Talk Money – Taking Care of Your Mental Health
This week (7-11 November) is Talk Money Week, and what better time to bring this up than in the middle of our Cost of Living Crisis Campaign. Keeping worries to yourself can harm your mental and physical health, so let’s talk about it.
This article is also available in Welsh. I ddarllen y cynnwys yma yn Gymraeg – clicia yma
What is Talk Money Week?
Talk Money Week is run by the Money and Pensions Service every November and encourages people to talk about their finances. Their research shows that people who talk about money make better and less risky financial decisions, have stronger relationships, help form good money habits from a young age and feel less stressed and more in control.
Our Cost of Living Crisis campaign is all about this. Talking about money, offering advice, information and advocacy across the month. Take a look at the campaign here.
How to start a conversation
MoneyHelper has lots of excellent guides about how to talk to different people about money and why it’s important:
▪️Talking to your partner about money – different attitudes, asking for money, hiding debt or gambling problems, partner controlling money etc.
▪️How to teach kids about money – how it helps, what you should teach, fun ideas etc
▪️Talking with friends about money – can’t afford to go out, lending money and getting it back etc.
▪️Talking with older people about money – about long-term care, power of attorney, etc.
If you’re unsure how to start a conversation with someone about something worrying you, then visit our ‘How to Start a Conversation to Share a Problem‘ blog for advice.
MoneyHelper also has some great advice on the ‘How to have a conversation about money‘ page looking at how to prepare, tips for having a conversation, and dealing with negative reactions.
MoneyHelper has written a special guest blog for the Meic Cost of Living Crisis campaign – find it here.
Coping with stress
Having money problems can be stressful and can affect you emotionally and physically. It might affect your behaviour. You might find it hard to make decisions or feel tearful, angry, irritable or depressed. It might affect you physically with panic attacks, headaches, sickness and so on.
The first thing to do is work out what’s causing the stress. It might be a build-up of small things or one bigger thing. Once you know what it is, you can start thinking about how to change things. It’s not always easy, but if you talk and ask for help, it may be easier to find a solution. Bottling things up and pretending it isn’t there won’t help in the long run and may make things worse.
Who to contact for help
Check out our Cost of Living Crisis campaign for more blogs that may help you. There are lots of great services and organisations out there that can help.
▪️MoneyHelper – a free service provided by the Money and Pensions Service. Making your money and pension choices clearer. Cutting through jargon and complexities, explaining what you need to do and how you can do it, putting you in control with free, impartial help that’s quick to find, easy to use and backed by Government. Chat with them online, message on WhatsApp +44 77 0134 2744 or call 0800 138 7777.
▪️Meic – someone that’s always on your side. If you’re struggling and need to talk to someone or just have a question you’d like answered, then you can contact Meic anonymously and free by phone, text or instant message from 8am to midnight every day of the year. We’ll talk through your options and help you find the best path for you going forward.
▪️Welsh Government – Get help with the cost of living – find out what financial support might be available to you, from water, electricity and gas bills, to housing and benefits, to school and higher education.
▪️Turn2Us – a national charity providing practical help to people who are struggling financially.
▪️Citizens Advice Cymru (CAB) – give people the knowledge and confidence they need to find their way forward. A charity offering free, confidential advice online, over the phone and in person. Check out their Get Help With The Cost of Living page.
▪️Money Saving Expert – dedicated to cutting your bills and fighting your corner with journalistic research, cutting-edge tools and a massive community – all focused on finding deals, saving cash and campaigning for financial justice.
▪️Live Fear Free Helpline: If your partner controls your money and you don’t have access to your bank accounts to pay for things, this could be a form of domestic abuse. Contact the Live Fear Free Helpline, free 24 hours a day, 7 days a week, for help and advice. Call 0808 80 10 400, text 07860077333, or start a live chat on their website.