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.’
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:
Phone number: 0800 144 8848 (England Adviceline)
Money Advice Service – they provide free and impartial money advice.
Phone number: 0800 138 7777
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.
National Debtline – this service offers information and advice about debt.
StepChange – this organisation provides free advice about money problems, debt and budgeting.
Stop Loan Sharks – if you are worried about loan sharks or would like to report a loan shark, you can advise and information from this service.
Turn2Us – helps people in financial difficulty to access benefits, grants and support services.
For more insight on money and mental health, you can visit Mind which has outlines practical tips on managing your money and how you can improve your mental health.