Managing festive finance worries
As we fast approach the festive season how are you feeling about your money and how far it will stretch over the coming weeks? Have you budgeted for Christmas or will you stick the majority of spending on a credit card? Do you like to go overboard? Are you able to resist the consumerism call to treat yourself and others?
Christmas can be an exceptionally stressful time with high expectations to be having fun, going out with both friends and work colleagues, new outfits, presents to be bought, eating treats and lavish meals. Each year the Christmas adverts seem to ramp up an “idealised” version of what the festivities should look like.
With the cost of living crisis this year, rising fuel, rising food prices, rising just about everything, there are extra burdens and financial demands on lots of households. Financial stress and be really detrimental to our mental health. Debt can make us feel anxious and hopeless. Dealing with mental health issues can make managing money harder.
I have seen an increase in people talking about financial pressures and how much worry it is causing. One client said that she and her children had become obsessed with the smart metre, checking periodically throughout the day how much money they were spending on gas and electricity. She likened it to watch a taxi metre ticking upwards and fretting about how much more it would cost to get to the destination.
So how do you protect your mental health and spending this festive season? There are some practical steps you can take to be compassionate with yourself over the coming weeks:
o Reduce the pressure of buying gifts for family members and friends and agree to spend quality time together instead.
o You could use the Secret Santa concept in family or friendship groups so not everybody is buying everybody a present.
o Learn to say no! Whether that be to special offers, nights out or another round of drinks.
o Use cash instead of plastic or pay layer schemes like Klarna.
o Avoid impulse spending - make a list and stick to it.
o Set up text alerts for all spending on your debit card to help better manage money
o Sign up to Money Saving Expert Martin Lewis weekly e mail full of top tips.
o Download freecycle apps such as Olio that connect you with neighbours in your area that are giving away both food and non food items for free.
If you are feeling anxious about money there are organisations out there that can offer help and advice.
Citizens Advice
Helps people with debt problems and consumer issues. There are local branches around the country you can make an appointment to visit, Alternatively, you can use the chat service to speak with a debt adviser online.
Telephone: 0800 144 8848 (England) 0800 702 2020 (Wales) 0800 144 8844 (Relay UK service if you can't hear or speak on the phone, type what you want to say)
Money Advice Service
The Money Advice Service offers free and impartial money and debt advice for people online, over the phone and by web-chat, through printed guides, and face to face through a UK-wide network of money advisers.
Telephone: 0300 500 5000
Email: enquiries@moneyadviceservice.org.uk
National Debt Line
The National Debt Line provides free confidential and independent advice on how to deal with debt problems.
Telephone: 0808 808 4000
http://www.nationaldebtline.org/
StepChange debt charity
StepChange debt charity is an independent charity dedicated to overcoming problem debt. They can give you free advice that is tailored to your needs.
Telephone: 0800 138 1111
Email: stepchangedebtcharity@gmail.com
Mind
Poor mental health can make earning and managing money harder. And worrying about money can make your mental health worse. It can start to feel like a vicious cycle. Here, you can find out more about organising your finances, claiming benefits when you have a mental health problem, dealing with services, and looking after your mental health when you’re worried about money.
https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/
MoneyHelper
You can use the MoneyHelper website to find a debt adviser near you and gain advice on other debt matters. Webchat is available at the website, Monday to Friday, 8am to 6pm Saturday, 8am to 3pm. WhatsApp us with questions about debt, borrowing and pensions on 07701 342744.
Telephone: 0800 138 7777
https://www.moneyhelper.org.uk
Christians against poverty
Christians against poverty is a national debt counselling charity with a network of 205 centres based in local churches. They offer hope and solutions to anyone in debt through its unique, in-depth service.
Telephone: 01274 760720
Email: info@capuk.org