How to get help for financial stress and mental health
Advice from Suicide Line Victoria about what you can do to improve your mental health if you are worried about finances.
The JobKeeper payment was a great support for many small businesses across Australia going through tough times. If you were receiving these payments, depending on your circumstances, you may now be considering whether your business will be financially feasible going forward.
While it is important to be on top of your financial situation entering this uncertain period, it is also important to keep on top of your mental health and wellbeing.
Situations that are outside of our control are often stressful and cause a range of distressing emotions. The end of JobKeeper in March 2021 and the financial strain that might have come with this can cause heightened stress, and maybe even feelings associated with guilt or loss. Below are some tips to help you navigate these economic tough times.
The end of JobKeeper payments may have caused you financial stress, and over a prolonged period of time this can lead to poor mental health and increase symptoms of anxiety and depression. If you are experiencing financial stress, you might also experience:
It’s important to be aware of these signs so you can put things in place that will help you manage these feelings of stress and anxiety surrounding your financial situation:
After JobKeeper ended you may be experiencing feelings of guilt towards your employees and/or family. Maybe you need to lay staff off or cut hours, and maybe you feel guilty that you are not providing the financial stability to your family that you once were. While much of the situation is out of your control, it may not stop you from experiencing these negative emotions. Below are some helpful ways to ease your feelings of guilt.
For small business owners, losing financial security or even your business can be confronting given the amount of time, effort, and energy that has gone into building your business from the ground up. Losing finances may also mean losing your lifestyle, plans for the future, and your self-image. Being faced with this loss may cause an emotional response similar to grief, and it’s important you can recognise this, and know how to cope. Signs to look out for are:
While these responses are completely normal and understandable, it is important that you are able to accept your situation and look towards the future. Looking after your mental health and wellbeing will enable you to think more clearly and better manage the situation and your emotions. To do this:
If you are feeling emotionally overwhelmed by your current financial situation, it’s a good idea to chat with your GP. You can also call or chat online 24/7 with Lifeline, the Suicide Call-Back Service, or Beyond Blue if you are in emotional distress or feeling suicidal.
If you need help managing your finances or need some information and advice, you can talk with a financial advisor. You can also use the below services for more information:
Advice from Suicide Line Victoria about what you can do to improve your mental health if you are worried about finances.
Some tips from Reach Out on how to cope with the uncertainty surrounding COVID-19.
10 tips from the American Psychological society on how to cope with the stress of uncertainty, noting the impact of financial stress.
Visit Smiling Mind for some information about what mindfulness is and how to practice it.
Information on how financial loss can affect you and what you can do to help.
For many small business owners, financial pressure is often one of the biggest sources of stress. Find out where you can get the latest COVID-19 support.
If you are feeling like you’re struggling to stay on top of things financially, there are ways you can help yourself.
Entrepreneur Lee Bargwanna’s experience with his new bubble tea store has taught him about hope and resilience in small business.
As a small business owner, you may still be feeling overwhelmed by the financial impact of COVID-19 and stressed about the future of your business.