10 October 2019
Reducing financial stress
It’s safe to say that most of us will experience some sort of financial stress at some point in our lives, whether that’s the result of debt, redundancy or unforeseen expenses.
Financial stress can have an affect on your mental health, so it is important to try and manage any money-related stress as it arises.
We have compiled a list of tips to help in combating and helping with the worries financial-related stress can bring.
Put a financial plan in place
Keeping a track of your finances is a great way to stick to a budget. Having a plan in place can also decrease the levels of stress we may encounter if we feel out of control with our money.
Sticking to a budget is a valuable exercise and can give you a sense of empowerment knowing where your money is going.
To put a plan in place, you need to be realistic.
- Firstly, note down your income and calculate your outgoings
- Record your spending habits – ‘Do you really need that daily latte from that well-known coffeehouse chain?’
- Plan ahead– plan your meals for the week, take a homemade lunch to work
- Set savings goals and pay off debt
Talk with someone
There is often a stigma when it comes to talking about money, but there shouldn’t be. Speaking to a loved one can help in relieving the burden financial worries can cause.
Talking to a friend or family member can also give you a new perspective and make everything seem more manageable.
There are a number of organisations that can offer advice on a whole range of different topics.
- Money Advice Service – offer impartial advice on money management
- Citizens Advice – a network of independent charities throughout the UK, which give free, confidential advice to assist people with money, legal and consumer problems
- StepChange Debt Charity – A full debt help service available across the UK. Online support is also available via its debt remedy tool and vulnerable people (due to age, mental health or capacity) are able to get extra support via the free advocacy service
It is clear that money worries can have an impact on other areas of your life, as well as your mental wellbeing. Taking small steps (like the suggestions above) to try and rectify the problem can alleviate some of the stresses associated with finances.
This editorial provides generic information and opinions of the writer and should not be relied upon for making investment decisions. No advice has been provided. If you are in doubt as to whether a savings or investment plan is suitable for your child, contact a financial adviser for advice, which may incur a fee.