Financial wellbeing
With our lives getting increasingly busier and more hectic, you may have heard more people talking about looking after their wellbeing. For many, wellbeing is the feeling of being emotionally, mentally and physically healthy – which is linked to leading a happier life.
This same feeling of wellbeing can also be applied to how you handle your finances. The Money and Pensions Service describes ‘financial wellbeing’ as feeling secure and in control of your finances – both now and in the future. Good financial wellbeing can help bring peace of mind around your spending habits, whether you’re paying monthly bills or saving towards your retirement. It can also prepare you for when something unexpected happens.
Staying on top of your financial wellbeing can be tricky, but here are some quick tips to help keep this in good shape.
Plan for now – and the future
Having a financial plan in place can be a great way to improve your financial wellbeing. It can help you stay in control when paying for everyday essentials such as shopping and bills (and maybe even the odd treat or two when you can afford it). It can also support your long-term financial goals, such as making regular savings to enjoy later in life.
Setting a budget is one way to balance your spending and improve financial wellbeing. The MoneyHelper website offers advice and guidance for creating your own budget.
Keep your financial details together in one place
If you have several financial accounts or are making payments in different places, it’s a good idea to keep any information about these together in a safe place. This could include payslips, bills, statements or receipts. This will make it easier to find these details for when you really need them, and help you keep better track of all your financial activity.
Financial providers may also have tools or apps to help keep your details together. For example, members of The People’s Pension can find and edit their pension details using their account or within our mobile app.
Review your financial goals regularly
From saving a deposit for your first house through to planning your ideal lifestyle during retirement, regularly reviewing your finances will help you to stay financially resilient and in control at key life milestones.
To help prepare for your future, you can use our retirement planner. It shows you how much money you may need and could have in later life.
Find the right financial products for you
Having the right financial products can have a big impact on improving financial wellbeing. This could mean finding a product that gives you more flexible financial options to better meet your needs. Or maybe you want a provider who uses plain English in their communications to help you make well-informed financial decisions.
Before signing up to a new financial product or provider, it may be worth taking the time to fully research them to make sure they’re the right fit for you.
Get advice
Making important financial decisions can feel overwhelming at times. It can be especially challenging when something unexpected happens, like needing to pay for emergency house repairs or a surprise bill.
If you need support with your finances, it may be worth getting professional financial support and guidance. This can help you take greater control of your money and feel more confident and comfortable about your financial wellbeing.
MoneyHelper offers free and impartial guidance around finances – from everyday money to pensions – and can also help you find a financial adviser. Mind also has dedicated webpage helping people to organise their finances.