If you’re struggling with money, you may find that you’re also suffering from stress, anxiety or feelings of depression. If you’re in this position, it’s important you understand you’re not alone. After all, figures from The Money Charity show that Brits have an average of £4,264 in unsecured debt per adult. So, if you’re one of the millions of Brits who are suffering from financial worries, how can you manage your emotions? Let’s take a look.
Ask for help
As the old saying goes ‘a problem shared is a problem halved’. So, if you have money worries, you should tell your friends and family. Even if they can’t offer you financial help, they can provide you with emotional support and an outside perspective on the situation. This will lessen the emotional burden you’re facing and help get you back on track.
If you’re still struggling, speak to a charity, a debt support group or a financial adviser. These people can help you put an achievable action plan together and help you get your finances back on an even keel. A wide range of these companies exist, so make sure you do your research before you approach a company to make sure they’re right for you. As these Feefo reviews of Financial Wellness demonstrate, a good company can help remove the stress you’re feeling and support you through the troubles you’re experiencing.
Organise your finances
Sadly, many of us make the mistake of trying to ignore our financial issues. But, being proactive and organising your finances is crucial to stopping the debt spiral.
So, if you’re suffering from money worries, try to:
- Create a regular budget using this planner from the Money Advice Service
- Set up direct debits for your bills so they don’t pile up
- Use cash instead of card to pay for your weekly shopping and essentials so you can see how much you’re spending
- Check your bank balance daily or weekly so you can see how much you’re spending and when
- Make a list and categorise your spending habits as ‘essential’ and ‘non-essential’ so you can see where you could cut back
Stay fit, active and social
When you’re suffering from money worries, it’s easy to become introverted. This means you spend a lot of time in the house and you often stop seeing your friends and family. However, by continuing to go out and see people, you can take your mind off the issues you’re facing and stop them becoming all-consuming.
If you’re currently not working, then take the opportunity to update your CV and consider doing some charity work to occupy your time while you’re on the job hunt. In addition, it’s also well worth trying a form of physical activity like running, as this can improve your mood if you’re feeling low.
Watch your diet and manage your alcohol intake
By maintaining a balanced diet, you’ll find it much easier to manage your emotional state. After all, if you start to rely too much on ready meals, you’re unlikely to be giving your body the nutrients it needs, so your anxiety may become heightened.
Similarly, many people with financial worries turn to alcohol. But, although alcohol is fine in moderation, it should never be used as a coping mechanism. Remember, alcohol is a depressant, so if you’re already struggling with stress or anxiety, then it may heighten these emotions rather than help you cope with them.
Above all else, remember that you’re not going through this struggle alone. Millions of Brits struggle with debt each and every year. But, if you’re proactive and take the steps outlined above, you stand the best chance of putting your money problems behind you and moving on with your life.