Financial troubles are often linked to anxiety and depression. This connection is understandable, if you are finding it difficult to afford your rent, or are struggling to provide for your family, the worry can be overwhelming.
Getting practical advice is essential to help you get out of debt and regain control over your finances, however you should also be aware of the emotional impact debt can have on you. Below are some tips to help you improve your mood and reduce debt-related anxiety.
Focus on the present
Many people who suffer from anxiety do so because they are worried about the future or are ruminating on the past. When you’re dealing with debt, it can be easy to fall into this trap – you may be thinking about the mistakes you made in the past, or worrying about how you are going to cope in the future.
Focussing on the present can stop you feeling overwhelmed. Try to accept what has happened in the past and do not create scenarios about the future; stay in the here and now. You may want to consider mindfulness, a technique to help you become more aware of the present moment.
Being in debt can send you down a negative spiral of thinking. Try to think about all the things you do have in your life – family, friends, even pets. Now is a great time to take stock and think about the things in your life that are more important than money.
Face your problems head on
Burying your head in the sand is tempting when dealing with debt, but this will only make the problem worse in the long run. Face your money troubles head on and take that important first step of asking for help, you’ll feel an enormous weight lifted off your shoulders.
Create a payback plan
Creating a budget and payback plan can be daunting, but it needn’t be difficult. Natwest have recently created a debt calculator. This online tool can help you realistically plan how long it will take to pay off your debts. Once you have this information, you can talk to those you owe money to and create a payback plan.
Being in debt can be an isolating experience that can lead to mental health concerns down the road. If you find it difficult to talk to friends and family about your concerns, you may find it helpful to talk to a professional. This could be a charity such as StepChange, or a debt counsellor.