Article How to overcome money worries

If you’re feeling overwhelmed about managing your finances, you’re not alone. In fact, more than one in four adults (28%) reported either not coping financially or finding it difficult to cope – especially with the continued rise in the cost of living.¹

In this article, we highlight five ways to help you manage – and hopefully overcome – your money worries. 

Please note, this article isn’t intended as advice. If you’re struggling in any way – either financially or personally – we’d recommend speaking to a financial adviser.

1. Try to be proactive

It’s easy to ignore your financial situation or put off managing it – but taking a proactive approach could help you feel much more in control of your finances.

A budget might help. If you’re able to get organised – perhaps by using budgeting tools, or creating a simple spreadsheet to get everything down on paper – then you can see where your money is really going, how you could cut down on unnecessary spending, and what position any debts are in.

If debt is a worry for you, there are steps you can take to tackle it. For example, if suitable, you could consider taking advantage of the government’s breathing space scheme. This temporarily stops creditors from contacting you or adding interest or charges to your account for up to 60 days while you get help with your debt (you’ll still need to make your debt repayments).²

You could also use the debt adviser tool on the MoneyHelper website – a free and impartial government-backed service – and get confidential advice online, over the phone or in person.

There’s also the National Debtline, an independent debt advice charity – and financial support charity, Turn2Us, who can help you access funds, benefits and grants.

Check out our article on which budgeting method is right for you, as well as our piece on whether you should save, or pay off debt.

2. Share your worries

Money worries could have an impact on your mental health, and talking openly about things that are bothering you could help you feel better.

Just sharing how you feel with a friend or loved one might make a problem feel more manageable, or perhaps help you see a solution you hadn’t thought of. Remember, you’re not alone in worrying about finances.

If you don’t feel comfortable talking to family or friends about your worries, consider talking to a specialist. There are free helplines available for emotional support from mental health charities such as Mind and Samaritans.

If you don’t feel comfortable talking over the phone, mental health organisation Shout offers 24/7 mental health support via text message.

3. Practice self-care

Financial worries could build in your head until you lose perspective, and your problems start to feel overwhelming. Something as simple as taking care of yourself could help take you out of your worries and press the reset button – putting you in a better headspace to be practical.

Exercise is proven to release endorphins and lift your mood. Going for a walk, run or swim, taking a bath, chatting to a friend or watching a funny film could help break the cycle of anxiety.

It’s important to support your wellbeing while tackling your worries. It doesn’t have to be as big as joining an exercise class, either – it could be as small as making a cup of tea and taking five minutes.

4. Get into good habits

To help reduce any financial worries you might have, it’s important to build your financial resilience where you can. However, what could be as equally valuable is changing how you think about money, too. Money doesn’t have to be taboo.

Our research on financial wellbeing identifies five building blocks for a healthy mindset: happiness, future self, written plans, social comparisons and long-term perspective. Thinking about your mindset towards money could help you get into better financial habits.

For instance, it’s important to remember that comparison can be the thief of joy. This means you’ll probably never feel content if you’re always comparing yourself to others who are better off.

Another way to adapt your money mindset is to visualise your future self. It could be as simple as brushing up on what you’d like your future to look like, and read up on how to create a retirement plan today (even if retirement feels miles away right now).

Find out more by checking out our dedicated guide to financial wellbeing.

5. Access support

There are some free services which can help you get on top of your finances, too.

MoneyHelper is a government-backed, free and impartial guidance service for money and pensions. They have free resources you can use to support you with your long-term savings, as well as articles on topics such as benefits, and housing.

Another professional that can help you with your finances is a financial adviser. Please note that there’s usually a cost for this. If you’re considering getting financial advice, you can find an adviser through MoneyHelper’s website, too.

Remember, if you’re struggling with your mental health, consider speaking to your GP. As well as offering emotional support for money worries, they may be able to refer you to practical sources of help.

Resources for further support

Times are tough for a lot of people right now and it can be easy to feel alone, but there’s no need to suffer in silence. You could feel more in control of your money with the right help, and acting now could help you get back on track.

Here are some more resources you might find helpful:

• Citizens Advice: Citizens Advice is a national charity service helping people on a range of different issues. This includes debt and money, working and housing rights, and long-term savings or investments.
• Mental Health & Money Advice: The first UK-wide online advice service designed to help users improve both their mental and financial health. Mental Health & Money Advice is available to anyone who has a mental illness (or knows someone who does) and is struggling with money. The website features free, impartial expert advice and support.
• NHS Better Health: This NHS-run service offers practical advice and tips, like mindfulness or breathing exercises, to make better health part of your life when it comes to money worries.
• GamCare: Founder of the National Gambling Helpline that provides information, advice and support for anyone affected by gambling harms. You can WhatsApp a Helpline adviser or engage with its online community through access to chatrooms and 24/7 forum spaces.