• Blog
  • >
  • Stress Awareness Day 2022: How to deal with financial stress

Contents

Stress Awareness Day 2022: How to deal with financial stress

Maxine McCreadie
Maxine McCreadie

28th October 2022

Contents

November 2 is Stress Awareness Day 2022 and with 60% of stress in the UK related to monetary issues, there’s no better time to talk about financial stress.

The global pandemic hit households hard and as the cost of living continues to rise, the last few years have seen millions of people struggle with financial insecurity and, in some cases, debt.

In this article, we’ll explain what Stress Awareness Day is, how money and mental health are linked and how you can deal with financial stress.

What is Stress Awareness Day?

Stress Awareness Day is an annual event from the International Stress Management Association (ISMA), a charity aimed at promoting knowledge about stress, practices for stress management and the mental and physical impact it can have on our bodies.

The campaign was originally introduced to raise awareness of stress and the various different factors that can contribute to stress and anxiety, including financial issues.

This year’s campaign is especially important as it occurs at a time when a record number of people are struggling with heightened stress levels due to worsening financial uncertainty amidst the ongoing cost of living crisis.

 

What is the link between money and mental health?

The link between money and mental health is nothing new but with inflation at a 40-year high and the cost of almost everything on the rise, millions of people are worried about having enough money to make ends meet during the upcoming festive period.

However, with things expected to get worse before they get better and the economy still expected to fall into a recession before the end of the year, financial stress will only become more normalised as the cost of living increases.

Stress Awareness Day is an opportunity to educate yourself on the link between money and mental health and the steps you can take to mitigate financial stress in the home and the workplace.

 

How to deal with financial stress

1. Identify the source

The first step to dealing with financial stress is recognising what is making you stressed, from short-term triggers, like a sudden job loss, to long-term triggers, like mounting debt.

This can help you pinpoint exactly what is stopping you from getting a good night’s sleep and help you work out what your next move should be.

So, whether you have interest accumulating on a missed payment or have just ignored your debts for too long, writing a list of your main financial concerns and revisiting them on a regular basis can help you get to the root of the problem and plot your path to financial freedom.

 

2. Focus on what you can control

Have you ever been stressed about something despite knowing that there’s absolutely nothing you can do about it? Stress, and particularly financial stress, manifests in many ways but, more often than not, stems from situations that are out of our control.

However, by focusing on the things you can control, you can breathe easier and focus on finding a solution to fix your finances for good.

For example, if you are worried about being able to meet your essential costs, cutting back on non-essential spending can give you some peace of mind and reassure you that you’re doing everything you can to ease your money worries.

 

3. Boost your savings

Boosting your savings can help you build an emergency cash cushion for those all-too-familiar emergency expenses that tend to happen around this time of year, from a broken boiler to an unusually-high energy bill.

This is easier said than done but, if you’re worried about being able to cover the cost of further price hikes, putting some spare cash aside can provide you with some much-needed peace of mind when times get tough.

Whether you commit to putting £100 aside every month or just saving spare change where you can, it can be the difference between you meeting your monthly costs and falling behind on your bills.

4. Make your money stretch further

It can be easy to convince yourself that you simply don’t have the funds to make ends meet but by making the most of the money you do have, you can separate needs from wants and make your money stretch further.

For example, whilst you might not be able to get away with not paying your mortgage or rent, cutting back on smaller expenses could help you save the same amount of money and get rid of unwanted costs at the same time.

This can also help you reevaluate what’s important and stay on top of your spending habits for greater control over your finances.

 

5. Reach out for help

If you’re worried about the impact financial stress is having on your mental and physical health, it might be time to reach out for help.

This can help you put a stop to your mounting money worries and, more importantly, see a light at the end of the tunnel so you can sleep soundly again.

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

October 28 2022

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, ...