Reducing Your Financial Stress

Your mental health can be one of the first thing to suffer when you experience any sort of financial difficulties. It could be unexpected expenses, such as, the washing machine breaking or forgetting that an annual bill is due. It could be just generally worrying about how you can pay for all the things you need – a sense of overwhelm can be enough to trigger a negative mental health experience.

You may not think it’s affecting your mental health but if you’re lying awake in the middle of the night, then it definitely is.  

We at MABS recognise this in many of our clients. When we ask them which bill keeps them awake at 4 a.m., they look at us and ask, “How did you know?” The answer is easy: We know because we see it all the time.  

In this blog, we want to help you identify whether you are suffering from financial stress and show you what steps you can take to get back on track. 

Recognising the signs  

Stress shows itself in a variety of ways. The most common can be put in two categories. 

• Physical signs: headaches, fatigue, and disrupted sleep patterns
• Emotional signs: frequent anger and irritability, inability to relax, feelings of shame and embarrassment, and depression

Barriers to managing your financial stress 

Feeling over-stressed can make it difficult to take steps to deal with financial problems. Here are some of the issues that can cause someone to do nothing:  

• Seeing the problem as too big to solve
• Trying to solve all the problems at once
• Not sharing the problem or not seeking advice
• Blaming others for our situation
• Letting stress affect our judgement
• Using drugs or alcohol as substitutes for solving problems
• Having a negative outlook

Managing your financial stress 

While it’s unrealistic to think we can eliminate stress altogether, there are ways to reduce the impact.  

• Do something about one small piece of a bigger problem. It can be as simple as making a list
• Ask for help from family or friends and begin to talk about the situation. Take one step at a time – and remember, it’s good to talk
• Look after your health. Make sure you’re eating properly and use exercise to reduce symptoms of stress

Where can I get additional support? 

MABS offers free help and advice on all kinds of debt, from mortgages to regulated moneylender debt. The advice is confidential, independent, and nonjudgmental. MABS has a tried-and-tested approach to managing debt and helping to reduce stress. Take the first step: Call a MABS adviser on 0818 07 2000 to get started and feel the weight begin to lift. 

To find out about your area’s mental health services and supports, call the YourMentalHealth information line on Freephone 1800 111 888. You can also text 50808 to get support and information about services. 

Some other supports that can help: 

• St Vincent de Paul 
• Samaritans or use their Self Help App 
• AWARE 
• Turn2Me 
• Grow 

Remember, we know from experience how easy it can be to feel stressed about your finances. We also know that asking for help can be the start of a journey towards taking control.  

Creditors are generally more responsive and understanding if you make contact early, but creditors will usually try to work with you even if you are in arrears. The first and most important step is to contact them. Remember, MABS is here to help – you’re not alone.  

Contact Us

If you have a query for one of our advisers or are struggling with your debts, you can call the MABS National Helpline on 0818 07 2000 Monday to Friday, from 9am to 8pm or find the contact details for your local office.   

Disclaimer: This blog does not represent legal advice and is intended for guidance only. If you are concerned about your current or future personal financial situation, then please contact an adviser from MABS. Advisers are available by phone, email and in-person in locations nationwide. 

Note: We welcome references to and use of the content in this blog. However, please reference MABS and link said content if you choose to do so.