Whilst some choose to spend money on material goods to feel joy, pleasure can also be derived from saving money and seeing the balance grow over time. And that can be good for your mental wellbeing, too.

Mind - a mental health charity - say that '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.'

At the moment, Coronavirus is causing financial and job security anxiety for many, leading to concerns about bills and being able to afford to feed the family.

Help is available

The Money Advice Service has a guide for what you can claim right now if you've been affected.

Spending habits

You'll likely want to keep an eye on your spending habits, so Mind suggests keeping a diary of your spending and your mood. This will enable you to record what you spent and why, as well as how you felt before and afterwards. Doing this could highlight any triggers or patterns that you can tackle to improve your saving.

Taking control

Having your money under control can help you to overcome sleep problems and stress, but you can also talk to your local Mind for support. Often, talking to a stranger can be easier than talking about finances with your partner or family.

Savings accounts

If you're in the fortunate position to have savings, you'll want to know that your nest egg is safe, and that it can grow over time to help you and your family in the future. In addition, you may want to consider the type of savings account you use. The interest rate you'll receive with different accounts will vary, so you may want to do some research to discover the best savings account for you and your situation.

Whatever your situation, take care of yourself and your loved ones at this difficult time.

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