The crucial link between money and mental health at university - Debut

The crucial link between money and mental health at university - Debut Gather round, young ones. You need to know this before you go out into the world. The link between money and mental health is something thats been explored for a long time. But the focus always seems to be general and only relevant if youre already adulting. What about if youre living hand to mouth in a student house, battling towards a degree? Well, lets talk about it. Money and mental health at university The whole world seems to be talking about young people and mental health more and more. Naturally, money is a big part of that. Financial capability, or the effectiveness of the way you handle your money, is super important when youre at university. Its hard enough squeezing the juice out of your maintenance loan with your rent, bills, food and sesh budget to consider. But if, like 78% of students you experience a mental health problem at university, it gets even trickier. Last week, the Money and Mental Health Policy Institute published a report showing the result of a survey of 5,500 people with different mental health problems. They found that pretty much all of them have trouble spending within their means or saving for their futures. Whys this? Because oftentimes, you just need a clear headspace to deal with heavy, above-the-shoulders stuff like finance. The study found that various mental problems can be agitated by the little intricacies involved in dealing with your personal expenses. For instance: A lack of motivation to tackle money issues for people  with depression. Or actively avoiding them all together if you have anxiety ADHD sufferers with problems concentrating on complex financial tasks, like constructing a budget People with bipolar disorder having trouble comparing prices for services due to reduced problem-solving capacity People with PTSD having trouble remembering PIN numbers and bill payments due to severe memory problems The report also found that that your average spend increases in periods of poor mental health, so might wanna watch out for that. Were all for treating yourself but spending £30 a day on comfort takeaways could make your mental situation worse when you eventually look at your overdraft. Managing your money and mental health So what can you do to help yourself out? Heres a few quick finance tips from us: Stick to your budget, but dont live and die by it. Its pretty much unavoidable. The most helpful way to manage your money is create a budget. UCAS has a great tool for it if you have trouble.  It may take you a while to get used to sticking to it and you will make mistakes. Dont beat yourself up though these things take time and you can always make economies for any splurges the next month. Read more: This student budgeting guide will stop you from blowing your student loan Use cash. I went to great lengths to avoid looking at my bank balance whilst at uni. I actually learnt how to use cashpoints and do my internet banking with my eyes closed. Anything to be wilfully ignorant of my spending. Its even easier to do so whilst tapping away with a contactless card. If you struggle with plastic restraint, try getting out all your disposable income for the week (so not your rent or bills) and separating it by what you need to spend it on. One pile for food, one pile for entertainment etc. That way you always know  exactly what you have left.Dont want to do that or your rooms not safe enough for you to leave money around? Try using a prepaid solution like Loot or Monzo for your day-to-day expenses. Ask your bank for help.  Banks have already tried to make banking accessible for the wheelchair bound and the blind. Ask what they can do for you. Some offer voice recognition to get around remembering security details, as well as budgeting tool and spending controls which can also help. Talk to your friends.  If youre blessed to have housemates you have a good relationship with, be honest with them.Dont feel obliged to go out with them if youre strapped for cash. Organise a house contribution kitty for all the little communal things that everyone needs, e.g. kitchen roll and washing powder, so you can share the cost. Instead of ducking the person who organises the bill payments, have a conversation with them. Theyre all going through it and would be happy to help. Learning to manage your finances is a big part of nailing university life, but its a unique form of self-care too. Its important to know what youre up against and dedicate the proper time to getting it right. Good luck! Download the Debut app and  get Talent-Spotted by amazing graduate employers! Connect with Debut on Facebook and Twitter