Video Transcription

Mind & Money pt 1: low cost mental health support, difficult money conversations + budgeting tips

Headspace: Cost of Living – Take One

Hamish:
Hi, I’m Hamish, I use he/him pronouns, and I’m 21.
David:
Hi, my name is David, I go by he/him pronouns, and I’m 24.

We know that the rising cost of living is really tough on young people right now. Whether it’s housing, study and career goals, mental health, or relationships with family and friends, the cost of living can impact many aspects of our lives. Today, we’ll be talking to a headspace mental health professional and a work and study specialist about how the rising cost of living affects young people and what support options are available.

Let’s dive into it.

David:
So, Hamish, in your opinion, what are the biggest stresses young people are facing with the cost of living?

Hamish:
There are so many. Socialising costs money, which can make it harder to enjoy life. Even basic things like sports or recreation have become too expensive. I’ve had to cut back on some of those activities.

David:
Yeah, I totally agree. Housing is getting so expensive, and family members often still pressure you to save for a house. But the reality is, the cost is just out of reach, and that adds a lot of stress.

Hamish:
How has the rising cost of living affected you personally?

David:
It’s the constant worry. When you’re lying in bed or working, you’re always thinking about how to cover your basic needs, like rent and food. And when things don’t go as planned—like if your laptop breaks—it just adds to that stress. It’s unpredictable and overwhelming.

Interview with Zoe (Clinical Coordinator, Vocational Services)
Zoe:
Hi, I’m Zoe, my pronouns are she/her. I work at headspace National as Clinical Coordinator of Vocational Services. I’m a social worker with experience in youth mental health.

Interview with Sam (Work and Study Specialist)
Sam:
Hi, I’m Sam, my pronouns are she/her. I’m a Work and Study Specialist with the Work and Study Online program. I have a background in banking and employment services.

Zoe:
Money worries are tough. They can make you want to cut out social activities, but that actually worsens your mental health. It’s important to keep self-care a priority. Maybe find ways to still enjoy life without overspending—like low-cost or free activities that make you feel good.

Sam:
Absolutely. You don’t have to eliminate fun altogether. Plan activities like going for a walk, visiting parks, or even having a movie night with friends. These little things help maintain a balance and keep your mental health in check during tough times.

Hamish:
Do you have any advice for young people who feel like the cost of living is affecting their career or future progress?

David:
It’s really easy to get stuck thinking too far ahead. My advice is to set small, achievable goals. Research the steps you need to take to get there and just chip away at them slowly. It’s about living in the present and not letting the stress stop you from moving forward.

Zoe:
It’s also really important to talk to trusted family and friends. Reach out for support when it feels like the stress is impacting multiple areas of your life. Don’t hesitate to contact financial services for assistance.

Sam:
If you’re feeling stuck, there are places that offer free advice. For example, the National Debt Hotline offers financial counselling, and banks may have hardship departments that can help.

Accessing Free or Affordable Mental Health Services:
Zoe:
A good first step is seeing a GP who can provide a mental health care plan. This can help you access affordable services. If you’re at school or university, student services often offer free counselling. And eheadspace is another great online resource for free, confidential support.

David:
There’s often a stigma around talking about money, especially with friends and family. It can create tension. What advice would you give on how to approach these conversations?

Sam:
It’s about being honest. If you’re on a tight budget, it’s okay to let friends know you need to do low-cost activities. Sharing your financial situation can help avoid awkward moments later on.

Practical Tips for Managing Finances:

1. Budgeting – Start by mapping out your expenses. Even if you don’t stick to it perfectly, having a budget helps you stay prepared.
2. Be Informed – Understand the implications of financial choices like credit cards or Afterpay. Knowledge helps you avoid unnecessary stress.
3. Seek Support – Don’t be afraid to reach out for help, whether it’s financial support, career advice, or mental health assistance.

Zoe:
Talking about your worries, reaching out for advice, and asking for help when needed can make a huge difference. Whether it’s mental health support, financial advice, or career guidance, don’t hesitate to seek assistance when you’re feeling overwhelmed.

End of Part One – Stay tuned for part two of this conversation!