Recovering mental health and recovering finances

Mathilda Volant

by , Content Manager

at PensionBee

06 Oct 2021 /  

06
Oct 2021

Woman in yellow coat looking out at sea.

If you’re recovering or struggling with mental health, there is help out there. Support can be found through mental health charities or NHS mental health services, depending on your needs. Your mental health matters. And it often touches every corner of your life.

Mental health charity, Mind, makes clear connections between money and mental health. Juggling both your emotional and financial recoveries can be tough. We’ll talk through some tips to manage your wellbeing and wealth.

Relationship between money and mental health

No two people are exactly alike. As mental health issues manifest differently between people, some may find remaining in control of their finances easy. Others may find it impossible. Those having a hard time managing their money could fall into a ‘catch-22 situation’.

One of the common dilemmas people face during poor mental health periods is having difficulties managing their money properly. And worrying about mismanaged money can worsen mental health. This cycle can continue relentlessly without support.

Putting off key responsibilities (from creating income to budgeting expenses) can provide temporary relief, just for the headache to come back harder. Not sure where to start? Here are some positive thoughts to support your recovery journey.

Starting your recovery journey

1. Take a step back to look

Honesty is the best policy with your mental health and your money. You can’t fix a problem you can’t see. From making a list of your worries to having a loved one listen to you, there are many methods of opening up that initial discussion about your mental health.

Remember to be kind to yourself

When unpacking all these troubling feelings, remember to be kind to yourself. It can be unpleasant adding up the cost of a mental health crisis. Keep reminding yourself regularly that you’re trying your best - and that’s enough. From there, progress can begin.

2. Regain control

Quality of life shouldn’t be underestimated. Realising you’re having issues with money doesn’t mean you should give up everything that gives you joy to dig yourself out again. To start, ask yourself these questions and seek the support you need to answer yes!

Instead of setting yourself up for failure, give yourself sustainable money management rules. Being disciplined to begin with can create healthy habits with your money and mental health. Allow for slow progression and be proud of yourself for starting this journey.

3. Make plans for your future

Simplicity is key to success. Making small steps towards a bigger goal is a great outlook. This could be practicing self-care, making time for mindfulness, or setting boundaries. Creating a goal you can reasonably achieve - and work towards - will give you purpose.

You can set yourself debt reduction or savings goals

We set goals because, with willpower, it’s a tried and proven method of achieving substantial accomplishments. Beyond your emotional development, there’s your financial situation. You can set yourself debt reduction or savings goals - giving yourself one less worry.

4. Avoid relapses

Innovations in fitness, money, and wellbeing apps are growing. When you’re feeling mentally well, avoiding triggers and preventing relapses might be the furthest thing from your mind. Luckily there are plenty of apps to keep you on track:

  • Starling Bank for instant notifications, goals, and spending insights
  • Calm for mental health check-ins and meditation guidance
  • Emma for avoiding overdrafts, finding wasteful subscriptions and gaining greater control you need over your finances
  • ClearScore for tracking and improving your credit score
  • FitBit for health metrics and sleep tracking

Taking the time to regularly check in on your financial, mental, and physical health is part of a good self care strategy in maintaining your recovery. As problems arise, you’re instantly aware. And most importantly, you’re in control.

5. Celebrate every small success

Love and celebrate your successes, no matter how small. And celebrate the people who have helped get you through those tough times and into a better place. This helps reinforce those healthy habits and remind yourself of how far you’ve come.

Gratitude is a big part of a positive mindset. Once you’re feeling well enough to maintain your mental health, consider giving back. Do a sponsored run for a charity of your choice, or just treat your loved ones to an evening out.

Are you struggling with your mental health?

You’re not alone. If you’re struggling please seek support from a trusted friend or charity:

  • Contact your GP for making an action plan
  • Message a text line for 24/7 help
  • Phone a helpline for instant support
  • Talk to someone you trust

Risk warning

As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.

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