Saving you Financial stress in Stress Awareness Month

Monday, April 23, 2018

With our increasingly fast-paced lifestyles, it’s perhaps not surprising that stress levels are on the rise.

Financial Stress

In a bid to raise awareness of the causes, symptoms, and cures for modern day stress, April has been named Stress Awareness Month. Held annually since 1992, the month sees health care professionals and health promotion experts across the country come together to tackle the stress epidemic.

From work and relationships, through to moving house and health concerns, there are a huge number of stress triggers in our everyday lives, but one of the main causes of stress for many people is money.

Here are 4 top tips to help you reduce your financial stress:

1.      Understand your situation

The first step to reducing the risk of financial stress is to take control of your money and really understand your financial situation. Although this may seem daunting, it’s incredibly important, and will help you to recognise the causes of your financial stress and start working towards solving the issues.

2.      Create a budget

Once you’ve got a clearer understanding of your financial situation, creating a budget can be really beneficial, helping you to gain the control you need over your finances and helping to reduce the amount of stress caused by your money.

Your budget will help you to identify the money you have available, and can then help you to decide how you are going to allocate it whether that be to address any debts, to work towards your savings goals, or simply to spend.

3.      Tackle debt

Debt can be a major cause of money related stress, with many people worrying about how much debt they have, how much interest they are accruing, and if they can afford to keep up their repayments. If you’re struggling with debt, there are plenty of resources that can help you identify how to deal with it in the most efficient and affordable way possible. The Money Advice Service have a useful list of free debt services available across the UK.

 

4.      Start Saving 

If money is a stressful subject for you, the thought of saving might seem impossible. However, there are plenty of ways that you can spend less and save more.

Putting longer term savings plans in place is a great way to save for specific milestones, such as buying your first home or planning a wedding. There are plenty of long term savings products available, including Lifetime ISAs, Stocks & Shares NISAs, and Tax Exempt Saving Plans.   

It can also be helpful to start saving into an emergency fund. Even if you only put away a small amount each month, this will give you peace of mind that you have some funds put away to deal with unexpected expenses such as car and home repairs.

This blog is intended to provide information, not financial advice, to help you make an informed decision about savings and investments. We do not offer financial advice.  You should contact a financial adviser, who may charge a fee, if you want financial advice. 

You should also be aware that in some investment conditions and depending on the product you have chosen, you may get back less than you have paid in.

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  • How do I work out a budget?

    Setting a budget is simply a way of determining how you use your money. And if you really want to save, it's one of the first things you should do. Try this four point budget plan to help you get started.
 
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