When we think about our health, financial wellbeing isn’t always the first thing that comes to mind—but it should be up there as one of the big players. Money plays a huge part in shaping our stress levels, our mental health, and even our physical wellbeing. Taking steps to improve your financial wellbeing can help you feel more in control and less stressed.
Why Talking About Money Matters
Money worries can weigh heavily on you, affecting everything from your mood to your sleep. Financial stress is one of the biggest contributors to anxiety, and ignoring it only makes the problem worse. Opening up about your financial situation—whether it’s with trusted family, friends, or colleagues—can relieve some of that pressure.
Starting these conversations can lead to better money habits, shared tips, and the feeling that you’re not alone in your financial journey.
Take Control with a Budget
A solid budget is the foundation of financial wellbeing. It helps you keep track of your income, expenses, and financial goals, giving you a clear picture of where your money is going.
How to start: Start by listing your regular income and all your expenses, from bills to daily spending (and treats!) Then, look for areas where you might be able to save. Are there subscriptions you no longer use or small purchases that add up? Once you’ve got a handle on your spending, set some financial goals—whether that’s building up savings, paying off debt, or setting aside money for a big expense.
Budgeting doesn’t have to be complicated, and there are plenty of apps and online budget planner tools that can make it easier to track your spending and stay on top of your finances.
Address Debt Head-On
Debt can feel overwhelming but ignoring it will only make things worse in the long run. A clear plan to tackle debt can help you feel more in control.
How to start: Start by reviewing your debts—list them out and consider the interest rates and minimum payments. Use the MoneyHelper Bill Prioritiser tool to ensure you’re paying the most important debts first (such as rent/mortgage and council tax). Once you have a clear view, make a plan to tackle them, whether that means chipping away at the one with the highest interest rate, or finding ways to shift the debt to lower rates.
If your debt feels unmanageable, don’t be afraid to seek help. Organisations like Citizens Advice or StepChange offer free, confidential debt advice to help you get back on track. Talking to someone who understands can make all the difference and help you regain control of your financial situation.
Build Your Financial Resilience
Building financial resilience means being prepared for life’s unexpected events, like losing a job or facing an unexpected bill. It’s not something that happens overnight, but small steps can help you get there. Start by setting up an emergency fund—aim to save enough to cover at least three to six months’ worth of living expenses. That might seem unachievable if you’re starting from scratch, but even if you can only put away a little at a time, every bit counts toward creating a safety net. Building resilience can give you peace of mind in the long run.
Make Use of Free Resources
Improving your financial wellbeing doesn’t have to be something you do alone. There are many free resources available to help you make informed decisions and manage your money better. Websites like MoneyHelper offer practical advice on everything from budgeting to managing life events that impact your finances.
Sharing these resources with friends or family members can also help others get on the right track. When we all feel empowered to take control of our finances, we build a stronger, more financially healthy community.
Taking charge of your financial wellbeing can help you reduce stress, gain control over your money, and build a better future. Whether you’re setting up a budget, tackling debt, or building your financial resilience, the key is to start small and take it one step at a time. By opening up conversations about money and taking advantage of the free resources available, you can boost your financial health—and encourage others to do the same.
Sources:
MoneyHelper: www.moneyhelper.org.uk
Citizens Advice: www.citizensadvice.org.uk
StepChange: www.stepchange.org
Money Saving Expert: https://www.moneysavingexpert.com/
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