National Stress Month: 5 things that could help you identify and ease financial stress.

Stress Awareness Month has taken place every April since 1992 with the aim of increasing awareness of both the contributing factors and coping mechanisms for stress. Unfortunately, stress has become more common in the past decade. Recent statistics revealed that as many as one in 14 UK adults feel stressed every single day.

Stress comes in many forms and can include tensions relating to health, relationships, the workplace, and money.

The cost-of-living crisis has had a negative impact on mental health and has contributed to increased feelings of stress and anxiety. With the cost of essentials rising, many of us have been put under growing pressure.

Data released in November 2022 showed that 29% of UK adults had felt stressed about their finances in the month leading up to the survey, with 30% admitting that this was affecting their sleep. A further 24% stated that financial stress had resulted in them meeting up with friends less often. A further study in 2023 revealed that 20 million UK workers were struggling with their mental health due to money worries.

These findings are concerning especially as sleep and social interaction are two of the tools we can use to combat the effects of stress.

1. Know the signs

‘Sadly, stress is so common that many of us fail to even realise that we’re struggling with it,’ says Dan. ‘Knowing the signs can help us to understand our feelings which, in turn, can aid our methods of dealing with it in a safe way.

‘According to the NHS, some of the common signs of stress include chest pains, fatigue, an upset stomach, headaches, difficulty concentrating, and constant worry. Those faced with financial stress may also experience feelings of guilt and shame. They might actively avoid opening bills or having conversations about money. It's also not unusual for those with money worries to bury their head in the sand and withdraw from loved ones.

‘If this sounds like you or somebody you know, you should think about making an appointment with your GP or encourage your loved one to do so. Your GP will be able to advise you on what you can do to relieve the consuming feelings of stress and may put you in touch with specialist support. We’ll talk more about where you can go for some extra financial support later.

2. Identify your own personal spending patterns and triggers

‘Now you’re able to recognise the feelings of stress, the next step is to take a closer look at your relationship with money. The ways in which we personally respond to stress can impact our finances in more ways than we realise. How does stress affect your spending habits? Maybe you try to block out anxiety by treating yourself to some online shopping or by ordering a takeaway? Perhaps stress leaves you feeling so frazzled that you forget to pay your bills on time, leading to late charges and further strain.

‘Get to know your triggers so that when you feel the first signs of stress creeping in, you can take precautions to prevent doing something you might later regret, such as spending more money than you can afford. Your personal precautions could include setting up a Direct Debit to ensure that your bills are paid on time or removing your auto-saved credit card details from your favourite online shopping sites to make spending that little bit harder.’

3. Set a budget

‘While this might sound like a tedious task, setting a budget could help you take the first steps towards regaining control over your finances. Not sure where to start? Planning a budget can be easy once you make a habit of it.

‘To begin, work out your total monthly income after tax, including your wage and any guaranteed bonuses or benefits, if applicable. Next, subtract the cost of your essential outgoings from the total. This may be things such as your rent, food shopping, utilities, and any subscriptions or membership fees. The sum you are left with after your necessary deductions is called your disposable income. This is the amount of money you have left to save or spend on what you like before your next payday.

‘Setting a budget could minimise the risk of overspending, and taking a closer look at your finances might reveal little ways that you could save money. For example, could you cancel your unused gym membership?

‘MoneyHelper offer a free budget planner tool on their website to help you get started.’

4. Speak to your lender

‘Life is not plain sailing, and many of us will experience money worries in our lifetime. Sometimes, things change out of our control, and this can have a dramatic impact on our financial situation. Perhaps you suffer an injury that keeps you out of work for months, or maybe you’re unexpectedly made redundant.

‘If you’ve borrowed credit and find yourself in a position where you’re no longer able to afford the repayments, you should contact your lender or provider as soon as you can.

This may sound daunting and be the very last thing you feel like doing, but it’s important to remember that your lender is not there to judge you or your situation. They will appreciate that you have got in touch and will want to work with you to come up with a suitable solution.’

5. Reach out

‘Talking about money is often thought of as taboo and very few of us feel comfortable openly discussing our finances,’ Dan says. ‘This only makes it harder for us to open up and ask for help when we’re struggling. If we feel awkward talking about money when things are going well, we’re even less likely to open up when we could do with a bit of extra support.

‘Help is always available. If you’d rather not speak to a friend or family member, or even somebody in person, you can access free, impartial advice online. We’ve included some useful websites and helplines below. Many of these sites also include a webchat or text service – have a look at their ‘contact us’ pages for further details.”

Calls to 0800 numbers are free from both UK landlines and mobiles.

  

-ENDS- 

About Viva Money 

 

Viva Money is not a lender but is a fully regulated and authorised credit broker. Viva Money is a registered Trading Name of Digitonomy Limited, Registered in England and Wales (Company number 08385135), Registered Office; Steam Mill Business Centre, Steam Mill Street, Chester, Cheshire, CH3 5AN. Digitonomy Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number: 690249. Licenced by the Information Commissioners Office, (registration number ZA007309)       

   

Website: https://vivamoney.co.uk/ 

   
Dan Whittaker - Personal Finance Expert at Viva Money    

   

Dan has worked in the consumer finance sector for over a decade in a number of roles, including developing and maintaining commercial partnerships, marketing, and digital development.    

    

Dan has strong market and product knowledge across a range of consumer finance products including, but not limited to, credit cards, savings, loans, and mortgages.