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Money-saving alternatives for those coping with #MentalIllness

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With such a major mental health crisis in the UK, finding resources for coping with the everyday stresses and challenges can sometimes feel impossible. While plenty of basic resources exist to help those in need of services, an increasing number of those afflicted face challenges in other areas of life.

In summary, mental health conditions can be expensive. These expenses manifest in multiple forms, including in the decisions we make on a daily basis. Many people with mental health issues have difficulty maintaining good finances due to a variety of very basic challenges. Others – in the process of coping with their ailments – make bad financial decisions.

For those currently in the grip of mental illness, finding financially prudent solutions is essential for long-term economic stability. What are some solutions that can help minimise this impact? Below are several tips that can potentially help save money for those currently facing challenges.

Create a spending plan

Managing finances from month to month ultimately is one of the biggest causes of stress in peoples' lives. For those dealing with depression at home, anxiety at work, or other major mental health challenges, this process can sometimes be even more of a challenge.

This is why a spending plan can be so essential in the fight to save money and better manage finances. In order to develop a spending plan, you must first know a few things. Basics such as documenting income and expenses can easily be done; the true struggle is in following the plan once created.

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Resources such as Mental Health & Money Advice provide an array of tools that can assist with creating a spending plan, along with tips to ensure you follow each part of it. In many situations, something as simple as a blueprint can result in huge savings for a lot of people.

Avoid your weaknesses

Everybody has certain tendencies that result in spending more money than is ideal. Those living with bipolar disorder, OCD, depression, and even memory-related illnesses can all find themselves completely derailing their personal finances in the blink of an eye.

For those suffering from these conditions or others, knowing which situations pose the greatest risk in the form of budget-busting decisions can be a financial lifesaver. In many cases, saving money is simply the avoidance of spending money. Those who learn this and can apply it in their everyday lives often find the day-to-day management of finances to be far easier.

For instance, those with propensities to gamble should avoid situations in which it is present. Someone recovering from an addiction may choose to avoid going places and meeting people who exacerbate those desires. Ultimately, realizing your weakest moments and minimizing their impact on your finances can save you money.

Inquire about public assistance

Many people may be asking, "what benefits can I claim for depression and anxiety?". For these mental health conditions and many others, eligibility for multiple forms of benefits exists.

Asking for help in the form of benefits is a smart decision - and one that can effectively turn around many financial situations. Through this assistance, you indirectly and effectively save money by increasing your net income.

Through solutions such as an ESA allowance, you may be able to claim welfare benefits while combating the symptoms of mental illnesses such as depression, anxiety, and OCD. If you want to know more about how to claim PIP successfully (and what PIP actually is) then visit here for assistance with your Personal Independence Payment assessment. Their website provides you with all the necessary information needed to help you deal with money and mental health.

Seek banking assistance

Many financial institutions will be happy to assist those coping with mental illness better manage their finances. Solutions such as overdraft restrictions can be applied to bank accounts for those living with bipolar disorder, minimising the potential for them to cause financial damage during a period of mania.

Additionally, many banks and credit unions offer free financial advice, classes, and one-on-one discussions that can lead to better money management outcomes. The knowledge gained through these resources can ultimately reduce how much you're spending each month on everything from heating to debt interest.

Ask for personal money management services

Last but not least, if you need more direct assistance with managing your money, then the help of a loved one or close friend may be in order. While it does require trust, enlisting the service of somebody who will personally handle your finances - from making payments to providing allowances - minimises the impact that any mental illness can have on your finances.

Those who are struggling with poverty and/or mental illness may find it difficult to make ends meet. Through a variety of money saving tips and alternatives, adjustments can be made that will help increase the chances of being fiscally stable. Whether it involves spending plans, public assistance or personal advice, these tips are just a few strategies that can help put anybody on the right path financially.

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