Coping with money worries

It's normal to feel worried, anxious or down when times are hard. Job insecurity, redundancy, debt and financial problems can all cause emotional distress.

But there are lots of things you can do to help yourself if you're in a difficult situation.

David Richards, professor of mental health services research at the University of Exeter, explains how financial problems can affect your mental wellbeing. He also offers lifestyle tips to help you out of a slump and advice on when to seek medical help.

How financial problems affect mental health

When you've been made redundant or you're struggling with debt, feeling low or anxious is a normal response.

Losing your job can affect your self-esteem and financial circumstances, which in turn can trigger emotional distress. Fear of redundancy can also lead to worry, which is a very common human emotion.

You may be feeling, behaving or thinking in ways that are unfamiliar. But this doesn't necessarily mean you're suffering from depression or an anxiety disorder.

Financial help during the coronavirus (COVID-19) pandemic

During the coronavirus pandemic, a number of services have changed the way you can apply for support.

Learn more about coronavirus

Jobcentre appointments

In order to limit the spread of coronavirus, people can only go to the jobcentre with a booked appointment. The Department for Work and Pensions (DWP) has suspended sanctions for not attending face-to-face work-focused jobcentres in person.

Vulnerable claimants who can’t access DWP services by other channels will still be able to visit jobcentres.

Learn more about jobcentre appointments

Employment and benefits support

If you or your business have been affected by the coronavirus pandemic, you can visit the DWP website for information on benefits and how claims are currently being processed.

New Universal Credit (UC) claims will all be done online, and won’t need identity verification to start payments. Verification for claimants will be carried out after the coronavirus pandemic.

Visit the DWP website

Disability benefits

Disability benefit reassessments and benefit reviews are all postponed until further notice.

Learn more about disability benefits during the coronavirus pandemic

The Scottish Welfare Fund

The Scottish Welfare Fund helps families and people in Scotland who are on low incomes, through Crisis Grants and Community Care Grants.

Learn more about the Scottish Welfare Fund

Citizens’ Advice Scotland

Citizens’ Advice Scotland has a range of resources to help you manage your finances and find support for daily living during the coronavirus pandemic.

Visit the Citizens’ Advice Scotland coronavirus page

How can you feel more positive?

Professor Richards' top tips for coping with feeling low and anxious are: "Be more active, face your fears, and don't drink too much alcohol."

• Being more active means not withdrawing from life. Keep seeing your friends. Keep your CV up-to-date. Don't ignore the bills – try to keep paying them.
• If you have more time because you're not at work, take up some form of exercise, as it can improve your mood if you're feeling low. Get ideas on how to exercise without spending any money. 
• Facing your fears means not avoiding things you find difficult. For example, if it looks like you're going into debt, get advice on how to prioritise your debts. When people feel anxious, they sometimes avoid talking to others. Some people can lose their confidence about driving or travelling. If this starts to happen, facing up to these situations will generally make them easier
• For some people, alcohol can become a problem. You may drink more than usual as a way of dealing with or hiding your emotions, or just to fill time. But alcohol won't help you deal with your problems and could add to your stress. Get tips on how to cut down on alcohol
• There are many lifestyle changes you can make that will reduce stress, and many of them are free or cost very little. This leaflet, Steps to deal with stress: a simple guide to stressing less and enjoying life more, has a lot of useful information.

Why routine is important

If you don't have to go to work in the morning, you can get into a poor sleep routine, lying in bed until late or watching TV all day. Get up at your normal time and stick to your routine.

If you lose your routine, it can also affect your eating. You may stop cooking, eat snacks instead of having proper meals, or miss breakfast because you're still in bed.

For tips on healthy eating, see Food and nutrition.

When should you get medical help?

Most people who experience emotional distress will pick themselves up after a few days or weeks and then feel able to tackle challenges such as finding a new job.

But for a small number of people, the feelings of anxiety and low mood don't go away, and these feelings interfere with the way they live their life.

If you're still feeling worried, anxious or low after a few weeks, see your GP. You may find that talking to a professional therapist could help. Your GP can advise you on talking therapy services in your area.

Seek help immediately if...

If you start feeling like you really can't cope, life is becoming very difficult or isn't worth living, get help straight away. These are dangerous signals that mean you need to talk to someone.

Either see your GP or contact a helpline such as Breathing Space on freephone 0800 83 85 87 (Mon-Fri 6pm-2am and 24 hours at the weekend) or Samaritans on 116 123 (24 hours, 7 days a week) for confidential support.​

If you've had depression or anxiety before, even if it wasn't formally diagnosed, seek help immediately. You're more likely to have an episode of depression if you've had one before.

Further help for money problems

Citizens Advice Bureau

The Citizens Advice Bureau is a good place to get information about benefits, how to deal with debt, what you're entitled to if you're made redundant, and who to speak to if you end up losing your home.

GOV.UK

The GOV.UK website has sections on:

• redundancy and dismissals
• benefits
• managing debt

Finding a new job

The Jobseekers section on GOV.UK provides lots of advice for people looking for work, including tips on how to write a CV, planning your job hunt, and applying for jobs online.

Staying healthy on a budget

You can find lots of ideas for exercising and healthy eating on a budget in our Keeping active and Food and nutririon sections.

Coping with debt

Citizens Advice Bureau has lots of information on sorting out debt on its website in the section on Help with debt. The charity Mind has a section on its website called Money and mental health, which includes advice on how to manage debt.

Other useful organisations include:

• Money Advice Service (0300 500 5000)
• National Debtline (0808 808 4000)
• StepChange Debt Charity (0800 138 1111)
• Citizens Advice Scotland (0808 800 9060)