This time of year can cause a lot of stress when it comes to money. The new autumn chill means that heating and gas bills are going to increase (not to mention the current energy crisis), plus you may be thinking about making a start on Christmas shopping. As you know, Financial Wellness is one of the core elements of our 8Wise™️ approach as we can’t experience overall wellbeing without it. You don’t need to have lots of money in the bank to achieve Financial Wellness, it’s all about understanding what money means to you and learning how to manage your financial expenses.
Money is a common cause of stress, anxiety and fear for many people. In today’s blog post we’re going to be sharing some ways that you can protect and maximise your Financial Wellness, both this season and long-term.
As we mentioned, you may be thinking about the big ‘C’ – not coronavirus! Christmas! It can be helpful to through your finances and give yourself a budget for this. For example, write down who you would like to get presents for and allocate a budget for each person. Don’t feel pressured to spend more than you can afford.
Budgeting isn’t only helpful for Christmas – it can be useful to allocate yourself a budget every month. Sit down at the start of each month and think about what you may need to spend things on. Every month will be different so be sure to do this regularly. It can also be helpful to keep a track on your expenses so you can see exactly where your money is going. You may identify areas that you could improve on, for example perhaps you want to reduce the number of coffees or takeaways you have each month.
Another tip is to put a plan in place to get yourself out of debt. Many people are in debt, so don’t worry if you are one of them. Try and pay off your debt each month. If you are paying interest, see if you can reduce it or even better find an interest free deal. You can also try and shop around for the best deals for things like utility bills, gym memberships, mobile network providers etc. Martin Lewis is a great person to follow for regular money saving tips!
Do you have clear financial goals? Think about where you want to be financially within the next few months, the next year, and within the next five years (or beyond!). Do you want to eliminate your debt? Perhaps you want to earn a certain amount, or purchase a property. Whatever your goals are, make a plan on how you’re going to reach them.
Our final tip for today is to live within your current means. Social media can make us feel like we have to have the newest thing all the time, but remember that’s not realistic. Only make purchases that you can comfortably afford, otherwise it will lead to a lot of stress and worry down the line.
Learn more about how to boost your Financial Wellness in our book ‘8 Wise Ways To A Healthier Happier Mind’.