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Quick tips for managing your money

This page provides useful tips on how to manage your money – even if you are not feeling well.

Here’s a list of things you can check each week to help you keep track of things. Print this page out and put it up in place where you can easily see it, such as your fridge, as a reminder. Try to choose a regular time to look at your money and bills each week, maybe with someone who can help, so that things don’t pile up and start to feel too big to cope with.

• Know how much money you have – check bank account balances and count your cash, before spending.  
• Check you have enough money for essentials like food and toiletries – if you don’t, get urgent advice from your local Citizens Advice or social security office.
• Collect any money due to you e.g. wages, benefits.
• Open your post – it isn’t always easy to face bills, but it will help you know where you stand. You could ask someone you trust to do it with you.
• Get advice – there are many organisations who can help you sort out your finances e.g. Citizen’s Advice or Money Advice Service.
• Deal with bills – if you can pay, do so. If you can’t, contact those you owe and explain your circumstances.
• Review your circumstances – if your income, spending or needs have changed, you may need to tell people you owe money to or who pay you benefits.
• Stay organised – put all important records and documents, e.g. payslips, bank statements, bills, receipts etc. in one place, so that you can find them easily again.

Money and mental health affect each other: problems with one make the other one more difficult to manage.

It’s a double edged sword…you get depressed and then you spend, or you spend too much, which makes you depressed. It’s a vicious cycle… but it’s a major problem for a lot of people who have mental health problems.

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 harder. What matters is that you take action as soon as you begin to find it difficult to cope.

I always found opening letters from the bank upsetting. But when I sat down with my advocate to go through them, it took a lot of worry away.

Address issues when you are well. This will often help both your financial situation and mental health when you are not so well.

We try to stick to the budget. We know exactly how much a month goes out in standard bills. We work out how much money we need for food and clothing, then try to save some for emergencies.

Useful contacts

Benefit Enquiry Line
tel. 0800 88 22 00

Citizens Advice Bureau
web: www.adviceguide.org.uk
Free confidential advice on money and benefits, from over 3,000 local offices – see the website or your local phone book for your nearest branch.

Directgov
web: www.direct.gov.uk
Information on government services, including the areas of money, tax, benefits, disability, employment and carers.

JobCentre Plus
web: www.jobcentreplus.gov.uk

Money Advice Service
consumer helpline: 0300 500 5000
web: www.moneyadviceservice.org.uk
A free, independent service, that gives clear unbiased money advice.

National Debtline
tel. 0808 808 4000
web: www.nationaldebtline.co.uk
Free advice on managing your debts.

The Royal Bank of Scotland Group has kindly supported the production of this information.

Published by Mind © Mind 2011
This information was written by Sam Challis, Mind.
ISBN – 978-1-906759-32-2
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