With the cost of living still high, lots of young people are facing increased pressure to keep up financially.

Often, stress about money can also affect our sense of comfort and happiness. Research from the Australian Securities and Investments Commission and BeyondBlue shows there’s a strong relationship between money and a person’s sense of wellbeing.

If you need support:

• 13 YARN – Crisis support line for Aboriginal and Torres Strait Islander people (free)
• 13 11 14 – Lifeline (free)
• 1800 007 007 – National Debt Helpline (free).

With that in mind, here are a few tips if you’re feeling overwhelmed about your money situation.

1. Speak to trusted family and friends

It’s likely you’re not the only one in your circle feeling stressed. Friends and family may be able to offer a listening ear or some words of advice.

2. Consider financial counselling

If you’re worried about your level of debt or spending, you can speak to a financial counsellor for free. One avenue is the National Debt Helpline: 1800 007 007. 

3. Take some free financial education

If you want to learn more about money, consider the First Nations Foundation’s free My Money Dream program. You can find out more here.

4. Create a budget

If you’re spending more than you’re earning, consider creating a money plan to track where your finances go and where you can potentially cut back.

Remember, if you’re feeling very distressed, help is always available. See the box of phone numbers above.

Like every article on this website, this is not personal financial advice.