Five benefits of improving your financial wellbeing
It’s no secret that being smart with your money and adopting good money habits can have a positive impact on our everyday lives. Financial wellbeing can mean different things for us all, but to put it simply, it’s all about building a good relationship with money and feeling in control of both your day-to-day finances and long-term goals. It’s about having the freedom to make choices so that you can enjoy life and also feel prepared to cope with a financial shock. Keep reading to find out how good financial wellbeing could benefit you!
Improved mental health
There’s a strong link between money and mental health and in some cases, money-related stress can lead to anxiety and depression. Being in debt and worrying about how you’ll afford your rent can result in high stress levels, and in a study by UK charity Money and Mental Health, 86% of people said financial problems had made their mental health worse. Making the time to take a close look at your finances, track your spending and create a budget will help you feel more in control of your situation.
Feeling more in control
Taking control of your money is an incredibly empowering feeling. They say money makes the world go around, so ensuring your bills, expenses, savings, and debts are all taken care of will help make daily life run more smoothly. Not only does financial wellbeing make you feel in control of your money, but it also has a knock-on effect in other areas of your life such as; relationships, health, and your career.
Adopting a money mindset
Improving your financial wellbeing can completely change your mindset and this will have a big impact on your behaviours and long-term financial goals. You’ll gain a greater understanding of the money basics, always looking for ways to save money and start to be more focused on your future and how you can get to where you want to be five years from now.
Want to know more?
You may feel as if you’re miles away from seeing the benefits of getting on top of your money, but by taking small steps like tracking your spending, you’ll be a lot closer to your goals.
We want to support you on your journey to financial wellbeing, so don’t hesitate to get in touch with us if you’re struggling to make ends meet.
Having a long-term financial plan
Maybe you’re dreaming of a summer holiday next year or preparing for the arrival of a new baby, taking a closer look at your finances will help you understand the steps you need to take to reach these goals. Adopting good money habits and making a plan for how much you want to save will help you stay focused on the future and the goals you want to achieve, big or small. If you need help getting started, Money Helper has created an online budget planner to help set you up for success.
Cope with financial shock
Keeping a cool head in a crisis can be hard, especially when that crisis is about money. Having a financial safety net will give you peace of mind that if something unexpected does happen, you’ll be able to handle it. Putting £10 aside each week will help to cover any unplanned expenses, such as repairs to your car or could help you feel more prepared for Christmas. Trying to save little and often will mean you’re more prepared for anything life throws at you down the line.