as height cost of living It still hits most households in the uk and inflation Peaks at a 50-year high a lot of people worry about Finance And you may start to see Psychological health General well-being is affected as a result.
Rising energy bills, housing prices and everyday expenses like food and petrol have already left nearly four in 10 people (38 percent) worried about their finances and more than half (51 percent) feeling less in control of their mental health, according to Research conducted by University College London.
In the midst of the ongoing financial crisis, taking care of your mental health remains more important than ever in helping people feel less stressed.
What is the cost of living crisis?
Akanksha Nath, Head of Partnerships at Credit score Provider Karma credit, defined the current financial crisis in simpler terms for those who might be confused by the terms. She said: “Basic costs, in terms of housing, bills and taxes, are rising at an unprecedented rate, often faster than people’s wages are increasing.
This is largely due to the rising cost of energy as supply issues raise wholesale prices and drive prices higher. Not only can this make gas, electricity and filling up a car more expensive for people, but it has an impact on pretty much everything we buy as the supply chain becomes more expensive.”
For the average person in Britain, this means they will have less income at the end of each month which means they will have to cut back on spending. Some people may have to resort to borrowing money, as Credit Karma has found that £5 billion has been borrowed on credit cards this year so far.
Learn more about your financial situation
To help people become smarter in the midst of crisis in order to take care of their mental health in the long term, Ms Nath says that “knowledge is power”.
“The first step to becoming better with money is getting to grips with your finances. Having a good overview of where your money goes each month — including any outstanding lines of credit and debt — can help begin to identify where the savings can be made,”
“Take advantage of the tools available that make managing money more straightforward. Use the features available in online banking to help with budgeting, or free money apps like Credit Karma to keep track of the best deals and give you information based on your credit score if you need to borrow money.” .
Greg Marsh, Founder and CEO of Cost of Living Consultant Platform Nous.co, same feelings. He said: “A lot of families are going to find the next 12 months very difficult. The key thing is to get the highest detail so you know what’s going on, rather than being bumped into bills or burying your head in the sand.”
His platform provides people with personalized predictions of their family’s spending and how those costs will change over time and his advice is to be realistic about your financial situation. It encourages people to create a household expense plan, save money on essentials by shopping, and don’t be afraid to ask for help.
Get in touch if you need help
Marsh continued, “Talk to friends and family to see how they’re coping, make yourself ask for a raise, and if you’re really struggling, don’t be afraid to ask for professional support. We’ve found that mainly people only ask for help when it’s too late.” – It is much better to put a proactive plan in place early on rather than when things really go wrong.
Credit Karma’s Ms Nath also recommended looking out for government schemes – such as the relief scheme which gives £350 per household to help with bills – contacting energy providers to get a better deal and speaking to independent charities, such as StepChange and the National Debtline, who can offer help and support. For those who worry about money.
Don’t strain yourself
Nikki Ramskill, MD, MD and financial coach for women at TheFemaleMoneyDoctor.com websiteHe sees how mental health and money often go hand in hand.
She said: ‘Extremely concerned about money can lead to anxiety, depression and physical health conditions such as migraines or irritable bowel syndrome. Exacerbation of symptoms can in turn make it difficult to think about money and solve problems you may find yourself in.’
“You may need time off work to deal with which is compounding the problem, and adding to these pre-existing chronic illnesses or mental health conditions can generate a perfect storm from which it is difficult to escape. It’s a vicious cycle.”
But Dr. Ramskill warned people not to overwork despite money crunches as this could lead to burnout. She said: “With the high cost of living, it can be tempting to work all hours to get ‘enough.’ However, lack of sleep, lack of exercise, lack of vacations and lack of free time all affect our ability to handle day-to-day matters. This further complicates the problem and weakens our resilience in times of crisis.
“Now more than ever, we should take care of our mental well-being over everything else even when it makes no sense to do so.”
Take small steps
Dr. Ramskill suggested small, practical steps such as staying away from news about the financial crisis, managing your monthly spending by cutting out things you can live without and reviewing necessary payments, such as bills or insurance, to see if you can get a better deal elsewhere.
Kayleigh Frost, Chief Clinical Support Officer at the Workplace Healthcare Foundation Health is guaranteedHe has similar advice for those who need mental health help amid money concerns.
“Many people bury their heads in the sand and find it easier to ignore the problem, especially when it comes to finances,” she said. When problems are ignored, they can often escalate quickly. It is important to be honest about your health and wellness and to seek help.
“Facing a problem can be very stressful, but in the end, dealing with something head-on is always the best approach. List your income and expenses each month, plan free or low-cost activities, stay active, and focus on a good sleep routine.” , and engage in self-care. Do small things that bring you joy and don’t have to pay anything.”
Dr. Ramskill added: “Don’t wait – take action, speak up and tell people how you feel. The adage ‘a joint problem is half a problem’ holds true. The faster you talk, the faster you can get help.”