Money Talks: Covid stress has put my spending out of control

Carol Brick of Hermoney.ie answers a reader's question about how to manage your money habits when your mental health is suffering

Money Talks: My mental health is suffering over money worries.

Since the pandemic hit, I have been suffering from severe stress and burn out and my mental health has taken a turn for the worst. Consequently, I have lost all control of my finances. I have been indulging in out-of-control spending and missing loan repayments etc. What can I do to address this situation which is now out of control and making my overall health situation even worse?

You are not alone; our lives have experienced severe unrest over the past eighteen months, and many are in the middle of or on the verge of burnout and despair. When a person is struggling with their mental health, they behave differently towards their finances and are much more likely to engage in behaviours such as unnecessary and uncontrollable spending and turning their back on debts, personal budgets, and financial goals.