Better Mental Health and Money
What It Takes To Have Better Mental Health and Money Management
If you are struggling financially, your health may suffer, this is why today we are focusing on having better mental health and money management. When it comes to money, the added stress and anxiety can take a toll on your mental well-being. When it becomes too much, it may lead to depression and other health complications.
It is important to take care of yourself first if you are feeling overwhelmed by financial worries. It may be difficult to focus on anything else, especially the little things that have always been easy for you in the past. You can feel helpless or hopeless as your day-to-day life becomes a struggle. But there are steps you can take to help yourself out of this situation and improve your future financial wellbeing
When you are dealing with financial stress, the body responds in all sorts of ways. It can lead to mental health problems like depression or anxiety. And it can also lead to physical health issues like heart disease. It is important to know the warning signs of financial distress and take steps to address it before it becomes a bigger concern.
Researchers found that people with higher incomes reported better mental health than those with lower incomes. The research also found that this trend was true regardless of the person’s level of education or household income. In the United States, approximately 43 million Americans are struggling with debt. In the UK, this number increases to 44 million people. Also, more than one third of adults have some form of problem with mental health. In the UK, this number is slightly lower at 32%.
It is easier for people to get into debt, and it is also easier to fall into a mental health crisis, this is why we feel that having Better Mental Health and Money management are closely linked together
The statistics show that every four out of every five adults in the UK are struggling with debt and one in four adults in the UK struggle with mental health. These numbers are even higher when you look at the US, where 83% of adults struggle with debt and one in five adults struggle with mental health.
Getting help with debt before it gets out of hand
If you are struggling with debt, you may be feeling overwhelmed and needing help. The good news is, there are local agencies and services that can provide assistance and help get out of debt faster.
This section is about getting help with debt before it gets out of hand.
The debt relief process can be confusing and fraught with many obstacles for those who are unfamiliar. It is vital to get the correct information you need asap to get back on your feet financially.
It is important to know what you are getting into before you start any debt relief process, because it can be overwhelming. It is also essential to know about available services in the area, as there are many types of debt relief services available, I would not suggest looking at bankruptcy or IVA’s unless you really dont have a choice. When you start this process, it can severely impact your credit score and can stay on your credit file for around 6 years.
Tips for managing debts
Debts can be a huge burden on a person, but there are ways to manage them. In this section we will cover some tips for managing debts.
Credit cards Debt
- Focus on the debt with the highest interest rate, then take on other debts (make use of balance or money transfers if necessary, so you can avoid high interest
- Lump sum payments on high interest rate debt may save you money in the long run
Day to day expenses
Use our Spending spreadsheet – Completely free (click File, then Make a Copy) (The spreadsheet is downloaded onto your device and is offline, only you have access to it, which makes it very safe)
- Cut non-essential expenses from your lifestyle
- Plan your budget for the month (I prefer mobile apps like Money Dashboard ) It helps to show where money is going and predict how much you will have next month.
- If you struggle saving, I love using Plum the mobile app as it does it for you.
- Log all your bills, direct debits, credit cards, etc in our Spending spreadsheet, (it has helped us through the hardest of times). Stay on top of any contracts or accounts about to expire and try to negotiate a better price or even better, go to a good comparison website.
- Try using Topcashback for getting some money back whenever you need to make a large purchase (emergency fridge, washing machine,etc )
- Always shop around ( don’t always accept the first price you get)
- Most of the time you can get the materials yourself (which very often works out a lot cheaper than buying through a merchant) example: Some mechanics will fit parts that you supply or carpet fitters will fit carpet that you already own/purchased
- Don’t be ashamed of buying 2nd hand items, there is usually not much difference apart from the price tag.
Here is a brief recap of what to remember
- Stay on top of your outgoings
- Try to maximise your income
- Checks for leaks in your financial bucket
- Be mindful of impulsive purchases
- Try to shop around where possible
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