Health and Wellbeing
Money and mental health
This blog was written by the Advice and Counselling Service at Queen Mary.
Financial issues can seem overwhelming. That’s because worrying about money can impact on your wellbeing and, conversely, poor mental health can make it difficult to manage your money, so it’s easy to get caught up in a cycle of stress and financial problems.
Once you’re locked in, it can be hard to see a way forward, and the temptation is often to do nothing and hope your issues resolve themselves. The truth is, financial issues don’t tend to resolve themselves and may get worse over time and lead to more stress and more debt, so it’s important to act as soon as possible because there are options and there is free and confidential support available.
There are two main ways you can take control of your financial issues:
1. Reach out for support
Why not book a 1:1 confidential online appointment with a Welfare Adviser in Advice and Counselling? A Welfare Adviser will be able to take an objective overview of your finances and give you non-judgemental advice about your options. This may include advice on:
- Applying for university hardship funds for undergraduates and postgraduates
- Helping you plan a budget
- Explaining welfare benefit eligibility for students with children or disabilities
- Contacting specialist debt practitioners
- Explaining academic options for undergraduates and postgraduates, if your financial issues are impacting on your studies
2. Understand your mood patterns
The second way to help yourself is to get to know your triggers, especially since online spending during the pandemic has reached record levels. If you can, try and identify whether you spend more money when you feel stressed, low or isolated. Do you feel less able to deal with money issues at particular times of the day? Do you get anxious whenever you receive a utility bill or demand for payment? Does your spending feel out of control?
We have lots of tips and advice for taking control and staying in control of your spending on our budgeting pages. Scroll down to the last section ‘How to control your spending’ for some practical steps you can take.
Also, check out our Mental Health and Financial Issues webpage for lots of useful information which can help you understand how mental health issues can affect your finances and vice versa. This includes links to the MIND website and the Money Saving Expert’s downloadable guide to dealing with debt for those with a mental health condition.
Even if you’re not sure what your triggers are, if you’d like help managing your budget, contact us via our enquiry form for confidential, non-judgemental 1:1 advice.
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