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Module 08: Money and Mental Health: Topics To Be Covered

This document provides an overview of how money and mental health can impact each other and gives tips for managing them. It discusses understanding spending patterns, organizing finances through budgeting and bill payment, avoiding overspending, managing anxiety around money, sharing financial worries with others, and planning ahead in case of crisis. The goal is to help gain a sense of control over finances and lessen their negative influence on mental health.

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A.g. Shakib
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17 views4 pages

Module 08: Money and Mental Health: Topics To Be Covered

This document provides an overview of how money and mental health can impact each other and gives tips for managing them. It discusses understanding spending patterns, organizing finances through budgeting and bill payment, avoiding overspending, managing anxiety around money, sharing financial worries with others, and planning ahead in case of crisis. The goal is to help gain a sense of control over finances and lessen their negative influence on mental health.

Uploaded by

A.g. Shakib
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Module 08: Money and Mental Health

Topics to Be Covered:
 Understanding Money and Mood Patterns
 Organise your Finances
 Avoiding Overspending
 Managing Anxiety
 Share your Worries
 Summary
[Slide]

Understanding Money and Mood Patterns 


Working out your habits and thought patterns around money is a good place to start . It could help you
start to think about things you want to work on.
 Think about when you spend or save money and why.
 Think about what aspects of dealing with money make your mental health worse. Is it attending
appointments, opening envelopes, confrontation or being misunderstood? Or is it something
else?
 It could help to keep a diary of your spending, and your mood. Try and record what you spent
and why. Record how you were feeling before and afterwards too. This could help you work out
any triggers or patterns.
[Slide]
For example, these are some common ways money and mental health can affect each other:
 Certain situations might trigger feelings of anxiety and panic. Like talking to your bank, opening
envelopes or attending a benefits assessment. Or you might feel very anxious about a decision
to spend money, even when you can afford it. 
 If you're feeling low or depressed, you may lack motivation to manage your finances. It might
not feel worthwhile trying.
 Spending may give you a brief high, so you might overspend to feel better.
 Going through a period of mania or hypomania may lead to some impulsive financial decisions.
 If a mental health problem affects your ability to work or study, that might have an affect on
your income.

[Slide]
 Being in debt or dealing with the benefits system can cause ongoing feelings of stress. 
 Worrying about money can lead to sleep problems. 
 Money problems can affect your social life and relationships. You might feel lonely or isolated.
 Having a mental health problem might affect your insurance premiums, so you end up paying
more. (Our pages on insurance cover explain your rights.)
 You might not be able to afford essential things we all need to feel well. This might be housing,
food, water, heating, or treatments like medication and therapy.
[Slide]

Organise Your Finances


Organising your money is often the first step to feeling in control.

 Create a realistic budget. The Money Advice Service can help. If you’re self-employed, on a zero
hour contract or claiming Universal Credit see their advice on budgeting for an irregular income.
 Manage your debts. You may find setting up a standing order to pay off your debts each month
is helpful. The charity Step Change has a free debt remedy tool. It can help you make a
personalised plan to manage any debts.
 Consider setting up direct debits for your bills and other regular payments so they don’t pile up.

[Slide]
 Limit yourself by paying for weekly shopping with cash instead of cards. You could take out only
the amount of money you are able to spend.
 Put all important documents in one place, so that you can find them easily. This could be letters,
bank statements, payslips, bills and receipts.
 Look into bank accounts that allow you to put money aside for essentials in separate sub-
accounts. This can help prevent you spending money you need for rent or bills.
 Check your bank balance at a regular set time to understand where you spend money. Money
Saving Expert has information on banking and money saving apps.

[Slide]
Planning Ahead for Being Very Unwell

No one plans to have a crisis. But it could help you feel secure to plan ahead about money, just in case.

 If you ever have to go into hospital, money can be a big worry. Rethink Mental Illness has a
factsheet on going into hospital and money matters. Or see our information about having
mental health treatment in hospital.
 If you ever become unable to make decisions, you may need to give legal control of your money
to someone else. You can make a lasting power of attorney, which says who you want to make
decisions for you. Read more about the Mental Capacity Act and financial decisions.

[Slide]
Avoid Overspending
 Confide in someone you trust about your triggers and warning signs, so they can help you.
 Try giving your cards to someone else or putting them somewhere difficult to access.
 Make it more difficult to spend money online. Don't save your card details into websites. Search
for free online tools to help you to limit online spending.
 Find ways to delay purchasing. You could tell yourself, "I will buy this tomorrow if I still feel like it
then". You could take photographs of the things you want, or write them down in a wish list (on
paper or on your phone). This might feel reassuring.

[Slide]
 Distract yourself with something else that makes you feel good. Go for a walk, call a friend or
watch something that you enjoy.
 Consider telling your bank that you have a mental health problem so they can take this into
account. They may be able to add a note to your file to look out for unusual spending. Money
Saving Expert's free Mental Health and Debt booklet has more information about this.

[Slide]
 Some people find it helpful to avoid credit cards completely.
 While gambling isn’t always a problem, it can become an addiction. This may leave you in
serious debt. Addiction and mental health are linked and can trigger each other. Some banks
now offer ‘gambling blocks’ that let you turn off gambling transactions on your bank cards.
Speak to your bank to find out what they offer.

[Slide]

Managing Anxiety
 Ask someone else to open your letters and bills for you. It should be someone you trust. They
can let you know which of them are important.
 If you feel uncomfortable going into your bank or talking on the phone, find a bank that has
online banking and web chat services.

[Slide]
 Your GP or another health professional may be able to give you a Debt and Mental Health
Evidence Form (DMHEF). This can help make sure that creditors take your mental health
problems into account.
 You could consider letting your bank know that you have a mental health problem. If you
disclose a disability, they may have to adapt their procedures. Remember that you have rights
around your personal information under the Data Protection Act.

[Slide]
Share Your Worries
Sharing your worries with someone you trust can be a relief. But it isn't always easy. Here are
some people who might be able to help.

 A trusted friend or family member. Try and choose a quiet moment when the other person isn't
distracted. It can sometimes help to make notes first or even write everything in a letter.
 A support worker or health professional.

[Slide]
 Student services. If you are a student, you might find it helpful to talk to your tutor or someone
in student services. They may be able to help you apply for extra grants or bursaries.
 Peer support. Peer support is when people use their own experiences to help each other. See
our pages on peer support for more information.
 Samaritans. Money worries can make you feel trapped and hopeless. If you're finding it difficult
to see a way forward you can talk to Samaritans for free on 116 123. Our page on suicidal
feelings might help too.

[Slide]

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