The month-to-month life — and my mental health.
For as long as I can remember, I’ve always known if I need money, I’ll find a way to get it. Whether it be by selling clothes on Depop, doing paid research projects, or extending my overdraft by just that little bit more. I have become a month-to-month money survivor.
I’ve always prided myself on being a grafter. I work hard for my money and therefore, I will spend my money on things that reward me for working hard. I work to live; I don’t live to work but that certainly comes at it’s own price.
I will watch my money go down to the last pound or the last part of my arranged overdraft until it hits payday. I will live like a prince on payday, and then spend the other half of the month like a pauper. I’ve done that for as long as I can remember.
I don’t think I’m alone. According to a study by career builder, 31% of Brits live paycheque to paycheque. The thing is, my credit score is good. I’ve never missed a payment, and according to the bank, I would be a good ‘lender’. However, I can’t help worrying — what if I lost my job, what if my car broke down, what if I couldn’t get money when I really needed it.
Retail therapy is a thing. I love going out and treating myself, but when I’m choosing between food in the fridge and whether to go out with friends, I question whether my shopping splurges are worth it.
There is a clear correlation between my bank balance and my mental health. In fact, according to the charity Money and Mental Health, 1 in 5 people with a mental health problem are likely to be in problem debt.
About a month ago, I was underpaid by £500. The taxman had got his calculations wrong, and it was a huge wake-up call for me. I was fortunate to be able to borrow money from my Dad knowing that the money would be coming straight back to him at the end of the month. However, I couldn’t help but think, what if I wasn’t lucky enough to have someone like my Dad who has savings he can dip into. What if he couldn’t afford it that month — what would I have done?
When I made the decision to move to London in 2019, I knew these next couple of years would be expensive. What I didn’t anticipate was living in such a way that I wouldn’t be able to invest in my future at all. I have lived the ‘London life’ of going out and seeing friends, doing something every weekend and as a result, making myself anxious for the last part of the month that I might not quite make it through.
If you’re reading this and feel that even some of it rings true, please use this as your wake-up call too. Here’s what I’ve started to do:
1) Downloading apps such as Plum
Something that shows your instant spending and gives you daily reminders of your bank balance. I also love that you can set up savings pots that will automatically take money out on paydays and various times a week so that you’re saving without even realising.
2) Reviewing your Direct Debits/ Subscriptions
The number of subscriptions that automatically renew without me realising is ridiculous. I now make a habit of checking what am I actually paying for. Do I actually use that app anymore? Do I need Deliveroo plus? These are the kinds of things that are easy to cut out and can help you claw back some cash.
3) The Power of No
Every plan I say ‘yes’ to means a no to something else — often to my own wellbeing. I’ve really tried to say ‘no’ to things when I know I need time to rest and reset. Pushing myself to do things for fear of missing out is not a good enough reason to a) harm my wellbeing and b) put pressure on my bank balance. Every plan I say ‘yes’ to needs to be for me and be a genuine investment in myself, both financially and mentally.
4) Talk About It
If you’re worried — talk about it. A problem solved is a problem halved. I talked to my boyfriend about it recently and we came up with a plan to help me get back on top of my finances. It involved budgets, spending reviews and a few harsh truths but knowing I wasn’t on my own helped so much.
Money is a difficult balancing act and it’s something I’ve set myself as a personal target to get better at, but like any form of personal development, it will take time. The best investment you can ever make is in yourself and that is truly priceless.
You’ve got this,
Love always,
Lauren x
MindMapper UK and DigInBox are bringing you, The Festival You Didn’t Know You Needed on October 8th: https://www.medayfestival.com/
Sources
https://www.moneyandmentalhealth.org/money-and-mental-health-facts/
