How Taking Control of Your Finances is Good for Your Mental Health

Money worries can have a real impact on your health and wellbeing, particularly with soaring inflation, rising interest rates and mortgage rates being beyond your control.

Unsurprisingly, higher living costs are a huge cause of stress and anxiety across the UK right now, with the Mental Health Foundation reporting that those age 35-64 are more likely to feel anxious about their finances than any other group.

With this in mind, the psychological benefits of making sure you have your finances in order can’t be missed.

Simply knowing you have a clear view of what’s coming in, how much is going out and how your money and assets could be held and invested, can provide a considerable peace of mind, allowing you to concentrate on things that bring you joy, rather than fear.

So where can you start?

The first step to take is to talk to someone who can help you.

That person could be a friend, family member or colleague that can provide emotional support and remind you that you are not alone.

You may however feel uncomfortable talking about money or maybe even a sense of shame.

A trusted person may also be able to point you to places where you can seek support and guidance on particular issues that are worrying you, such as charities and free advice services or even websites or apps that may be able to help.

They might even be able to sit with you and look at your bank statements, help identify where savings could be made or where money is being spent unnecessarily. You could even work together on a plan to reduce overall spending.

Talking with a family member or friend about money can help you feel in control, rather than overwhelmed, enabling you to feel motivated to take more meaningful steps.

You could also consider speaking with a regulated financial adviser.

An adviser can help you get a steady grip of your finances, work with you towards your targets and guide you on how to manage your money so you can work towards these goals.

A financial adviser can also take a look at your finances from a rational and objective point of view. For example, if you’ve invested in a particular asset type and its value plummets, you might initially panic and be tempted to sell up at a massive loss.

A professional financial planner would not advocate that, in fact, they would encourage you to be patient during times of market turbulence.

Understanding every aspect of financial planning can be daunting and that alone can lead to you making the wrong decisions.

With a professional at your side, the burden becomes lighter, and you can progress knowing you’re making the right decisions and being on course to achieving your objectives.

If you have any questions about getting your finances in order, get in touch with our team of advisers and we’ll be happy to speak with you.

* Investments carry risks. The value of your investment (and any income from them) can go down as well as up and you may not get back the full amount you invested. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

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