On #TimeToTalk Day, we want to talk about mental health and how it affects all aspects of managing personal finance.
One of the many areas in which we provide support and advocacy is around money. The clients we deal with are often vulnerable, have lost confidence or have some form of physical or mental disability.
When people are ill, are feeling anxious or depressed it is often hard to stay on top of things like opening bills. Or when people feel low they might make an impulsive purchase to cheer themselves up rather than saving money to pay for food and heating.
On top of this when people suffer mental and physical disabilities they are often on low incomes because of the inability to work. It then becomes very easy to fall into debt and also to become defenceless when it comes to scams and being mistreated, even by carers and family.
All of this can lead to feelings of guilt and shame so when people reach out to us for help, we know that they are at rock bottom and that money problems are affecting their social life, relationships, work and more importantly their health.
How we help clients with financial issues
In the last 12 months PCAS has helped their clients with 180 issues around Financial Management and 294 issues around reading, responding and understanding correspondence. These are just some of the cases we have dealt with:
Once client was in debt to at least 15 companies. Working with one of our advocates, a budget was created that he could work with. He is now on track and has paid of several of his creditors. His mental health is better as a result of this.
Another client, a 74 year of man has learning disabilities. He has sufficient funds to make his life more comfortable but was unable to make those decisions. With an advocate’s support he has put a pre-paid funeral plan and a care package in place which has given him peace of mind. He has also redecorated his bungalow, bought himself a new furniture, a new washing machine, freezer and fridge and carpeted his home. All of which will enable him to live a more restful and secure life.
Another client with learning disabilities who found it difficult to manage his money due to excessive spending. His bank standing orders were continually rejected due to insufficient funds and his debts were mounting up, when he was actually receiving sufficient money in benefits to pay his bills and living expenses. Our advocate helped set up a new bank account for his bills only leaving him more than enough spending money in his current account. He now needs ongoing support and encouragement to keep to this arrangement.
How you can help someone manage their money
If you want to know how to help someone with their money issues, these ideas might help:
- Encourage them to keep a record of spending
- Suggest only having one bank card, no credit cards so all transactions are in one place
- Set up payment plans with debtors
- Create a yearly budget with net income, expenses, bills and savings
- Encourage the person to save a regular amount each month to cover the months when bills are high
- Get them to save for unexpected breakdowns and replacements
- Understand the person’s emotions and moods when it comes to money
- Try to limit the amount of spending online and the influence of adverts on websites and social media
- Try to get someone to delay a purchase if not needed rather than be impulsive
- Distract them with something else that makes them feel good
Above all take the Time to Talk and listen. A problem shared is a problem halved and very often the first step to relieving financial stress is to talk to someone about their finances. If you think you can help us raise any funds so we can help more people please see the various ways you can get involved. https://shropshirepcas.co.uk/support-us/