How is your financial wellbeing?
The truth is that a lot of us are dealing with Money Issues these days. Financial wellbeing is one of the most stressful aspects of our everyday lives. In fact, one in five of us will worry about our finances every day, and it can be hard dealing with our money troubles on our own because we are not money experts! However, rest assured there are many ways that you can improve your financial wellbeing and here are some tips for financial wellbeing in 2021!
Talk about your money troubles
Simply just bottling up your money troubles and not opening up can have a long-lasting detrimental effect on your mental health and your financial wellbeing. So, if you are struggling with money, talk to an expert or even take the time to talk to a loved one or a friend about your money troubles. By being open and honest about your money situation you will promote a healthier relationship with money.
Get your finances in order
In today’s world everything is 100mph and we are all extremely busy. This means that unfortunately it is common for our finances to fall to the bottom of our priorities list. Take the time to understand exactly where you are with your finances including both your income and your outgoings each month focus on understanding exactly what you are spending each month. Having total clarity of your finances can help to reduce stress and will improve your relationship with money, allowing you to begin making small steps towards healthier financial wellbeing.
Budget
In the previous tip we talked about “Getting your Finances in Order” by understanding your income vs outgoings this allows you to budget. When budgeting you need to factor in the following:
- Income – Add up all elements of your income including any benefits you may receive
- Mandatory Outgoings such as rent, utilities, insurance, food shopping
- Debt Repayments such as credit cards bills or loans
- Any non-essential spending
Once you understand the above this will enable you work out your monthly budget so that you understand exactly what amount of money is allocated to bills and what amount of money you can realistically spare. The goal is to create a monthly budget that enables you to live within your means comfortably.
Save some money for a rainy day!
Have you ever been in that situation where your Washing Machine has broken down on you? Or something on your car has broken? And your initial thoughts are “how am I going to pay for this?” It is now more important than ever to prepare for the future and that rainy day! Each month save a small amount of money for a rainy day so that when you need to pay for something important unexpectedly you can. This ultimately will help you to avoid having to borrow money and getting into debt!
Be smart with Debt
When looking at loans, credit cards or anything that involves getting into debt you should always ensure that you look at your finances and monthly budgets to ensure you can keep up with the repayment commitments comfortably. Accumulating debt can become stressful and create worrying thoughts when trying to fit the repayment commitments into your monthly budgets. The more debt you accumulate the more stressful and worrying your situation will become. Focusing on reducing your debt in a way that feels manageable for you. There is a wide variety of free advice and support online that can help you to reduce your debt such as the Money Saving Expert.
These are just some of our top tips for financial wellbeing in 2021. Remember, you don’t have to do everything straight away. Small steps each day all add up and move you closer to your goal of financial wellbeing!
Could money troubles be keeping your employees up at night? Mindfulness can provide a variety of benefits, including the promotion of positivity, good mental wellbeing, and stress relief. Here at Fusion, we offer a wide range of mindfulness services. Contact us now to learn more!
