Money is an important resource in society whatever way you look at it. Earning money funds your lifestyle, but it can also be a source of worry and st
Money is an important resource in society whatever way you look at it. Earning money funds your lifestyle, but it can also be a source of worry and stress. Many UK adults struggle with debts and do not have a healthy financial outlook. Even so, the topic is still fairly taboo with people shying away from asking for help.
There are some changes you can make to improve your financial wellness and therefore improve your emotions surrounding money and finances. Here are some tips to help you do just that.
The connection between money and stress
Your mental health is a precious resource and should be looked after at all times. Unfortunately, stressors such as financial insecurities can have a huge impact.
Money issues do not discriminate; everyone can find them stressful. Worrying because your paycheck doesn’t quite stretch far enough leads to worry and anxiety. This then causes a low mood or depression which can be triggered whenever you think about money.
You may also notice that you feel down about yourself and have low self-esteem concerning your income versus what you want to be earning. Feelings of not being good enough are hard to shake. All these feelings combined can make it hard to sleep which then exacerbates all the feelings again – it is a vicious cycle.
Creating a solid emergency fund
Financial planning comes in many forms and one of these is having an emergency fund. Life likes to throw unexpected expenses at you. This could be medical issues resulting in time off work or a broken-down dishwasher in the days leading up to Christmas.
Having an emergency fund allows you to tackle these challenges without using your usual budget for food and bills. To create one, work out how much you can afford to set aside each month. Even £20 per month will add up to £240 at the end of the year.
Investing in financial education
If there are areas of money management that you feel less confident about then look at the many available resources. Some banks offer free services to teach you about savings, tackling debt and how to spot scams.
You can also pop into your local bank branch and speak to one of the advisors there. Not only will they be able to signpost you to different resources, but they can also help you with the various bank accounts on the market. You want one that best helps you and your finances, but it can be overwhelming.
Leveraging wealth management services
On rare occasions, you may inherit a large amount of money or make some wise investment decisions. When this happens, you will want to protect your funds as well as grow your wealth optimally.
Expert advice from wealth management services can help to simplify decisions and keep your best interests at heart.
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