Money and mental health: why talking about it matters

When your mood is low, even basic financial tasks like checking your bank balance or opening bills can feel impossible. Depression or anxiety might sap your motivation or make you want to avoid thinking about money altogether. For others, spending can bring a brief sense of relief or control, which can lead to overspending or impulse buys. 

There are also mental health symptoms that can provoke risky or impulsive behaviour that you can’t control, or may not even know you are doing. This can make it hard to manage finances. 

And if your mental health affects your ability to work or study, that can make your income less stable, adding even more pressure. 

Money worries can have a big emotional impact too. You might find yourself: 

• feeling anxious or panicky when opening post or attending appointments 
• struggling to sleep because of money worries 
• unable to afford essentials like food, housing, heating, or medication 
• feeling lonely or isolated because you can’t afford to socialise. 

It’s also very common to feel guilt, shame or fear when you’re struggling financially. But remember, everyone deserves to feel well and to have what they need to live. Reaching out for support isn’t a sign of weakness, it’s a step towards stability and self-care. 

One simple way to start feeling more in control is to notice the patterns between your mood and your money. Try keeping a log of your spending and how it makes you feel. Do you spend more when you’re stressed? Do you save when you’re feeling secure? Spotting these patterns can help you plan ahead for the tough days. 

If you’re worried about overspending, you could try small steps like deleting shopping apps, not saving your card details online, or waiting 24 hours before buying something you want. And if you trust someone, let them know what signs to look out for if you’re struggling. Sometimes a quick chat with a friend or family member can help you pause before making decisions you might regret later.

Talking about money can feel uncomfortable, but it’ can help you look after both your mental and financial wellbeing. Many of us grow up thinking we shouldn’t talk about money, but keeping quiet can make problems worse. 

Opening up to someone you trust can bring relief and perspective. Whether that’s a friend, family member, or support service, sharing how you feel can help you find practical solutions together. 

If you’re struggling, there is help available: 

• Citizens AdviceOpens in a new window – free advice on money, housing, and legal issues.
• Money Helper – tools and tips for managing on a squeezed income.
• Turn2UsOpens in a new window – help with benefits, grants, and financial support. 
• Mental Health and Money AdviceOpens in a new window – guidance on benefits and mental health.
• Mind’s Welfare Benefits Help Lines Opens in a new window – help and information. 

You don’t have to face money worries or mental health struggles alone. Talking about them, and getting the right support, can help you feel lighter, more in control, and ready to take that next small step forward.