Money and mental health: What to do if you're struggling with debt

Tomorrow is the start of Mental Health Awareness Week – and money worries can impact our wellbeing in many ways.

People often think if they had more money, their worries would all go. But – while I’m sure you’d prefer to find this out for yourself – I can tell you that for most people, more money just means different types of worries.

The key can be in not letting yourself live beyond your means, if you can find ways to live adequately within them. When your budget begins to stretch and you start to borrow for day-to-day spending, money worries quickly grow.

This is the reason I don’t like using credit cards and why I developed the Bank Account System to help people gain control over their spending.

Worries are one thing but, for some, small worries can escalate rapidly into bigger problems and cause mental health issues that can paralyse our decision-making process.

Just thinking about money, your bills and your credit card statements can bring on a sense of helplessness and a lack of hope. That’s especially true when you’re in debt, if you can’t see a way you will be able to repay what you owe.

This can cause a vicious circle which can quickly spiral out of control – your money worries impact your mental health, but when you are struggling mentally it is so much harder to face your financial challenges head on.

And so your money problems can easily get worse, compromising even more your ability to face up to them. If this is you, you are not alone. So where can you turn for help?

There are several charities to support you when you have money challenges. Two I like are mind.org.uk – who advise and support anyone experiencing a mental health problem, whether money-related or anything else – and stepchange.org, who have been helping people deal with debt problems for more than 25 years.

Mental Health Awareness Week, running from tomorrow until next Sunday, is hosted by the Mental Health Foundation. The theme this year is community, highlighting the role of social connections and supportive communities in mental wellbeing.

The Mental Health Foundation aims to celebrate the power of community in aiding mental health. Remember, motion creates emotion – it’s hard holding on to those feelings that drain you while dancing or running around

If you’re challenged by money, or by anything else, please don’t try to resolve it alone. Reach out for help – a problem shared is a problem halved.

• Visit mentalhealth.org.uk for more details and search for The Finance Geeks Podcast