Practical tips on managing your money and improving your mental health.
Learning how mental health and money are connected might help if you're struggling. Sorting things out might feel like an overwhelming task. And lots of things may be out of your control. But try taking things one step at a time. The tips on this page are to help you get started.
The coronavirus pandemic is causing financial worries for many people. If you are experiencing money worries, this information may help:
These are some common ways your mental health can affect the way you deal with money:
These are some common ways money can affect your mental health:
"When I veered from my plans, even by buying something small, I tended to feel overwhelmingly guilty and ashamed."
Thinking about money can be emotional, and you might have different feelings about money. These are some common feelings you might have:
Getting to know the feelings and emotions you have around money might help you to spot patterns in your behaviour, and feel more in control.
You might find it helpful to take some time to think about how you feel about money and why. For example, if you've struggled with money in the past or didn’t have much money growing up, this might affect the way you feel about money now. You could try answering these questions:
It might help to keep a diary of your spending and your mood, to record what you spend and why. You could record how you were feeling before and afterwards too.
Once you’ve done this, you might start to feel like you understand your habits and patterns around money a bit more. Knowing these could help you plan ahead for difficult times. See our information on planning ahead with your money.
"I didn’t realise the impact my mental health had on my ability to manage money, or the impact poor money management had on my mental health."
When you’re unwell, you might spend more money than you want to, or more than you can afford. Overspending can happen for different reasons, such as:
"I would treat myself to whatever little pleasures I wanted. This would feel great in the moment, but I would wake up the next day with intense feelings of guilt, shame and annoyance."
Here are some tips that might stop you from overspending:
Gambling can become an addiction. If you’re worried about gambling, there are things you can do:
"Being able to tell someone I trust helps. If things are bad, my Ma holds onto my cards."
This information was published in April 2022. We will revise it in 2024.
References and bibliography available on request.
If you want to reproduce this content, see our permissions and licensing page.