How finance management can improve your mental health


Financial Guidance

If you’re struggling with your mental health, or even just feeling the weight of recent stresses, the chances are money has a part to play. Learning about the links between your mental wellbeing and your finances can make a huge difference to how you view (and manage) your money.

This guide will shed some light on ways you can improve your overall wellbeing through your finances, with some helpful tips and links to free help in the UK.

Tackling debt one day at a time

One of the oldest sayings in the book, to take things ‘one day at a time’, is actually one of the most powerful tools when it comes to debt management.

Instead of looking at next week or next month, focus on the tasks that are achievable right now. You can’t pay off thousands of pounds of debt this afternoon. But there are small steps you can take that can help you feel more positive about your situation.

If you are feeling weighed-down by debt, one small action today can help bring relief and improve your stress levels. Here are a few suggestions:

Call the bank / lender

Facing problems head on can be scary. But the more you avoid it, the more anxiety it’s likely to cause you. Pick up the phone and speak to someone about your concerns. You never know what options you have until you ask. Chances are, the person on the other end of the line knows exactly how to help you.

Write everything down

Financial worry comes in many shapes and sizes, so you might find that you have more than one to contend with. Sit down with a coffee and get everything down on paper so you can see exactly what’s in front of you. At best, you’ll realise it’s not as scary as you thought. At worst, you’ve created a to do list and you can start to prioritise. Doesn’t that feel better? Give it a shot!

Tell a friend

An outside opinion can work wonders when we’re lost in the fog of our own problems. That’s why it’s always great to tell a trusted friend where you’re at. They might have a suggestion or a fresh perspective that you haven’t thought about. Talk about any debt worries or financial concerns you have. If they can’t help you much, at least you can get it off your chest. Handling worries alone is a lot more stressful than sharing them.

Learn your money and mood patterns

Ever heard of retail therapy? What about angry spending? Here’s the simple truth: people often spend money because they are unhappy with something. We buy beauty products and cars because we are unhappy with the ones we have and want to improve an aspect of our lives. It makes sense then that people who aren’t in a great place mentally are more likely to overspend online. If you feel like this is an issue for you, there are ways you can curb your spending before it becomes a bigger problem.

Perhaps keep a diary of your spending and watch for patterns. Are you more likely to go on an online shopping spree on a gloomy Monday? Do you spend more money when you’re having a bad week? Keeping track will reveal your money and mood patterns which will help you learn how you can improve.

Bad credit scores and mental health

A poor credit score can mean experiencing a lot of rejection: for a loan, mortgage or even rental agreement if the landlord decides you’re a high risk. It means hearing ‘no’ more often than ‘yes’. Perhaps worst of all, it means that you are seen as a potential hazard more than you are a customer. Put it like this and it seems clear that a poor credit score has knock-on effects on a person’s mental health and self-esteem. But bad credit doesn’t last forever, and it definitely doesn’t define who you are.

At thinkmoney, we pride ourselves on offering a current account with no credit checks and no judgement. This gives you a chance to build your credit score with an account which works for you.

Find out more about the thinkmoney Current Account.


If you are struggling with your mental health or would like some advice, we recommend you reach out to a registered charity or medical professional.

For more information, take a look at our supporting our customers hub.

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