Money worries and mental health

Worrying about money can affect your mental wellbeing. But mental health problems can also make managing money harder. The two things are often linked.

Feeling low or anxious is normal when you're finding it hard to repay debt or pay upcoming expenses. Rising cost-of-living pressures can lead to more financial stress.

It's important to know ways to look after yourself when dealing with money worries.

How money worries can affect your mental health

You may find it hard to cope with financial difficulties. This can affect your mental health.

You may:

feel stress, worry or anxiety because you do not have enough money (financial anxiety)
have a low mood or feel depressed about money
have sleep problems

How mental health can affect the way you manage money

You may find it difficult to to cope with money worries if you have an ongoing mental health difficulty, such as depression.

You may find yourself:

avoiding or ignoring money issues - for example, leaving bills unopened or not paying them, or delaying getting money advice
skipping meals or staying home, possibly to save money, which may lead to increased social isolation and loneliness
spending more to lift your mood
unemployed, or not being able to work, face going to work or look for work

Ways to care for your mental health when you have money worries

There are things you can do to take to care of your mental health when you have money worries.

Be kind to yourself

Self-compassion is vital for your mental wellbeing, especially in tough times. Getting into the right mind space can help you deal with money problems.

If you're struggling to cope with money or unemployment, you may feel calmer if you:

accept that things might be outside your control
take time to process them

Try to treat yourself kindly and avoid negative self-talk or unhelpful thoughts. It can also help to remember that things do change.

Self-help techniques

Get enough sleep

Getting enough sleep is important for your mental wellbeing.

Things you can do to improve your sleeping routine

Talk about your money issues

Talk about your money worries with someone you trust. For example, a friend or family member.

When people feel anxious, they sometimes avoid talking to others.

But talking can be the first step towards managing the situation. Facing up to these situations will generally make them easier.

Talking to someone about what's troubling you

Get free money advice or help with debt

Managing money or debt can feel overwhelming. Getting financial advice or help may help to make you feel better.

Dealing with debt - mabs.ie

Talk to a trained therapist

You might prefer to talk confidentially to someone to work out how you feel. If so, your GP can refer you to a trained therapist.

Talk therapy

Be active to help ease anxiety

Your physical health often affects how you feel emotionally and mentally. Being active can help when you're dealing with stress caused by money problems and work issues.

If you want to stay healthy on a budget, you can exercise at home or in a park for free.

There are also many community activities which are free and are good for your health, such as walking groups or sea swimming.

Tips on getting active

Physical activity and your mental health

Eat a healthy diet

Eating a healthy, balanced diet is also an important part of maintaining good health and feeling your best.

Eating healthily to improve mental health

How to shop for a healthy diet - safefood.net

Switch off from money worries

Relaxation techniques and meditation can help you feel calmer. This can help with feelings of anxiety about money.

Taking time to pause and focus on your breathing can help you feel more present. Even taking a few deep breaths in and out can help.

Relaxation techniques

Do not drink too much alcohol

For some people with money worries, alcohol can become a problem. You may drink more than usual as a way of dealing with your emotions or to fill time. But alcohol will not help you deal with your problems.

Ways to cut down drinking to improve your mental health

Do not lose your daily routine

Get up at your normal time and stick to your routine. If you lose your routine, it can also affect your eating.

You may miss breakfast because you're still in bed or eat snacks instead of having proper meals. Poor diet and disrupted sleep can have a negative effect on your mental wellbeing.

Watch out for scams

Look out for scams offering a solution to financial worries. A scam is when someone uses an illegal or dishonest scheme to steal money from you.

How to avoid scams - citizensinformation.ie

Avoid risky solutions

Avoid taking part in risky solutions to money worries, such as gambling. These can make your situation worse.

Gambling addiction advice and support - gamblingcare.ie

If you are getting treatment for a health condition

Ask your care team to put you in contact with a medical social worker if you're:

getting treatment through the HSE
worried about how your condition affects your finances

You may be able to get some help with your costs, such as a travel pass.

Practical tips for dealing with money worries

There are things you can do to ease debt or money worries.

Create a budget or money plan

A budget is a plan for balancing money coming in and going out. This can help to ease anxiety over money.

Create a budget or money plan - mabs.ie

Understand your employment rights

If you're worried about losing your job or you've lost your job, knowing what options you have can help ease your anxiety about the future.

Employees’ rights and entitlements - citizensinformation.ie

Looking for work - citizensinformation.ie

Jobseekers’ payments - mywelfare.ie

Managing money and your home

Living in damp, cold or low quality housing or worrying about how to pay the bills can have an impact on your mental wellbeing.

It's important to get support and find out your rights.

Dealing with mortgage arrears - mabs.ie

Free advice for tenants with housing problems - threshold.ie

Losing your home and homelessness - citizensinformation.ie

When to get medical help

Talk to your GP if you're still feeling worried, anxious or low for more than a few weeks. If you think it will help, your GP can tell you about psychological therapy services in your area.

Get help immediately if you feel you cannot cope.

Urgent advice: Talk to your GP if:

life is becoming very difficult
you feel life is not worth living

Urgent help

Get urgent help for a mental health crisis or emergency.

Phone a helpline

These free helplines are there to help when you're feeling down or desperate.

Unless it says otherwise, they're open 24 hours a day, every day.

You can also call these helplines for advice if you're worried about someone else.

At any time you can:

freephone 116 123 (the Samaritans)

Mental health supports and services

Message

If you do not want to talk to someone over the phone, there are text lines and emails you can message.