Mortgage rates rising, taxes rising … it can easily spill over into financial stress rising too.
In turn, that can tip you into a mental health crisis.
The BetterUp website cautions: “When we’re stressed about money, it’s not only our bank account that takes a hit. Financial stress is one of the most common and persistent forms of stress in the world. Managing money is a big part of being an adult, and it can feel like when that’s not going well, nothing else is, either.”
Lifeline adds: “Financial stress can significantly impact your health and relationships with others.”
Some common signs to look out for include – arguing with people close to you about money; withdrawing from others; feelings of guilt about spending on non-essential items; difficulties sleeping; tiredness and lowered energy; increasing debt from credit cards or loans; fear of eviction by being behind in rent or loan repayments; and income failing to cover expenses.
It can get worse.
You hit the bottle in a bid to forget your predicament, at least for a few hours. You try to gamble your way out of trouble, and only sink further into the mire. Your partner threatens to leave. The children do not understand why daddy is so taught and irritable.
Symptoms of financial stress are similar to anxiety – shortness of breath and a racing heart when you think of money; avoiding phone calls, mail, and contact with creditors; cancelling social plans and shunning friends; shame or embarrassment; feeling as if you’re losing control of your finances or you can’t keep up; worry, concern, or hopelessness about the future.
BetterUp goes on: “You may experience insomnia. This creates a feedback loop, since less sleep makes it harder for you to deal with the effects of stress.
“Because of concerns around money, you may cut back on or give up some of your self-care routine. These might include your gym membership, haircuts, dining out with friends, and doctor’s visits.
“Stress can cause you to overeat, using food to dull or soothe difficult emotions. However, you might find that stress completely takes your appetite away, causing you to lose weight. Stress can show up as physical symptoms like high blood pressure.”
The NHS states: “Feeling low or anxious is a normal response when you’ve lost your job, been made redundant, or struggling with debt.
“Get up at your normal time and stick to your usual routine. Stay active. Physical activity can improve your mood if you’re feeling low. Keep your CV up to date, and try to keep paying the bills. Face your fears. For example, get advice on how to prioritise your debts.”
The Mind charity suggests taking time out to ponder your attitude to money. “If you’ve struggled with money in the past or didn’t have much growing up, this might affect the way you feel about money now.”
It lists a number of tips that might stop you from overspending – tell someone about the warning signs you are experiencing or how you’re struggling with your mental health; give your cards to someone you trust or put them somewhere difficult to access; don’t save your card details into websites; delete apps where you usually overspend, or apps which encourage you to spend; find ways to delay purchasing; distract yourself with something else that makes you feel good; some people find it helpful to avoid credit cards completely.
Remember, you don’t have to be alone.
There are many organisations out there looking to help – Citizens Advice; Gov.UK; Money Advice Service; National Debtline; Gamblers Anonymous; the Samaritans.
If all fails, get medical help.