining your mental health and relationships throughout these challenges.
At Birmingham Mind, we believe that everyone deserves support during difficult times. Whether you’re dealing with an immediate financial crisis or long-term money anxiety, remember that seeking help is a sign of strength, not weakness. Your financial situation doesn’t define your worth, your future, or your capacity for happiness.