• Blog
  • >
  • Blue Monday 2021: Managing debt and mental health

Contents

Blue Monday 2021: Managing debt and mental health

Blue Monday 2021
Maxine McCreadie
Maxine McCreadie

18th January 2021

Contents

How are you feeling today?

If you’re a little lower than you usually feel, don’t worry you’re not alone.

Today (January 18) is Blue Monday, thought to be the most depressing time of year.

As Christmas seems like a distant memory, the reality of the cost of the festive season hits home for some and lockdowns continue, it’s understandable January can be a difficult month for many.

So, what positive steps can we take today to better manage not only our finances but also mental health?

What is Blue Monday?

Falling on the third Monday of each January, it’s said to be when despite best intentions our new year resolutions crash and burn, we begin to feel the health impact of the season to be merry, or even just start to long for a holiday.

Throw in the added pressures of navigating the coronavirus pandemic and life in lockdown, it’s heralded as a day most of us want to hide under the duvet.

But is there any science behind the ‘most depressing day of the year?’

In short, no.

The first Blue Monday was reported back in 2005 after Dr Cliff Arnall was asked to calculate the most depressing day of the year on behalf of a PR company.

There’s no science behind the date, however, he did use a mathematical formula to set the date. Looking at factors such as debt level (particularly the difference between debt and ability to pay), the weather, time since Christmas, low motivation levels, failed New Year’s resolutions and the feeling of needing to take charge.

 

Debt and Blue Monday

The Blue Monday event may have been conceived as a publicity stunt but there’s no denying the link between mental health and debt – especially now.

Not only are people contending with the usual January pinch as they manage overspending from over Christmas, but COVID-19 is also having a lasting impact.

According to the recent Carrington Dean COVID-19 Debt Analysis: Insights and Trends report, spending worries are very immediate.

When asked what expenses people would give up first to save money 32% of people in Scotland surveyed said grocery shopping.

Meanwhile those aged 25-24 were most concerned about paying household bills (31%) and people aged between 45-54 were worried about debt collectors (26%).

Dealing with debt has also had a serious impact on sleep patterns with under 45s stating they’re more likely to lose sleep over what they owe.

Piling these pressures on top of typical January debt concerns can be overwhelming and knowing where to turn for support isn’t always easy.

Worried about debt? You’re not alone

There may not be science behind Blue Monday but there are surefire ways of dealing with your debt by accessing expert advice.

The pandemic has stripped back a lot of the things that would normally play a part in protecting our mental health such as social interaction, but it’s important to remember that you’re not alone.

However, things will only begin to change if you admit that you need help.

Speaking out about your mental heal or money worries isn’t easy but addressing patterns in behaviour and finding support is vital if you’re going to make any change.

Whether you’re spending in a bid to improve your mental health or your money worries trigger anxiety or depression, you should take a step back and assess your circumstances.

If you believe your spending is caused by unhappiness, speaking to your doctor should be your first task. They can offer support and could allow you to feel clearer on how to deal with debt and bills.

 

Change your spending habits

The thought of changing your financial habits might seem daunting but it’s easier than you think.

Your first task, although it may be the last thing you want to do, is to check your bank statement. This will paint a picture of your current spending habits and show not only how much you’re spending but what you’re spending it on.

This can offer a harsh reality check but one that will help make managing finances easier in the future by making you more realistic about your spending.

Once you have your income and expenditure checked, you can begin slashing unnecessary payments and start keeping track of your money on either a weekly or monthly basis – whatever works for you.

A budget will also offer the opportunity to save, even just a little, which can offer a sense of hope for the future.

 

Don’t be afraid to speak out

No one likes talking about money, especially if they’re struggling.

However, that is when doing a little money talk is the most important.

Admitting you’re struggling financially is a big step and one that isn’t always easy but once you do, you’ll feel a weight off your shoulder. Confiding to family or a close friend can also lead to advice and open doors to support.

Although you may be nervous to do so, it’s also important to let the people you owe money to know that you’re not coping. This is key to starting the process of finding support and many may offer you a repayment plan to make things a bit easier.

Alternatively, you could also speak to a qualified debt advisor. Stats from the Carrington Dean Insight and Trends report, people just as likely to speak to a qualified expert (46%) than family or friends when it came to money worries (45%).

Don’t forget to take care of yourself

Just as it’s important to take care of your finances, you need to take time to look after your wellbeing.

Life isn’t always easy, even without money worries, so it’s important to allow yourself the time and space to take care of yourself.

The Mental Health Foundation offers tips on the best way to keep check on your mental health wellbeing.

From talking about your feelings, cutting down on alcohol consumption and eating well, the mental

Mixing up your routine is also advised. Something as simple as a five-minute pause from cleaning to having a break from work, making the most of a little ‘me’ time is important.

Exercise is also key. January is a long, dark and cold month so understandably it can be hard to find the motivation to get up and go. However, even just a short walk and some fresh air can make a big difference.

A full list of advice can be found here.

The Sarmatians is also calling on people to reach out to each other, swapping Blue Monday for Brew Monday.

The charity is encouraging people to have a virtual cuppa with their nearest and dearest today, or any day, as part of the nation-wide event.

 

 

Maxine McCreadie
Maxine McCreadie

Maxine is an experienced writer, specialising in personal insolvency. With a wealth of experience in the finance industry, she has written extensively on the subject of Individual Voluntary Arrangements, Protected Trust Deed's, and various other debt solutions.

How we reviewed this article:

HISTORY

Our debt experts continually monitor the personal finance and debt industry, and we update our articles when new information becomes available.

Current Version

January 18 2021

Written by
Maxine McCreadie

Edited by
Ben McCormack

Latest Articles

Valentine’s Day 2024: 5 low-cost date ideas
But fear not! You don’t need to break the bank to have a memorable and meaningful celebration with your date or significant other. Whether you’re in Edinburgh, Glasgow, Aberdeen, or anywhere else in bonnie Scotland, ...