In honour of Mental Health Awareness Week our Money Advice Officer, Steven, explains how money, debt and mental health are linked – and what you can do to turn things around.
Debt can affect mental health, and mental health can lead to more debt. This can cause a downward spiral and you can easily feel like you’ve lost control. The links are well documented – Martin Lewis has even put together a comprehensive guide about this. There are plenty real-life illustrations highlighting the problem, for example Jessica’s story.
So what can you do about it?
The best advice is to not suffer in silence – go and get some help. James’ story highlights how getting professional advice can improve mental wellbeing. If you are in debt, there are lots of strategies you can use to turn things around, whether this is an affordable debt management plan or even something more drastic such as insolvency. Things are rarely as bad as they seem, and getting expert advice should take a big weight off your shoulders.
Taking positive steps to get on top of your finances is also a good way to make you feel better about things. Steven’s recent blog is a good starting point and the MoneySavingExpert website has lots of great information to help you along the way.