Money and mental health

Money and mental health are deeply connected. Whether you’re juggling rising bills, facing sudden income changes, or feeling overwhelmed by debt, it’s important to know that you’re not alone – and that there’s plenty of help out there.

In this guide, we’ll take a look at how money worries can impact your mental health (and vice versa), how to ask for help, and what small steps you can take to ease the pressure – hopefully making life more manageable for you.

In this guide:

• Understanding the link between money and mental health
• Signs your mental health might be affected by money worries
• Steps you can take to regain control
• Where to get mental health and money advice
• How to talk about money and mental health
• Money and mental health support 

Understanding the link between money and mental health

Worrying about money can be incredibly stressful, potentially spiralling into anxiety, low mood, sleep problems, or worse. At the same time, mental health struggles can make it harder to earn and budget or manage day-to-day finances.

Some people might spend more than they can afford when they’re low. Others might find opening the post or checking their bank balance too overwhelming to face. And when those patterns repeat, they can lead to debt or further mental health dips. Ignoring the challenges you face may be tempting, but tackling your problems is the best way forward. It’s a cycle that’s tough to break – but with the right support, things can get better.

Signs your mental health might be affected by money worries

Everyone’s experience is different, but some common signs to look out for include:

• Feeling panicked or anxious when thinking about money
• Avoiding checking your bank account or bills
• Struggling to sleep due to financial stress
• Using shopping, gambling or borrowing to cope emotionally
• Feeling hopeless, stuck or ashamed about your situation

If any of this sounds familiar, you’re not alone – and help is available.

Steps you can take to regain control

Coping with money and mental health issues can feel overwhelming. But tackling just one small thing at a time can help you start to feel more in control. Don’t try to do too much at once – take a methodical approach. Here are some things you can do:

1. Talk to someone you trust

Opening up can make a world of difference. Whether it’s a friend, partner or someone at a support service, speaking your worries out loud can lift the weight and help you feel less isolated. We’ve got tips on how to do this in our‘How to talk about money and mental health’ section below.

2. Break things down

Try not to tackle everything at once. Make a simple list of your income, essential outgoings and any debts. If it feels like too much, charities like StepChange or Citizens Advice can help. Seek advice about your rights, especially around things you’ve purchased that may have added to your debt but may be returnable.

3. Prioritise essential bills

Focus first on paying for housing, food, and energy. These are your priorities. If you’re struggling, there may be emergency help available locally. Trussell Trust can help you access food banks near you if you need support.

4. Look into support you’re entitled to

You might be eligible for benefits or grants and not realise it. Start with our guide: What benefits could I claim? and check MoneyHelper’s benefits calculator. There are various benefits available to help support those with long-term illness, ongoing mental health issues, and people who care for dependents, so don’t be afraid to look for help.

5. Set small, achievable financial goals

Even small changes – like tracking spending or setting a daily limit – can help you feel more in control and see the light at the end of the tunnel. Try a simple approach like the 50/30/20 budgeting method or use a free money management app to monitor your progress.

5. Distance yourself from non-essential spending

If you’re prone to impulse purchases or shopping to try and make yourself feel better, you can take simple steps to make this a little harder to do. Consider deleting shopping apps from your phone or tablet and clearing cookies from your browser to help reduce targeted shopping ads influenced by your previous browsing activity.

Where to get mental health and money advice

You don’t have to figure everything out alone. We’ve got a full guide to trusted organisations that offer free, confidential support for money worries and mental health support on our third-party help and support page. Some of the main ones related to money and mental health are listed below:

For financial advice:

• StepChange: Free, personalised debt advice
• Citizens Advice: Help with money, work, benefits and legal rights
• MoneyHelper: Tools and guides for everything from pensions to debt

For mental health support:

• Mind: Advice and resources for managing mental health
• Samaritans: Someone to talk to, 24/7. Call 116 123 for free
• NHS Mental Health Services: Free talking therapy available in most areas

How to talk about money and mental health

Talking openly about money worries and mental health isn’t easy – but it can be a turning point. Getting out what’s inside your mind can be a really helpful way to unlock solutions and put things in perspective.

Here’s how to start:

• Pick someone you trust. A friend, family member or legitimate helpline can be a safe place to start.
• Keep it simple. “I’ve been having a hard time with money lately, and it’s affecting how I’m feeling,” is a perfectly good opening line.
• Use writing if it helps. If saying it out loud feels like too much, try texting or emailing instead. Just the act of writing it out for yourself might help you see things more clearly.
• Remember that it’s okay to ask for help. Everyone struggles at some point – and people often want to support you more than you think.

For more guidance on money concerns and anxiety, explore our complete guide for tips and coping mechanisms.

You’re not alone – support is out there

No one should have to face money and mental health struggles in silence. Whether you're dealing with debt, budgeting stress or low mood because of financial pressures, there are steps you can take and people ready to help.

For more help, visit our support resources page, or explore the following guides:

• Financial wellbeing tips
• Budgeting made simple
• How to budget if you’re paid weekly
• Getting support with gambling debt

Remember, if things feel overwhelming, please don’t wait to seek help. Whether it’s Mind, Samaritans, or your GP, support is just a call or click away.