Stress and money issues often go hand in hand. You owe money, this makes you stressed, you borrow further to pay your debts and the stress levels rise.

With credit more readily available than ever before, it has become easier than ever to slide into debt, all it takes is for sickness, a redundancy or an unplanned financial emergency for things to spiral out of control.

Recognising the cause of the problem

The first step is understanding and recognising that debt is the main issue causing you to be stressed, once you start to tackle the cause of the issue you should begin to feel more in control and less stressed.

Prioritise your payments

You’ll need to plan and budget effectively, this will mean cutting down on any excess spending and understanding that events such as Christmas and birthdays will need to be planned for.

It might be worth alerting family and friends that you are prioritising the essential payments such as rent, food and heating as well as making payments towards clearing your debts. Here is a useful tool that can help with budget planning - Budget Builder.

Are you claiming all the benefits you could be entitled to?

It is worth checking that you are claiming all the benefits you’re entitled to such as free school meals for your children and tax credits, universal credit and any disability allowances. There is a helpful online tool here.

Some benefits can be backdated to the date of claim, so if you are entitled you shouldn’t delay applying. If you need help with your application, it will be worth getting in touch with your local Citizens Advice Bureau who should be able to help you.

Useful links