Don’t pay the price: Mental health and the cost of living crisis

17 May 2023

Piggy bank Don't pay the price: Mental health and the cost of living crisis

The current cost-of-living crisis is stressful for many and is consequently impacting our mental health. With the struggles of rising prices, financial uncertainty, and other economic pressures, it’s easy to feel overwhelmed.

Many of us are currently thinking, ‘Who has time to worry about mental health when there’s a cost-of-living crisis?!’. Therefore, we have rounded up some top tips to help you out, as it’s more essential than ever to make sure your mental health doesn’t become another casualty of rising costs.

Managing money and moods

Try to better understand your spending patterns to help you take steps to effectively manage your finances through techniques such as creating a budget, prioritising your expenses, and keeping a diary to align your spending patterns with your moods.

Understand that it’s okay to say ‘no’, set boundaries around extra commitments and unnecessary purchases, and prioritise what’s important to you and your mental health when it comes to spending.

Don’t be afraid to ask for help

Ensure you utilise any extra help you are entitled to, such as benefits, grants, or energy bill reductions.

Additionally, use resources from mental health and financial support charities, or join a support group to share experiences and tips. Ensure you stay connected with people you trust, such as family and friends, whom you can share your worries with.

Alternatively, if you are more of a private person in these matters, you might prefer exploring apps or online self-help guides for quick and easy tips.

Taking a ‘gratitude attitude’

We are all guilty of getting caught up in negative emotions due to the cost-of-living crisis and often forget the importance of gratitude and mindfulness (we know, easier said than done!).

Try to allocate some time each day to reflect on what you are grateful for by writing down three things, big or small, that were positive that day.

Over time, this will help shift you into the ‘gratitude attitude’ and help to identify what you believe is essential in your life, which can help with money management.

Remember, as much as finances can feel embarrassing to talk about, looking after yourself should always take precedence, so make sure you are not suffering in silence and explore the resources available to help you tackle any issues.

You can find help and support through the following organisations:

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If this blog has resonated with you and you would like to speak to a member of the Birmingham Mind team, please contact the helpline on 0121 262 3555.