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Habits for financial wellbeing

Have you ever felt overwhelmed by your financial situation? If so, you are not alone. Many people struggle to make their income cover their living expenses. But there are steps you can take to improve your situation.

What is financial wellbeing?

Financial wellbeing is about feeling secure and in control of your day-to-day finances. It's having enough money to pay your bills, with a plan to deal with unexpected costs. It's about feeling confident making plans for your financial future that are in line with the goals that you set.

Financial wellbeing is one piece in the overall spectrum of wellness. When one piece of the spectrum is jeopardized, you may feel it in other areas.

In fact, poor financial wellbeing has knock-on effects for our mental health, physical health and our relationships. On the other hand, people who enjoy good financial wellbeing tend to be happier, more confident and more productive at work.

Where to start?

  1. Get talking
    Many people find it very difficult to talk candidly and openly about money with their family or friends. Money and finances are a common source of stress. Talking about money with a trusted friend or family member is good for you, and may help you to manage your stress. It's good for your mental health and your relationships. It will also help you to plan your financial future more effectively.
  2. Make a plan

    Getting your finances in shape, or at least having a plan in place, can lift a weight off your shoulders. The first step is to have a full understanding of your financial situation.

    Once you know how much you have, how much you owe, and how much you spend, you can see if there are places where you can cut back and save. It will also help you to get an idea of which debts you should pay off first, if you have any.

    We've got a guide to help you make a budget, You'll see it doesn't have to be scary or painful.

  3. Take action

    After you've got your budget and know where you can save, stick to it! You'll feel a great sense of relief when you see that the small amount of money you set aside every month starts to grow into something more substantial.

    The other major action you can take is to reach out and ask for help from experts. If you're wondering if you're on the right track with your finances, there's no need to let it worry you. You can talk to an HSBC Wealth Coach for free, and get personalised advice that is specific to your situation. Get in touch with us anytime.

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You can take simple steps today that will help put you on the road to financial independence.