If you’re feeling overwhelmed about managing your finances – you’re not alone. In fact, more than half (55%) of average earners and more than one in three top earners worry about money.1 In this article we highlight 5 ways to help you manage – and 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 you speak to a trained professional.
5 tips to overcome money worries
1. Try to be proactive
It’s easy to ignore your financial situation or put off managing it – but taking a proactive approach can help you feel much more in control of your finances. If you’re able to get organised – perhaps by using budgeting software or creating a simple spreadsheet to get everything down on paper – then you can see what your shortfall is, where your money is really going and what position any debts are in.
If debt is a concern for you, there are steps you can take to tackle your debt head-on, with useful support. For example, if suitable, you could consider taking advantage of the government’s breathing space scheme. This stops creditors from contacting you or adding interest or charges to your account for 60 days while you get help with your debt.2 You can check you’re getting all the financial help you’re entitled to with Turn2Us’s website. They have details of grants, schemes and benefits that you could be eligible for.
It can be easy to forget about the long term as well – read our article to find out how you can be proactive with your pension.
2. Share your worries
Talking openly about things that are worrying you could help you feel better. Just sharing how you feel might make a problem feel more manageable, or perhaps help you see a solution you hadn’t thought of. Remember, you’re not alone. Our research finds that 38% of people in the UK have had financial issues of some sort in the last two years.1
If you don’t feel comfortable talking to family or friends about your worries, consider talking to a specialist. There are free helplines available from mental health charities such as Mind. If you don’t want to talk, mental health organisation Shout offers mental health support via text message.
3. Practice self-care
Sometimes financial worries might build in your head until you lose perspective and your problems feel overwhelming. Something as simple as taking care of yourself can help take you out of your worries and press the reset button.
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 and support your wellbeing while you tackle the problem.
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’s equally valuable is changing how you think about money.
Our Financial wellbeing flipbook identifies five building blocks for a healthy mindset –happiness, future self, written plans, social comparisons and long-term perspective. By thinking about your mindset towards money, it could help you get into better financial habits.
For instance, it’s important to remember that comparison is the thief of joy. This means you’ll 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. This could help you make better financial decisions, but just one in three of us have a concrete vision of what we’d wish for our future selves.1
You can use our Picture your best life tool to picture what your future might look like.
5. Access support
There are some free services which can help you get on top of your finances. This could be for general money management and budgeting, or specialist help with debts.
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 on topics such as benefits, housing and family and care.
Another professional that can help you with your finances is a financial adviser. Please note that there’s usually a cost for speaking to an adviser, so this may not be suitable for everyone. However, our research found that people with a financial adviser feel less anxiety, fear and helplessness towards their finances.3 If you’re considering getting financial advice, you can find an adviser through MoneyHelper’s website.
Remember, if you’re struggling, 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 but there’s no need to suffer in silence. You can feel more in control of your money with the right help, so taking action now can help you get back on track.
Here are some more useful resources you might find helpful:
- National Debtline – National Debtline is a free service specialising in debt advice.
- Mind – Mind are a charity who advocate for mental health, and help people find support. They have specialised content on financial stress and worry on their website.
- Turn2Us – Turn2us is a national charity providing practical help to people who are struggling financially.
- Citizens Advice – Citizen’s 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.