Coping with mental health and money worries during the pandemic

Elizabeth McGrath

 · 11/20/2020  · 11/20/2020

The COVID pandemic and lockdown restrictions are affecting all our lives and putting additional pressure on our mental health. Job insecurity, redundancy, debt and financial worries are all emotionally distressing situations that will take their toll. Feeling low, anxious or stressed is a natural response.

The team at Revolut have pulled together some tips from the experts on how to recognise early signs that you may be struggling with your mental health. These include how to start looking after yourself better and where to go for support if you're going through a tough time, emotionally or financially.

Looking after your mental health during COVID

Here are some tips gathered from different specialist organisations (Mind, Samaritans, Mental Health Foundation) on how to take care of your mental wellbeing:

Get enough sleep - Try to establish regular sleeping patterns by giving yourself tech-free time before sleep, doing a relaxation exercise or making your bed environment more comfortable.

Connect with others - Stay connected to your family, friends and colleagues. At times of self-isolation and stress it's more important than ever to feel listened and supported. Try to reach out to those you trust, communicate through peer support groups and communities or try volunteering to help others and meet new people.

Find time for creativity or learning - Doing something creative like drawing, crafting, cooking or playing a musical instrument can uplift your mood, help to overcome stress and distract you from daily worries. Try to focus on enjoying the process regardless of the final output.

Keep to a routine - Set up a routine which focuses on taking better care of yourself, with getting enough time for sleep, eating well, exercising, reading and learning something new.

Take small steps - Prioritise smaller items that feel more achievable before moving to bigger tasks.

Some useful articles and tips from the professionals:

Mental health & money worries

Sometimes low mood or poor mental wellbeing might affect the way you earn and manage money. When you feel low, nervous or depressed, dealing with finances and  making spending decisions can become an overwhelming task. Worrying about your financial affairs can put additional stress on your mental health.

Do you know that the Money and Mental Health institute revealed that over two thirds of employees who are struggling financially report at least one sign of poor mental health that could affect their ability to function at work?

Signs your mental health may be struggling because of money worries include:

  1. Lack of sleep
  2. Anxiety to check bank statements or account balance
  3. Lack of confidence to contact a bank or financial service provider
  4. Fear to open bills or check important letters
  5. Overspending or feeling guilty after spending of any kind
  6. Feeling hopeless and unable to manage money

Looking after your financial wellbeing

Take this 60-second debt test by StepChange to check your financial health and get tips on how to improve money management.

StepChange also shared some practical tips about how to reduce your spending and increase your income.

You could also try using Revolut's budget planner to help you stay on top of your finances. Just tell us how much you want to spend each month and we'll work out a daily spending limit to help you stay on track.

Take care of yourselves and stay safe.