how to improve your financial wellbeing

realistic ways you can improve your financial security and reduce money-related stress

Knowing you have enough for today and enough for whatever might come with tomorrow is the key to financial wellness. There is no specific financial amount that you must have in your bank account to be considered financially well. It’s simply a feeling of being secure and in control.

The burden of financial stress can be avoided through sensible budgeting, saving, and living within your means. Here’s a few tips on how you can do this…

Budgeting

Budgeting helps you keep track and decide where you need and want to spend your money. The key to financial wellbeing is striking a balance: ensuring you cover your essential costs, your required costs and letting yourself spend a little on the things that make you happy. We shouldn’t feel guilty for spending money, we work hard for it. But we must spend wisely if we want to save and work towards achieving our long-term financial goals.

Saving

Get yourself into the habit of saving every month. You should be transferring a set amount across to your savings account after you get paid (before you start spending). What are you saving for? A rainy day, a holiday, redecorating…let it build up. Give yourself the option to spend it on something nice.

It’s also important to save in case something unexpected happens like your boiler breaks down or the car needs fixing. Knowing that money is there in case you need it will help you avoid a lot of unnecessary worrying.

Investing

Once you’ve laid your financial foundation and adopted good money habits, let your money grow. Smart investments will allow you more financial flexibility to do what you want. Speak to one of our advisors to find out if you’re ready to start investing.

Planning

Always always plan ahead. Think about your financial goals and long-term plans. With these in mind you’ll be able to track your progress and keep yourself motivated.

Why not review your pension? Find out how much you need to save to retire when you want, with the money you want.

Money related stress can trigger all sorts of problems. The longer you let it go on for, the harder it will be to transition into financial security.

We can help you organise and take control of your finances to regain that security and freedom. Using simple steppingstones, you’ll be on your way to an improved financial wellbeing. To hear more about our financial support in this area, email geraint@themoneypartnership.com or phone 01633 987070.