Is this article useful?
Are you living within your means and planning for your future? Or are you drowning in debt and in denial about your financial situation? Beyond paying off your debts and saving, there are ways to build healthy habits to improve your financial wellbeing. Here are some money management tips to help you get started.
A good way to establish if you're living within your means is to keep a daily record of where your money goes during a typical month.
Here's what you may consider:
There are times when our finances may not be as 'healthy' as we'd want them to be, or we find ourselves in financial difficulty. It's easy to feel overwhelmed and ignore what's going on. But this won't make the situation any better. Talking to a debt advisor could really help your financial health.
If you find yourself in a position where you aren't sure what to do, seek advice from a free debt advice charity straight away. There are also options available to you from a lending perspective to help with this period, and borrowing may even help with that all important credit score.
A debt advisor will:
Free debt advice can be given in many forms: telephone, online and face to face. There are also multiple ways to pay off debt, and it's important to think about your own personal situation. What will suit you, and support you best to clear off your debt? You can read more in the article 'How to build up your credit history'.
If you're struggling to pay off your debts, we're here to support you. Our specialists can work out a tailored repayment plan that meets your needs. Learn more
An important part of financial wellbeing and money management is setting cash aside for unforeseen expenses, such as losing your job or emergency repairs. Here are 5 tips for building an emergency savings fund:
We are living longer than we used to, thanks to improved standards of living and better healthcare. Many people are enjoying longer retirements than they planned for, but that can come with the prospect of not being able to make ends meet later in life.
So the sooner you start saving for retirement, the more you'll be able to save, and the more comfortable you'll be.
Everyone's situation is different, so there is no single rule to follow that will tell you exactly how much money you'll need for your retirement. It will depend on many factors, including:
A good starting point is to assume you will need between half and two-thirds of your salary, after tax is deducted, to maintain your current lifestyle.
When planning for your future, here are 3 key points to keep in mind:
Find out more about how to build your wealth for the future.
Money worries can affect your wellbeing at any time in your life, whether or not you've started to work and are earning an income.
If any of the following behaviours seem familiar, it may indicate that financial concerns are affecting your health and wellbeing:
If any of these sound familiar, the longer you leave them, the more they can affect your mental health.
Talking about your money worries isn't easy, but it may really help. If you don't feel able to talk with your partner about your financial difficulties, or how they are affecting your health, try talking to:
If a particular financial issue is affecting you, like a loan or payment that you can't pay, then talking about it with your bank or financial provider can be a good place to start. They may be able to help, for example by consolidating your debts, or extending the period of a loan.
If you're concerned that your mental health is impacting the way you manage your money, we have a range of services available to support you. Learn more
Is this article useful?