We have all had times in our life where our finances seem dire and it can feel like there is nowhere else to turn. Our financial life and our mental health are always intertwined, and although money doesn’t necessarily bring you happiness, poor finances can have a long-term impact on our mental health, causing problems that take some time to overcome. When we are facing a short-term financial hole that can seem difficult to get out of, we always have some options open to us. For some people it is to raid the rainy-day fund that they have been saving up for, others turn to a friend or relative for a personal loan, some ask a boss for an advance on their pay, other people turn to a payday loan provider. There are no right or wrong answers to this problem, each person has a unique story and circumstance, and you should always choose the correct avenue for you and no one else.

There is often a link between a person struggling with their money and how they feel with their mental wellbeing. It can be tough to manage your money when you are feeling low, and money troubles can cause poor mental wellbeing. It can be a vicious cycle that is incredibly tough to get out of. Poor mental wellbeing can present in many different forms. For some people it manifests in sadness or stress, for other people it might cause even greater problems, as it has a direct impact on an ability to perform regular, daily tasks that are essential to a person’s work or home life. You might be feeling lonely, struggling with poor physical health, or finding your work life is suffering, as a direct result of your financial woes. Some relationships can suffer due to money worries and poor mental health.

It can come about due to a loss of income, whether you lose a job completely, or have to pause employment for a short period of time due to illness or injury. It could be a cycle of debt whereby you spend money that you haven’t got or sign up to credit with the knowledge you cannot afford to pay it back, or you might be anxious about opening your bills, going to the bank, or facing up to potential financial problems by speaking to a financial advisor on the phone. In the worst-case scenarios, people with poor mental health and financial troubles might not have enough money to buy food, other essentials, or to pay the rent or bills.

If you are feeling low or depressed consistently it is important that you seek medical advice as soon as possible, by visiting your GP. If you are feeling suicidal please seek help immediately, either via a free telephone service such as The Samaritans, or speak to friends and family members. Remember, there is no shame to feeling this way and it is better that you speak to someone to talk through your issues and to find a resolution. Staying silent with mental health issues will only cause greater problems further down the line.