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Mind troubleshooters: managing your money
Keeping track of your finances can be difficult at the best of times. When life gets stressful, paying your bills and managing your money can become even more of a challenge. What matters is that you do something as soon as you begin to find it difficult to cope.
- 1 in 11 people in the UK report that they are in debt or in arrears.
- For people with a mental health problem, that rises to 1 in 4. (Statistics courtesy of the Office for National Statistics, 2002)
It is important to recognise not only that people who are experiencing mental health problems are more likely to be in debt, but that the stress of debt can cause or add to mental health problems.
Financial problems can lead to or be caused by:
- anxiety
- stress
- depression
- social exclusion
- low self-esteem
- problems with relationships
- problems at work
If you are in financial difficulties and are experiencing mental distress, you may find that you start to avoid dealing with the financial issues, because you think they will only create more stress for you. However, avoiding them, and not being open to those you owe money to, is very likely to make things worse.
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Tips to help you manage your money
Here's a list of things you can check each week to help you keep track of things when you are not feeling well. Put it up in a place where you can see it easily, as a reminder. Try to choose a regular time to do this, maybe with someone who can help, so that things don't pile up and start to feel too big to cope with.
- Confirm arrangements with anyone helping you. If someone else is helping you look after your money, have you agreed when and how this week? Double check that they can help you this week, so you can make alternative arrangements if necessary.
- Check how much money you have right at this moment. Include cash and any money in bank accounts.
- Collect any money due to you this week. Are any wages, benefits or other income owed to you? Are they going directly into a bank account or do you (or someone on your behalf) have to collect them? Have you arranged a time and day for collecting any money in person?
- Open your post. Although this can be hard to face if you are expecting bills, make sure you set aside time to do this. It may help if you do it while someone else is with you. Checking the post also means you won't miss out on any cheques that might arrive for you.
- Deal with any bills that have arrived. Do you have enough money, right now, to pay them? If so, make sure you know how they are to be paid e.g. direct debit or sending a cheque. If not, contact those you owe money to and explain your situation - they may be able to delay the payment for a short while. You could consider getting financial advice from someone such as a debt advisor. They can look at all of your income and outgoings together to find the best solution for you, and help you prioritise which bills need to be paid first and which ones can wait. (See 'Useful organisations' below).
- Check you have enough money to pay for essentials like food and toiletries. A decent diet and personal care are the sorts of things that can maintain your wellbeing and help you in your recovery. Get financial advice if you think you are going to struggle with paying these essentials.
- Check you have enough cash for the week ahead. Some things like travel, treats or a newspaper need payment in cash. Also, if you are arranging for someone else to get your shopping, for example, they won't be able to use your bank cards or cheques.
- Put any planned savings aside. If you have planned to save some money on a regular basis, have you put it aside this week? Does it need to be deposited at the bank or have you set up a regular payment?
- Review your circumstances. If your income, outgoings or care needs have changed in the last week you may need to tell someone, so that any benefits you receive can be adjusted to meet your new needs. You may need advice on what to do next. (See 'Useful organisations').
Stay organized
Keep your financial papers in one place. This will make it easier to find everything each week and can act as a place to put any bills collected throughout the week, so that they can be dealt with all together.
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How to find out more
Benefit Enquiry Line
tel. 0800 882 200
Citizens Advice Bureau
web:
Free confidential advice, including on money and benefits, from over 3,000 local offices - see website or your local phone book for your nearest branch.
Directgov
web:
Provides information on government services, including the areas of money, tax, benefits, disability, employment and carers.
National Debtline
tel. 0808 808 4000 web: www.nationaldebtline.co.uk
Free advice on managing your debts
Further reading available from Mind
These booklets are available from Mind Publications or can be downloaded free
Looking after your personal finances (Mind 2006)
Managing on benefits (Mind 2008)
Understanding anxiety (Mind 2008)
Understanding depression (Mind 2008)
Understanding mental illness (Mind 2007)
Also see the '' section for more detailed information on finances and mental health.
Published by © Mind 2009
ISBN 978-1-903567-96-8
No reproduction without permission