With Christmas around the corner, it seems like the perfect time to focus on a couple of my favourite topics: money and wellbeing. Through this short series of articles, I will introduce you to tips and hints from my new book, Revitalising Your Mojo, on how to maintain a sense of personal wellness when it comes to your finances.
Money and mental health
First up this month, let’s have a direct conversation about money. It is, after all, a source of worry for many people. We here at Brunsdon Financial are aware of the link between money and mental health. In England alone, over 1.5 million people are experiencing both debt as well as mental health problems[1].
Those suffering with these anxieties might also have a lack of concentration, experience trouble sleeping and have personal relationships affected.
Wealth inequalities
The UK has large inequalities when it comes to its distribution of wealth. The majority of UK households having a disposable income of less than the mean income and the richest fifth of the population hold 40% of the country’s total wealth[2].
However, being financially well isn’t about being among one of the richest in the country. Instead, it’s about taking steps to remain in control of your finances.
Tips for financial wellness
In my previous book, ‘Your Bigger Future’, I outlined a set of principles for tackling financial worries, including saving and investing wisely. Below, I’ve detailed some of my Quick Start Tips for maintaining healthy finances from Revitalising Your Mojo:
1. Think about your future goals and the income you’ll need to achieve them.
Plan and allocate finances accordingly.
2. Seek professional financial advice.
This is important if you want to maximise your tax allowances and keep track of your investments.
3. Make a Will.
This will ensure that your estate is distributed to your wishes when you pass away.
4. Insure against ill health.
This will help to protect your family in the event you befall a serious illness or injury.
Following these simple tips along with making wise investment and saving decisions will help to ease anxiety that you may be feeling when it comes to your money.
Remember, as mentioned, financial wellbeing is not about how much wealth you have. Having so much money that your never have to think about it just isn’t realistic for a lot us. But feeling secure and in control of your personal finances, living within your means and making sound financial decisions can absolutely help money anxieties to ease.
Tackling things like taking out personal insurance and budgeting for the future head on allows you to feel like you’re being proactive when it comes to your money.
I hope you’ve enjoyed this introduction to my money and wellness series. For the next instalment, we’ll be looking at the link between money and relationships.
