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How is your Financial Wellbeing?
With the cost of living rising, many of us have been feeling the strain and this is where we see the impact of financial wellbeing on our mental, physical and social wellbeing.
Good Financial wellbeing is the feeling of being secure and in control. It is knowing that you can pay the bills today, can deal with the unexpected and are on track for a healthy financial future. It is about being confident and empowered. (Money and Pensions Service)
The first step in the journey to improve your financial wellbeing is to ask yourself a few key questions:
Where am I now and where do I want to be?
Am I organised? This is where you need to look at all your bank statements, credit card bills and scour through to find those pounds and pennies you could be saving. If you have been paying for a gym membership, how many times have you used it and could you instead go for a walk every day.
Clear out the kitchen cupboards and look to get innovative in the kitchen with what you have. How many times have we bought some vegetables and thrown them out because we haven’t used them?
Am I budgeting correctly? Here is a link to a great budget tool Use our budget planner | MoneyHelper
Am I in crisis and need help or am I surviving and knowing this is tough but will make it through?
Where are you on your journey? Do I want to save for a holiday, clear my debt, improve my credit rating or save for a wedding or am I thinking about what I need when I retire?
In the current climate it is first and foremost to try and clear any debt, so you minimise the amount of interest you pay. The average credit card debt is at £2,595 and if you only paid the minimum amount, it would take you about 26 years to pay it off!
If you are struggling, then this is the time to seek out help and see what support you can get. It is one of the hardest steps you will take but one that you will not regret. Landlords/Banks/Energy Providers are all under obligation to help people struggling with the current high costs of living.
There are some amazing organisations that offer support and are in the public domain to speak to if you are struggling.
Stepchange ( https://www.stepchange.org/ )
In all cases, if you are experiencing high levels of stress or anxiety around your finances then please reach out for help.
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