What is financial wellbeing?

Posted 2 weeks ago

Essential to your overall wellbeing, is what it is!

Financial wellbeing?

When I say "wellbeing" what automatically springs to mind?

Running?

Yoga?

Maybe (and hopefully) even mental health?

All of these things have their place in wellbeing - physical and emotional wellbeing especially - but that is not all that wellbeing is.

Many people face challenges when it comes to finances, which can cause us to feel stressed or low, but did you know that your finances and money management are one of eight key elements of your wellbeing, just like emotional and physical wellbeing? So, it's important we look after our finances, as we would our blood pressure or stress levels.

Look after your financial health like you would your blood pressure.

Yes, really! And that might include monitoring, changes habits when necessary, and preventing any challenges from arising later on in life.

So with that in mind, here are some ways you could do your own financial health check!

Firstly, talk to a professional.

I hope you wouldn't make any changes to your medication or lifestyle without consulting a doctor, and the same applies here. Before making any changes or decisions about your finances, always consult with a qualified professional.

Many banks have closed their in-person branches, but you should still be able to get in touch with someone via phone, website or their app.

Getting debts under control.

You could use The Money Helper's Bill Prioritiser tool to help prioritise any debts you may have.

You could also reach out to the National Debtline if you need to talk to someone:

Creating a budget

You could make a list of all essential spends for each month and work out how much you spend on them. This might help you to keep track of your money, what you're spending and where you might be able to cut back.

Apps like Emma and Plum may be able to help you do this.

Think of budgeting the same as monitoring how much caffeine you drink in a day...

Support and Guidance:

The Money Helper: Free and impartial help with money, backed by the government | MoneyHelper

Mind also have some great options for support: Getting support - Mind

This post is for signposting only, it does not constitute financial advice or recommendation and shouldn't be considered as such.

More information on all eight elements of the Wellbeing Wheel will be posted on Wellbeing Week - coming end of June!