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How to cope with money worries

How to cope with money worries

Many people experience money worries at some point in their lives – and thanks to the widespread impact of the Coronavirus, this is true now more than ever. The problem is that worrying about our financial situation alone, doesn’t improve it. In fact, often it’s those anxieties which drive us to bury our head in the sand or even to spend more – which of course, only makes things worse!

In this post, we’re offering some simple tips on how to cope when money worries are overwhelming you so that you can start to take back control of your finances and get the support you need to stay on top of your mental health.

Recognise your money worry triggers

Next time you find yourself worrying about money, take a moment to reflect on what triggered those thoughts and emotions. More often than not, there are specific triggers which set off your anxiety. It might be a bill arriving in the mail, or a bank notification on your phone. It might just be an advert for something you want to buy but can’t (or shouldn’t) right now.

Once you know what is triggering you, you’ll be better able to control your thoughts – and prevent the risk of overspending as a way to overcome your negative emotions.

Talk to a friend or family member who you trust

Having someone to talk to can make a huge difference to your mental wellbeing. Although it might feel scary at first, if you can share your worries with a person you trust, you’ll not only feel better, but they may be able to help you to find solutions for your financial difficulties.

Keep busy

If your money worries have been caused due to a loss of employment or business, then this can have a negative impact on your motivation and energy. Try to stay busy – whether that’s by looking for alternative work or just focusing on a new hobby or goal until you’re able to work again or replace your income in some other way.

Don’t be afraid to get professional support

If you feel like your anxiety – or your money problems are becoming unmanageable, then always get support. It’s common to feel embarrassed about asking for help, but in fact, the opposite is true. Asking for help takes courage and is the best way to overcome both your mental health and money worries.

The charity, Mind can offer money and mental health support.

Register with the VRS

We all experience times in our life when we’re vulnerable for whatever reason. It could be illness, bereavement, job loss or marriage breakup. During these times, it can be a great comfort to know that the companies you have dealings with know your situation and will treat you accordingly.

If your situation is causing you to overspend, then you have the option to ask all companies to automatically decline you credit for as long as you’re registered. Alternatively, you can choose to ask them to thoroughly review your application and to speak to you about your vulnerability.

For more information on how to register, take a look at this brief video.

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