How to cope with financial stress

If money is causing you to worry, it’s important that you can find ways to manage your stress and get your finances back on track.

Talk to someone

It’s normal to feel stressed at times. Stress can help us to focus our minds, but it can become debilitating and unhelpful. If your financial situation is causing you serious stress it’s important to share it and not keep it all in.

Talking about your financial problems with your family or friends doesn’t have to mean asking them for financial help, although they may offer this if they can. It’s more about making them aware that you’re struggling.

Sometimes just the act of sharing your concerns can help alleviate them, but your friends and family may also be able to offer emotional support and a fresh perspective on your options.

Get advice

There are some good organisations who can give you free financial advice.

Citizens Advice

Who offer help and support on a range of issues including debt, money and housing.

National Debtline and Stepchange

Both debt charities offering free expert debt advice.

Money Advice Service

Who offer free and impartial advice on managing your money.

They all have informative websites which can help to answer questions you may have, but you can also get in touch for advice on your specific circumstances.

Make a plan

Keeping track of spending can be a real eye opener in finding ways to save. Following a careful plan could be enough to get your finances to start heading back in the right direction.

If you’re trying to pay off several debts then a ‘snowball calculator’ can suggest the best order in which to pay off your debts. Simply enter the size of each debt, interest and any other payments and it will show you how to get your debt paid off fastest.

Planning to overcome your financial problems will help you to see the light at the end of the tunnel. Once you’ve got your plan, stay disciplined and stick to it.