One of the first steps in managing stress during a cost-of-living crisis is open communication. Talk to your friends, family, and loved ones about your financial concerns. Sharing your feelings can alleviate the emotional burden and provide you with support and guidance.
2. Budgeting and Financial Planning:
Take control of your finances by creating a budget. Knowing where your money goes and having a clear plan for what you have to spend for the rest of the month can really help reduce anxiety. Seek advice from financial experts or use online tools to assist you in creating an effective budget.
3. Seek Professional Advice:
If the financial burden becomes overwhelming, consider consulting a financial advisor. They can provide tailored strategies to manage your finances effectively and help you make informed decisions during tough times
Prioritise self-care routines. Dedicate time to activities that promote relaxation and mental well-being, such as meditation, yoga, or simply reading a book. These activities can reduce stress and improve your overall mood.
5. Stay Informed:
Keeping informed about available resources and support systems is crucial. Research government assistance programs or local initiatives that may provide financial relief during a cost-of-living crisis.
We’ve listed a few below:
Citizens Advice gives people the knowledge and confidence they need to find their way forward – whoever they are, and whatever their problem.
Money and Pensions Service (MAPS)
The Money and Pensions Service (MaPS) is an arm’s-length body sponsored by the Department for Work and Pensions, established at the beginning of 2019, and also engages with HM Treasury on policy matters relating to financial capability and debt advice
Free Debt Advice
PayPlan offers free debt advice.
StepChange provides a comprehensive debt advice service.
National Debtline is a charity that provides free and independent debt advice over the phone and online.
A charity dedicated to providing free debt advice to small businesses across the UK
6. Limit Exposure to Stressors:
Be mindful of how much news and social media you consume, especially when it comes to financial news. Constant exposure to negative stories can increase anxiety. Set boundaries and allocate specific times for catching up on news.
7. Focus on What You Can Control:
Recognise that some factors contributing to the cost-of-living crisis are beyond your control. Instead of fixating on these, concentrate on areas where you can make positive changes, such as finding ways to increase your income or reduce non-essential expenses.
8. Professional Help:
If you find that your mental health is significantly impacted by the cost-of-living crisis, consider seeking professional help. A therapist or counsellor can provide strategies to cope with stress and anxiety.
9. Practice Gratitude:
Amidst financial challenges, it can be helpful to focus on the positive aspects of your life. Practicing gratitude can shift your perspective and improve your mental well-being.
10. Future Planning:
Use this period as an opportunity to plan for a more financially secure future. Consider savings goals, investments, or educational opportunities that may enhance your earning potential.
We’re here for you.
Remember, you are not alone in facing the cost-of-living crisis, and your mental health matters. By implementing these strategies, you can better navigate these challenging times and protect your well-being.
We hope there’s something for everyone, but remember we are always here to help. If any of our saving or mortgage members are concerned about their accounts with us, please do not hesitate to get in touch.