The new home for HMRC in Newcastle is taking shape in Pilgrims Quarter. It's a stunning new building which combines elements of the past with aspects of the present to create an elegant new home for HMRC staff. Of course there is no hiding the fact that the purpose of the building revolves around tax, a topic that can invoke deeply held views. These often link to our views on money, a topic that is often on our minds but one that is deeply interconnected with mental health.
 

Money – a common trigger for mental health issues

Financial stress can trigger anxiety, depression, and even physical health issues, while poor mental health can make managing finances more difficult. This cycle can feel overwhelming, but understanding the connection can help break it.  

Money worries are one of the most common stressors in modern life. Struggling with debt, job insecurity, or unexpected expenses can lead to chronic stress, which affects mood, sleep, and overall wellbeing. This financial anxiety can also lead to unhealthy coping mechanisms, such as overspending, avoidance, or substance use.  
 

Mental health and managing money

Mental health challenges can also make it harder to manage money effectively. Feeling low can lead to a lack of motivation which in turn can make it harder to budget or pay bills on time. Anxiety can lead to financial avoidance. How many of us have ignored bank statements or put off important financial decisions because of stress. 
 

Taking control of your money–mental health situation

Seeing money and mental health as interlinked is incredibly important, particularly if our worries or mood affect our financial situation or vice versa. There are some practical things we can do in such circumstances to help ourselves.

1. Firstly, it is important to have a clear financial plan. This can reduce uncertainty and improve control.
2. Talking to a family member, a friend, or a financial advisor can provide guidance and support.
3. If your mental health is being affected or is at the root of the financial difficulties you are facing, finding a therapist to talk things through is vital.
4. Setting small goals also helps, this creates a greater sense of control and makes us feel better.
5. Set yourself a budget and perhaps even set a small target to save each week.

By taking proactive steps, it’s possible to improve both financial stability and mental wellbeing. Money and mental health should never be viewed in isolation. Caring for one helps strengthen the other.