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Are you feeling the dread of inflation?
You’re not alone - a lot of people are noticing the negative impact inflation is having on their mental health.
According to WebMD and psychiatrist Aisha Shariq, inflation concerns may lead to higher rates of depression, anxiety, and even schizophrenia - which is a direct result of struggling to manage their living standards with rising inflation.
Whilst a lot of it is beyond our control, there are ways to manage any anxiety, fear and worry you may be experiencing right now regarding the cost of living crisis.
Please note, the guidance shared today should not be substituted for professional medical treatment. If you’re struggling to cope, please see our list of resources at the end of this article or call Samaritans free on 116 123 if you require immediate support.
Here are some ideas to help you cope with inflation anxiety:
1) Assess Your Current Situation
The first step involves taking an honest look at your current situation and understanding what exactly is contributing to your anxieties about inflation.
For example, is there enough money coming in to adjust to the various price increases? Is the emergency fund intact? Asking yourself these questions may help ease your worries if you’ve got a stable income (and ideally some savings) to help you out should things get really difficult.
If your income is more unstable, or you only earn minimum wage, for example, this could be a big contributor to your worries. Create a plan and brainstorm some ideas for ways you could potentially increase your income e.g, with a side hustle. You could also create a sinking fund and start contributing small amounts each month to build up an emergency fund.
Bonus tip: use an app like ImageNPay to help you budget your earnings and prevent overspending. Click here to find out how a prepaid card can help you save money.
2) Reach Out For Support
Don't be afraid to reach out for help if you need it. Check your benefits entitlement using EntitledTo and find out if you can claim tax relief for any job expenses, especially if you’re self-employed.
Citizens Advice offer support on many different things including benefits, work, debt and money, whilst MoneySavingExpert have an array of helpful articles on how to make your money stretch further, especially under inflation.
Make sure to scroll to the end of this page for our full list of helpful resources.
3) Prioritise Self-Care
When you’re struggling with money, self-care can feel impossible - but it’s absolutely crucial you don’t neglect your own needs and mental health when under intense stress from inflation.
Go back to basics and create a plan to help you cope when the anxiety is overwhelming. Why not try making yourself a self-care pack for when things get really tough? Fill it with anything that helps you during the lower moments, and make sure to pop in a piece of paper with contact information written down for mental health/financial help helplines.
Read our guide here for the dos and don’ts on tackling money stress.
4) Switch Off the News
We know it can be tempting to hit refresh on your news feed all day to keep up to date with the economy, but when it's at the expense of your mental health? It's time to take a step back and put an end to the doom scrolling!
Even if it’s only temporary, unplugging from social media and limiting your time exposed to the news can significantly improve your mental wellbeing.
5) Talk it Out
Opening up about money is still very much taboo for some people - however, it’s often when we keep things bottled up inside that we suffer.
If you’re not quite ready to seek support from a professional, talk out your money worries with a friend or family member that you trust. Chances are they feel the same way as you do, and you’ll likely feel a huge weight lifted just from sharing your worries. You may also discover a solution to your problems that you hadn’t yet considered.
Finally, remember that you're not alone in this - your feelings are valid and it's okay to feel them!
Struggle to talk about finances? Check out our guide on how to open up to others about money.
Money and mental health go hand-in-hand, which is why we at ImageNPay strive to provide accessible financial education to all to help you tackle your finances.
If you struggle with budgeting, the ImageNPay app offers a digital prepaid card that you can top up with your own allowance. Once you’ve used up your allowance you cannot spend any more unless you top up again, which means zero risk of overdraft or interest fees that will push you into debt.
Find out more here about how a prepaid card can help you budget.
To find out more about our app and the other benefits of joining ImageNPay, tap the button below and download free on iOS and Android today!
Helpful Resources: