Don’t be afraid of admitting to money worries

If you are worried about your finances, would you talk about it to a friend or family member? Or would you be too embarrassed to seek help?

This week I’ve been taking part in the launch of a new report from Money Talks – a joint campaign between the Campaign Against Living Miserably (CALM) and MoneySuperMarket - that explores how money worries affect us all… and how we can sort them out. The results were pretty shocking.

Three-quarters of people said they had never spoken to anyone about their money worries, despite a third experiencing daily anxiety about their finances. More worryingly, around one third of people say their finances have made their mental health worse and one in five people said they had experienced suicidal thoughts over money worries.

The financial feng shui party trend sees a couple of pals, or more, having a soiree while getting to grips with spending (Picture: Adobe)

I’ve spent the last two decades campaigning for more support for people experiencing mental health problems – and fighting for your rights on all things money-related. So the findings in the report worried me.

I asked my fellow television money expert, Kara Gammell, from MoneySuperMarket, about why this might be. Kara told me: “Talking about money can feel deeply personal, and many people still feel stigma or embarrassment about admitting they’re struggling. But what really comes through in our research is just how common this is. So if you’re feeling overwhelmed, start small – whether that’s reviewing your finances or opening up to someone you trust. You’re not alone, and taking that first step can help you regain control.”

Let’s do that thing! Here are my top tips.

Talk to someone

As the research shows, the vast majority of people in the UK are in the same boat as you. By speaking up to someone you trust, you’ve begun the process of sorting things out – and you may just open the door for someone else to seek help too.

Don’t suffer in silence

There are loads of great organisations like CALM that have free helplines if you are feeling overwhelmed. Don’t worry that your situation might not be serious enough. Pick up the phone and call a helpline.

Have a budget evening

I know that sounds dull, but sorting out your finances with a mate is a great way to take the sting out of dealing with debt. Set aside 30 minutes max and set the timer on your phone so you don’t get too bogged down on the details – and chill some wine or prep some snacks for later.

Making a simple budget

Your budget should cover the money you have to pay out each month for bills, along with estimates for food, transport and other essentials. If you don’t know how to get started, there are templates on the website of free debt charity StepChange. And if you can’t afford your bills, then StepChange can help you deal with your creditors for free too.

Reduce your bills

If you receive pretty much any form of benefit, you can get vastly reduced broadband bills, help with unaffordable energy usage, reduced or removed council tax and a big chunk off your water bills too. If you don’t get state support but you still don’t have enough cash, then you are in ‘financial difficulties’ which means utility companies must come up with tailored plans to help you reduce your bills and debt.

Share some hope

One of the most positive findings in the report was that nearly half of people said that clear signposting to free mental health support and money information made them more likely to seek help. You can download posters for your community spaces here – or why not print off this column and stick it on a noticeboard? Some readers have told me they are doing this and it’s the biggest compliment ever!

The hardest thing for most people is admitting that they need help. But it only takes a moment to do this – and you’ll find that there are people who are willing to listen and help you make a fresh start.

Martyn James is a top consumer rights campaigner and journalist. Read more from him at this link.