This page provides information to help you manage the money that you get. It offers a range of information resources and links to useful tools that you can use to help you get organised when you're feeling well enough so that if you start feeling low you know that systems are in place, you won't have the anxiety of money worries and you can concentrate on getting well.
Managing money can seem difficult and complex to anyone. If you have mental health problems to deal with you might have to manage a drop in income when you are unwell and can't work and sometimes it might feel too difficult to sort out bills and loan repayments.
To minimise the difficulties that will arise from this situation, including added stress to yourself it would be useful to set up good systems for managing your money while you are well enough then you are less likely to get into difficulties if you have an episode of illness. Simple things such as setting up direct debits so that your bills are automatically paid can make all the difference when you are unwell especially for essentials such as your rent or mortgage and your utility bills.
A good way to start is to keep all your papers relating to financial affairs in one place, and sort them into categories such as:
Then you can put your hands on them when you need to. For more information see our Financial papers checklist. Mind's booklet Looking after your personal finances contains useful information about keeping track of your personal income and expenditure.
If you need help taking control of your finances and working out how to prioritise your spending, you could take the financial health check by Money Made Clear from the Financial Services Authority (FSA) to give you some tips for a healthier financial lifestyle, now and in the future. This takes only a few minutes; there's no need to dig out bank statements or other papers - there are just a few simple questions to answer and you will receive some suggestions based on the information you have entered. This service is confidential - neither Mind or the FSA will see your information or pass it on to anyone else. The healthcheck is just a general guide to your situation. It does not provide financial or other professional advice. If you want advice specifically tailored to your personal circumstances you should consult a financial advisor or welfare benefits adviser.
A budget is a list of the money you have coming in and a list of the things you have to pay for over the same period. Budgeting is a good way to manage your money, and it is particularly useful if you have a limited amount of money to live on.
Mind's booklet Looking after your personal finances contains a budgeting table that you can use to add up the money you have coming in and the money you spend.
If you require help in assessing your financial situation, you can contact your local Citizens Advice Bureau (CAB).
Completing a simple budget calculator is a way you can start to work out how much money you have available each month and whether there is anywhere you can make savings. Take the time to check the money that you have coming in and going out so that you can get a clear idea of how much you spend and how much money you have left over. Don't forget occasional items and treats, such as holidays, days out and presents.
The FSA's Money Made Clear website also has a budget calculator which may help you work out how much money you have available each month. It takes about five minutes to complete. Your answers are completely confidential, and neither Mind nor the FSA will see your information or pass it on to anyone else.
Once you have worked out your budget, it is a good idea to review your situation regularly. It is particularly important to review your budget when your circumstances change, for example if you leave work or reduce your working hours and your income goes down.
You may be able to avoid getting into debt problems by using the following tips: