Managing your Financial and Mental Wellbeing

Monday, January 18, 2021

We all appreciate that 2020 was a tough year and many of us struggled mentally as well as financially during the pandemic. Often these issues go hand in hand and one can make the other worse, but there are ways to alleviate these pressures.

So to help with this, we’ve put together a guide on things you can do to slowly improve your situation if you have concerns about your mental and financial wellbeing, or feel you have been affected and need further support.

What exactly is poor mental wellbeing?

Anybody can struggle with their mental health, it does not discriminate. You may feel unwell or anxious for many reasons, such as COVID-19, lockdowns, stress, work, and loneliness. There may be no reason for it, and there is not always a timeframe for when you may feel like yourself again.

How your finances can suffer

A lot of things have changed - often for the worse - during the pandemic for many people across the United Kingdom, including jobs, relationships, and finances. And any of these can have big knock-on effects for our mental health.

Here are some examples:

  • Your income can suffer if you are no longer working or have had to stop work to deal with your mental health.
  • You may begin spending money on unnecessary items when you’re feeling low - then regret it a few days later.
  • You may overthink your financial decisions and then avoid making decisions due to feeling anxious.
  • You struggle to budget your money properly and sensibly.

Ways improve your circumstances

However, there are plenty of ways you can look to improve your mental and financial wellbeing. You may want to consider trying the following:

  • Work on yourself. It can be little things that you improve but if you’ve got a lot of free time it is a perfect opportunity to make small strides. Hello Magazine has listed out 34 ways you can spend this lockdown being productive. One of the main takeaways from their article is that setting goals is important. Whether they are big or small, having a target of what you want to accomplish can keep you focused and motivate you throughout the lockdown.
  • You can also find ways to improve your home, refreshing your living area and your mind. We previously listed the ways you can make home improvements in our blog, from adding a lick of paint, sorting out curtains and blinds and how to tie the whole room together.
  • Don’t be afraid to talk and ask for help from friends and family. Letting someone know your concerns can relieve you of some stress and help you feel less anxious about your circumstances.
  • If you’re worried about work you should talk to your HR team. Some companies offer extra employee support, which is free and confidential. Keeping people in the loop is important and can make them more understanding to your situation.
  • Talk it through with Leeds Credit Union. Our Money and Budgeting Service team work in partnership with Housing Leeds, helping tenants who are struggling to budget their money and pay their bills.

We are always here to help

You may also want to ease your financial stress by getting a loan to help you pay for essentials or any unexpected expenses that are causing you problems. However, you should look for loans with lower interest rates like the different options we have at Leeds Credit Union.

Follow the link above or become a member today to see what support we could provide you and how we can help ease your financial stress