Martin Lewis has shared advice on steps to safeguard money for those who may not trust themselves to spend it because of mental health issues.
This was relayed in an episode of The Martin Lewis Money Show which was airing a special live programme.
The show was broadcast in aid of World Mental Health Day and saw Lewis discuss money and mental health.
Advertising the show on X (formerly known as Twitter) Lewis shared: "Right I'm about to start finalising my help & tips graphics for tonight's @itvMlshow 8pm on money & mental health.
Right I'm about to start finalising my help & tips graphics for tonight's @itvMlshow 8pm on money & mental health. The challenge is going to be how to get everything I want to say, plus an interview with the HSBC boss, and the regulator, into an ITV half hour (23mins)!
— Martin Lewis (@MartinSLewis) October 10, 2023
"The challenge is going to be how to get everything I want to say, plus an interview with the HSBC boss, and the regulator, into an ITV half hour (23mins)!
What advice did Martin Lewis give?
Martin Lewis recommended sorting your core finances, such as cutting costs and lowering your debt interest, although he recognised it wouldn't be possible for everyone.
He also stated that because of certain mental health issues the way that people treat money "can change at different times".
People may not trust themselves to spend their own money if feeling like this, so Lewis shared some measures to add 'friction' where you wouldn't be denied your own money but it would delay it to give you time to think over your decision.
Such techniques included switching to a basic bank account and avoiding credit cards or switching to a low-limit card.
People can also add a 'Notice of Correction' to their credit file where they can note that they have mental health issues and shouldn't be taking on any more debt.
Have you had money and mental health problems? If so we'd love you to lend your experience to my @mmhpi charity, so we can try and make things better. Please read and maybe join our lived experience research group... https://t.co/GLWi7GjnKU
— Martin Lewis (@MartinSLewis) October 10, 2023
This can be taken off but it will take 28 days to do so and make give people the time and space to reconsider.
What is World Mental Health Day?
World Mental Health Day takes place each year on October 10.
The day is about "raising awareness of mental health and driving positive change for everyone’s mental health" says the Mental Health Foundation (MHF).
The MHF added: "It’s also a chance to talk about mental health, how we need to look after it, and how important it is to get help if you are struggling."
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