March 19, 2020
Money anxiety is not a pleasant thing to go through. Most of us will have had some financial problems in varying degrees. Money worries can, and will, affect anyone, from the impact of losing a job, or reducing hours, to illness or unexpected emergencies.
Before we get to professional help, let’s look at how you can start to help yourself. Remember, sidestepping the issues won’t make them disappear.
It is crucial that you don’t go through this alone. Having anxiety over money, is scary but speak to someone you can trust as soon as you can rather than bury your head in the sand. Continue to see friends to help you avoid feeling isolated and lonely.
If necessary, keep your CV up to date and continue to pay your bills as much as you can. Any missed payments will have a further financial effect and only makes matters worse.
Worrying about money can have some real physical effects too. It will keep you awake at night, wastes precious time, and stops you from enjoying life. You feel anxious, your blood pressure rises, you get severe tension headaches, and it puts a strain on your relationships. It’s a vicious cycle- worrying harms your mental health, and poor mental health makes managing your money harder!
If you are still feeling low and worrying after a few weeks, make an appointment to see your GP, they can advise. See you can self-refer to a psychological therapy service in your area, which will help you to cope better. There is a multitude of other organisations that can help too, such as:
Samaritans- visit www.samaritans.org or call 1160123
Money Advice Service- visit www.moneyadviceservice.org.uk/en/categories/debt-and-borrowing or call 0800 138 7777
National Debtline- visit https://www.nationaldebtline.org/EW/information/Pages/default.aspx or call 0808 808 4000
Step Change Debt Charity- visit https://www.stepchange.org/how-we-help.aspx, or you can call once you have filled in an online form to provide them with the information they require.
Mental Health and Money Advice- visit www.mentalhealthandmoneyadvice.org. Only an online service is available.
Relate- visit https://www.relate.org.uk/, or you can find a list of locations on the site that you can call.
Some people look at short term loans as a way out. This can help if you are confident that you can pay it back but can land you in a lot more trouble if you can’t repay it. So, make sure you weigh up your options before you take out a short-term loan as a solution to your debt and money anxiety.
In addition, consolidating loans may help too. By bringing multiple repayments to a single regular one it can help finances become more manageable. Again, if you struggle to repay it, there are severe consequences, and it could likely get you into more debt. Also, consider that you are only prolonging your debt and may pay more back in the long term.
Just remember, above all, you are not alone, and there is plenty of help available. Taking that first step is the hardest, but you will be glad you did in the long run.