Managing money and mental health: The lowdown

How it feels

Listening to a chalkboard squeak on repeat sounds preferable to checking your bank balance? The thought of looking at your budget enough to send you to your duvet fort for the foreseeable? We get it. Even small money worries can feel overwhelming. Especially if you’re not sure what to do about them.

Why it feels

Money can feel overwhelming because it’s linked to our ability to pay the bills, get food on the table and look after ourselves. In short, we need it to survive - so any threat to that, big or small, can make you feel anxious and send your brain into survival mode.

When you feel like this you can

While our brain’s first reaction might be to shut down and ignore the problem, it’s important to face what you’re worried about head on. That might mean speaking to someone about what’s going on, or sitting down and figuring out a budget plan.

Where to get more support

Everyone’s money worries are different. But you can get practical support on whatever you’re struggling with using MoneySuperMarket’s Money Talks hub.

How it feels

You can’t afford the group holiday everyone else is going on. Or perhaps you’ve had to move back home cos the rent is too much. When it comes to money, it’s all too easy to feel like you’ve failed when the budget doesn’t meet your wants or needs.

Why it feels

Money’s a complicated old thing. And historically, here in the UK the culture around money has been very private. That means it’s hard to know where you stand. It can feel like you’re the only one struggling - when that’s very rarely the case.

Layer on top things like socials showing flash cars or luxe fashion, or the pressure of cultural and gender expectations, it makes sense that not having enough dough can make you feel like you’re doing something wrong.

When you feel like this you can

If you find yourself comparing yourself to others, remember you can’t see the full picture. A mate who’s just bought a new place could have been gifted it from his grandma, and those designer handbags might be purchased on an almost maxed out credit card. Getting caught up in comparison culture is a sure fire way to feel shit.

And what about when you’re judging yourself? Cut yourself some slack. You’re only human, and your bank balance and milestones do not define your worth. If there’s a milestone you really want to work towards, get support to figure out how to make it happen.

Where to get more support

Sometimes, getting honest with a mate is all you need to feel a little better head here for more tips on opening up. Or perhaps you just want to get a handle on your incomings and outgoings - there’s loads of free budget planning templates online, or download the Emma app for a budget planner and loads of other resources to help you figure out your financial future.

How it feels

Money can be a pretty emotional subject. If thinking about it makes you see red, you’re not alone. Money is tied to loads of our emotions. You might feel anger that your water bill’s increased, powerless that you’ve had to use a foodbank, perhaps even jealous because a family member has achieved something that feels impossible to you.

Why it feels

Money is linked to our survival and even our sense of self-worth, which means not having enough of it can feel really personal. So, no matter what money issue you’re facing, it’s likely to be linked to an emotion too - and that can make it hard to think clearly.

When you feel like this you can

It’s best to try to separate your emotions and your financial decision. You’ll make the best choices with a clear head and the right information to support you. But that can be easier said than done.

It can help to recognise how you feel first - that might be venting to someone close to you, or writing down how you feel. Once you’ve recognised your emotions, you can move on to tackling the issue with a new sense of perspective.

Where to get more support

Where to get more support: Head to our Offload Your Thoughts Tool to get your thoughts out your head onto paper. It’s free and anonymous. Try it now

How it feels

Numbers make your head spin? Interest rates seem like another language? Chat about crypto making you feel like a child? You’re not alone. More than a quarter (26%) of people feel like they’re clueless when it comes to cash because of a lack of financial education.

Why it feels

You learn Pythagorus' Theorem and how many wives Henry VIII had at school, but with money management it can feel like you’re on your own. And, because the culture around cash has traditionally been so taboo, it can feel like knowing stuff about money is a club you never got invited to. And that makes it even harder to ask for help when you don’t understand something you feel like you should.

When you feel like this you can

Remember you’re not alone. Feeling silly when it comes to finances is way more common than you think. What’s sillier is not asking for help when you need it. There’s loads of stuff out there - from money saving websites to social media accounts full of fact checked financial

Where to get more support

Financial know-how doesn’t need to feel like a lecture. MoneySuperMarket and CALM have loads of tools to help you learn all about the stuff that you didn’t learn at school. From different types of credit through to where to go to get help with debt, head here for money info that you don’t need a degree to understand.

How it feels

You’ve said no to the last 3 meet ups cos the price of a pint is a joke. Or maybe you said no to the family gathering because you can’t afford to fork out on a card and a gift for your sister’s husband’s aunt. Again. Not having spare cash to spend on socialising is something that gets loads of you down.

Why it feels

Telling people you can’t afford their plans is pants. And let’s face it, it's a little bit awkward. But it doesn’t have to be. The more of us get comfortable talking about cash, the easier it’ll be to have honest chats about the stuff getting us down. And more often than not, you’ll find you're not the only one finding their finances a strain.

When you feel like this you can

Let’s put it another way. If your mate told you they couldn’t make plans cos of cash, you’d probably think about another way to meet up. Or you’d put in plans to see them another time. It’s unlikely you’d judge them. Treat yourself with that kindness - and put all the energy into planning a no-spend meet up that everyone can enjoy. Perhaps you could host a pot-luck dinner where everyone brings something. Or how about a coffee in the park - you don’t have to pay sky high prices, stick a drink in a thermos or even give your trusty mug on an outing round the block if it’s safe to do so.

Where to get more support

Talking about money isn’t always easy. Get tips on how to start a conversation here. Or find more low budget ways to socialise without spending a fortune here.