Mind & Money: Practical Tips for Financial Self-care

The connection between money and mental wellbeing is often overlooked. However, money troubles are a significant source of stress for many, leading to anxiety, depression, and other mental health challenges. 

Looking after your money is a way to look after your mind - in this blog, we share some practical tips to help alleviate some of the money stress you might be feeling and outline some clear steps you can take towards feeling more in control. 

Start with a Plan: Your Financial Peace of Mind

Creating a spending plan might not sound like the most thrilling activity but it's a great habit to start to help you understand where your money is going, spot unnecessary expenses, make conscious choices and ensure you're putting money towards savings and emergencies. 

Find out how to master the art of budgeting so that you can take control of your finances and give yourself peace of mind.

Build an Emergency Fund: Your Safety Net

Let’s be honest - unexpected expenses are something we can almost plan for with certainty, they happen all the time. That’s why an emergency fund is crucial. You should aim to save three to six months' worth of expenses.

Find out how to build an emergency fund fast to help you feel more secure and prepared for the unexpected.

Mastering Debt: Your Stress Reliever

Juggling debts can be a significant source of stress. If you have high interest debts, make a plan to tackle it. Here’s a simple approach:

• List Your Debts: Write down all your debts, the interest rates, and the minimum payments.
• Prioritise: Focus on paying off the highest-interest debt first while making minimum payments on the others.
• Automate: Set up automatic repayments to avoid late fees and reduce the hassle of manual payments.

Can Salary Finance help me? If you have high cost debt and want to explore consolidating your debt, Salary Finance may be able to help. To find out if you have access to our affordable loans, tell us who your employer is here, and we’ll take you to your Salary Finance hub. 

Financial Education: Your Information Source

The more you know about managing money, the better. There are plenty of resources out there—from books and podcasts to online courses. Invest some time in learning about personal finance and empower yourself to make smarter financial decisions

Start by browsing through all the content on here, our Learn platform is full of handy materials. Bookmark it as your go so you can refer back to it when you need it most.

Set Financial Goals: Your Roadmap

Goals give you something to work towards and help you stay motivated. Whether it's saving for a holiday, a new car, or your retirement - having clear financial goals is an important step to help you build good habits when it comes to your money.  Break these goals into smaller, manageable steps and celebrate your progress along the way.

Kickstart your money goals with these easy steps - designed to get you started.

Mind and Money: A Balanced Approach

Remember, how you feel about money will have a direct impact on your overall mental health. By taking steps to manage your money better, you can reduce financial stress and improve your overall wellbeing. It’s about being proactive, making informed decisions, and giving yourself peace of mind.