Tips for Organising Your Finances

Managing your finances can be a daunting task, especially if you're dealing with mental health challenges. Here are some practical tips to help you stay organised and in control of your money:

• Claim Entitlements: Ensure you’re receiving all the financial support you’re entitled to, such as benefits or grants.
• Organise Documents: Keep all important financial documents, such as letters, bank statements, payslips, bills, and receipts, in one easily accessible place.
• Regular Bank Check-Ins: Set a regular time to check your bank balance to stay aware of your spending and account balance.
• Routine Financial Tasks: Incorporate financial tasks into your daily or weekly routine. Allocate specific times for tasks like paying bills, and reward yourself with a relaxing activity afterward. You can use the money and mental health toolkit from the Mental Health and Money Advice website to get started.
• Distraction Plans: Develop strategies to distract yourself if changes in your mood might lead to impulsive spending.
• Use Cash: Where possible, use cash instead of cards. Withdraw only what you need for specific expenses, like your weekly shopping.
• Create a Budget: Budgeting is crucial. Money Helper offers budgeting advice tailored for various situations, including self-employment, zero-hour contracts, or Universal Credit.
• Essential Spending List: Make a list of all monthly essential expenses, such as rent or mortgage payments, energy bills, phone bills, and groceries. The Mental Health and Money Advice website provides a free budget planner to assist you.
• Manage Debts: If affordable, set up standing orders to pay off debts monthly or use online debt management tools like those on the StepChange website.
• Seek Debt Advice: If you're struggling with debt repayments, seek advice from debt organisations. You might be eligible for a break from interest under the Government's breathing space scheme, detailed on the National Debtline website.
• Separate Savings: Use bank accounts that allow you to allocate money into separate pots, ensuring funds for rent or bills aren't spent. Money Saving Expert provides information on different banking apps.
• Direct Debits: Set up direct debits for bills and regular payments to avoid accumulation. If you can’t afford payments, see our advice on managing bills.

If You Can't Afford Bills or Food

If you’re struggling to cover essential expenses like bills or food, remember that help is available:

• Claim Benefits: Explore benefits that can help with living costs.
• Foodbanks and Community Fridges: Use local foodbanks or community fridges that provide free food, often without requiring vouchers.
• Social Care: Check if you’re eligible for social care support.
• Disabled Facilities Grant: Apply for this grant if you need to adapt your home due to a disability.
• Energy Supplier Assistance: Contact your energy supplier for schemes aiding those struggling with payments. The charity Scope also offers an energy advice service.
• Ofgem Guidance: Ofgem provides information on getting help with energy bills.
• Local Assistance Schemes: Some councils offer assistance for emergency costs.
• Prioritise Bills: Money Helper has a tool to help you prioritise bills and payments, providing steps to manage them effectively.

Planning Ahead in Case You Become Unwell

Preparing for potential future health issues can give you peace of mind and help you stay in control:

• Budget and Savings Calculators: Use these tools from the Money Helper website to monitor spending and save for future needs, like hospital stays.
• Lasting Power of Attorney: Consider setting up a lasting power of attorney to give someone legal control of your finances if you become unable to manage them.
• Monthly Expense List: Keep a list of essential monthly expenses and any benefits or grants you receive.
• Hospitalisation Planning: The Mental Health and Money Advice website offers guidance on managing your finances if you need to go into hospital.

By following these tips and seeking the necessary support, you can better manage your finances and reduce the stress and anxiety that often accompany financial difficulties.