We know that keeping on top of your finances can be difficult. Life is an unpredictable roller-coaster, with highs and lows interspersed with unexpected bills. Maintaining financial stability amongst life’s turbulence is challenging, even for the most expert of savers. While the feeling of being out of control financially can be a great cause of stress for many, conversations around money are often omitted within wider mental health conversations. That’s why we’ve put together our tips for improving financial wellness.
Wellness in saving
One of the key principles of financial wellness is stability. Whilst it’s not possible for everyone, one way to start is by building an emergency fund. This is a savings account that can be used for when life throws something unexpected your way, to avoid any panic.
Rainy day funds can be built just like any other savings – by giving yourself space to set aside some money each month, even if it’s just a small amount. One way to do this is by budgeting a set amount for each month, including bills, necessary spending such as groceries, and a set amount for treats.
When setting your budget, it’s important to be realistic with your predictions, to avoid constantly feeling like you’re over budget if the parameters you set are too tight. It’s also possible you’ll go over your budget, no matter how you set it; remember in this situation to try and avoid feeling remorseful – slip ups are learning experiences rather than mistakes.
Wellness in spending
While it’s important to try and create security with your savings as a first port of call for financial wellness, it’s useful to think about how you spend. Thinking about which purchases bring you lasting joy is a good exercise for mindful living, and it may even help you save if you realise some of the things you are spending your money on aren’t serving you in the long run.
It’s good to try and avoid making comparisons to other people’s spending - especially since you don’t have the full picture of everyone’s financial life.
If possible, consider also leaving room in your finances for rest. If you’re working around the clock to fund a lavish lifestyle, you might not be leaving enough time to rest up and avoid burnout.
A problem shared
It’s often difficult to talk about money, since financial matters can be seen as taboo. Despite this, sharing concerns over money with a trusted person can help to reduce the emotional burden of tricky finances. If you’re struggling with money issues and don’t feel like you can share with anyone, the NHS’ MoneyHelper Service offers free phone or WhatsApp lines to provide impartial money guidance.
