As the cost of living crisis continues, it’s no surprise that managing money problems and mental health becomes even harder. If you’re struggling to juggle everything during these difficult times – you’re not alone. Angel Advance is always here to help you manage your money worries.
What can cause money problems?
- Rising costs of living, e.g. bills, fuel, transport, food, etc.
- Major life changes, such as unemployment or redundancy
- Being off work due to illness
- Not being paid due to a reduced or static income
- Benefits
- Retirement
- Maternity
How can money problems affect your mental health?
The link between money problems and mental health is well documented. If you are facing financial hardship, this could lead to feelings of stress, anxiety and hopelessness. This can have a big impact on your daily life.
If you are struggling, please reach out:
- Rethink Advice Service – expert information, services and campaigns to help improve the lives of those living with mental illness. Tel: 0300 5000 927
- NHS Stressline – practical information and advice from trained health advisors. Tel: 0300 123 200
- Mind – Money and Mental Health – a web resource written for people with experience of mental distress and debt.
What do I do about money problems?
Talk to someone
Remember not to face money worries alone. The first step of the process starts with sharing your money problems with those around you. This can help you rationalise, find some breathing space and decide on a solution that will work for you.
Create a budget
Keep track of what money is coming in and what money is going out. The amount leftover is your disposable income, which can be used to pay off debt or save money. If more money is going out than coming in, this is known as a negative budget.
Our team of experts here at Angel Advance can help you create a budget.
Contact a money adviser
After a conversation with those close to you, contacting a money adviser is the best solution for getting professional help and advice. A money adviser will help you:
- Sort the most important bills from others, (priority debts should be paid first)
- Advise you on the best ways to budget your spending
- Give professional advice on the most suitable debt solution for you
Take care of creditor contact and offers to creditors
Money problem advice
After contacting a money adviser, the next step will be choosing a debt solution together that you have both agreed will be right for you.
There are many debt solutions available to help you. At Angel Advance, we offer:
- Debt Management Plans (DMPs)
- Individual Voluntary Arrangements (IVAs)
- Debt Relief Orders (DROs)
- Bankruptcy
- Partial Settlements
- Solutions for Scottish Residents
For more information on each of these debt solutions, click here.
Free, confidential debt advice
If you’re struggling to manage money problems, get free, confidential debt advice today. Contact us to speak to one of our professionals who can help you decide on the best debt solution for you.
If all you need is some debt advice, there is no need to worry – there is no risk to receiving debt advice, as this won’t affect your credit score. Our team is available any time, day or night, to help you in any way we can.
If you’d prefer to go online, our easy-to-use, online tool can also help you weigh up the debt solutions available to you and give you the best recommendations for your unique situation on-screen, instantly.
