Chat

Chat

Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.

 

Overwhelmed? How to get on top of your money and mental health.

By Francesca Bloor

At Money for Life UK, we’re empowering young people to make the most of their money. As part of this, we’ve reached out to some young money bloggers to write for us. Here’s Francesca on mental health and money. Stay tuned for more blogs from our Money Champions…

It’s Mental Health Awareness Week. I’m almost 20 and will have been living away from home, managing my rent, bills and money, for almost 2 years now. For the first time in ages, I’m feeling positive about my money, but it’s been a journey! It’s the perfect time to discuss mental health, finances and coping with them as a young person.

What’s the link?

According to the Money and Mental Health Policy Institute [https://www.moneyandmentalhealth.org/], people with problem debt are twice as likely to develop major depression as those who are not in financial difficulty. But as well as this, people with mental health problems are more vulnerable when it comes to successfully managing their money. It can be a vicious cycle – money problems can trigger mental health, which can worsen money management, which leads to more money problems.

Remember that these issues aren’t uncommon, and there are places to seek advice, such as:

What can I do right now?

Speaking to a GP or seeking financial advice are great ways to find long-term solutions. Here are some suggestions that will help you start feeling more in control now:

  • Make that first step. Book in with your GP, seek financial advice through the sources above, or speak to a friend or family member. Get the ball rolling on those long-term solutions – the sooner, the better!
  • Making yourself a budget can help you to gain control and know where you stand. Take a look at our simple tips or try an app like Squirrel – there’s no need for it to be complicated! Remember things like groceries, petrol and rent, as well as incomings such as salary, allowance or student loan.
  • Look back at your spending. How might you be able to save? Revisit recent bank statements and look for areas where you could economise. For example, if you buy a £3 meal deal for lunch everyday at work/uni/college, that adds up to £15 a week, or £60 a month! Making a packed lunch and putting the £3 a day into your savings seems small, but adds up quickly. See more of our saving tips here .

As a young person, managing money is a learning curve that won’t always be smooth (I’ve had my share of living off toast in order to save money!), so be kind to yourself. Don’t struggle alone – seeking advice, finding support and educating yourself will help you to stay in control and stand you in good stead for the future.

Chat

Money for Life work in partnership with the Money Advice Service, an independent organisation set up by government. Money AdviceService provides free, unbiased money guidance across the UK to help people make the most of their money.  If you have a question or need help, you can chat to them here.

Launch Chat

Chat to the Money Advice Service
Monday to Friday, 8am to 6pm
Saturday, 9am to 1pm.