FINANCIAL WELLNESS: HOW TO MANAGE YOUR MONEY

Financial Wellness is one of our core elements in the 8Wise™️ and it’s vital to look after it in order to strengthen your overall wellness. You might be thinking ‘what does money have to do with wellness?’. The answer is – it has a lot to do with it! Money is one of the main things that cause people stress, and this stress can lead to further mental health issues down the line such as depression and anxiety. On the flip side, mental health issues can result in poor money management and the inability to earn, so money and wellness can become a vicious cycle.

In today’s blog post we’re sharing some top tips for managing your money, so it’s one less thing to worry about!

  1. Create a budget (and stick to it!)

To do this, you should write down all of your monthly expenses (utilities, rent/mortgage payments, insurance, mobile phone bills etc). Then, work out your monthly income. After you’ve done this, you should have an idea of how much left over you have to play with. Decide how much you can afford/want to spend of this each month, and don’t go over it!

  1. Keep track of your debts

Whether that’s credit cards, student loans, personal loans – make sure you know exactly what you owe and have a plan to pay it back. If you haven’t already, call them up to see if you can get a lower interest rate.

  1. Reassess unnecessary spending

Do you really need that £3 coffee from Starbucks every day? Are you ever going to use that gym membership you’ve been paying for over the last five years? It’s not about restricting yourself, but living and spending smarter. Maybe just have 2 or 3 coffees a week, or see if you can get day passes for your gym if you only go once in a blue moon.

  1. Be prepared for emergencies

Things happen in life that can cause unexpected expenses. Your boiler could die, your car could break down. Or you could even loose your job. It’s always wise to have funds available for emergencies should anything happen.

  1. Track your spending

An easy way to see if you’re overspending, or if you’re making unnecessary purchases is to keep track of what you’re buying. Create a spreadsheet or jot down in a notebook every time you make a purchase.

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