Let's talk money - M4Money Credit Union

So you have just put together all your expenses and you’ve realised that you have been spending way more than you expected. Reality has checked in and now you are struggling to pay off debts.

This is the start of the financial stress which can, in turn, lead to mental health issues such as depression; anxiety or even suicidal thoughts.

If you are worried about what the next steps are, who should you speak to, how will you pay off debts, what will people say, what will happen to your family, if you are the breadwinner, and can’t afford to pay the rent/mortgage?

Don’t deal with this financial worry on your own. You should speak to someone about your financial situation, even if it isn’t always easy. As the saying goes, ‘A problem shared is a problem halved.’

Why talk about money?

According to the Money and Pensions Services, people who talk about money:

  • make better and less risky financial decisions
  • have stronger personal relationships
  • help their children form good lifetime money habits
  • feel less stressed or anxious and more in control

Who can I talk to?

By simply talking to a trusted friend, family member or professional about finances can lift a huge weight off your shoulders. They may help you identify where the issue is and perhaps help you come up with solutions.

If you would like to go down the professional route, here are some professional services that you can offer you professional money advice and support:

Citizens Advice – will offer you free confidential information and advice on your rights, including money, housing, legal and other issues. Their contact details are as follows:
Website: citizensadvice.org.uk
Phone number: 0800 144 8848 (England Adviceline)

Mental Health and Money Advice – run by Mental Health UK and Lloyds Banking, this online advice service is for people who are experiencing mental health issues and money.
Website: mentalhealthandmoneyadvice.org

Mind – a mental health organiser. The website also outlines practical tips on managing your money and how you can improve your mental health.
Website: https://www.mind.org.uk

MoneyHelper – they provide free and impartial money advice.
Website: moneyhelper.org.uk

National Debtline – this service offers information and advice about debt.
Website: nationaldebtline.org

OK Rehab – this service specialises in addiction treatment. Their aim is to help individuals break free from the shackles of addiction and find a treatment that’s ideally suited to their needs. This treatment is applicable for drug addiction, alcoholism and process/behavioural addictions. You can find out more from their website.
Website: https://www.okrehab.org/

StepChange – this organisation provides free advice about money problems, debt and budgeting.
Website: stepchange.org

Stop Loan Sharks – if you are worried about loan sharks or would like to report a loan shark, you can get advise and more information from this service. Simply visit their website.
Website: stoploansharks.co.uk

Turn2Us – helps people in financial difficulty to access benefits, grants and support services.
Website: turn2us.org.uk