Financial wellbeing plays an important part in our health and happiness. Here are three tips to feel better about your finances.
What really matters?
Spoiler alert: financial wellbeing isn't just about money. It can be things that don't have any direct financial connection like having more time with family or a healthier work life balance.
When establishing what matters to you, avoid comparing yourself to others or thinking that social media influencers ‘have it all’. Instead, stay focused on you and your loved ones by having an open and honest conversation about what you want to get out of life with them. Talking about money isn't always easy but it’s a big step towards better financial wellbeing.
Think positive
Have you ever thought "it’s too soon, or too late, to start investing?" It’s true that the earlier you get started with investing the more chance your portfolio has to grow. But it’s never really too late, if you have a window of five years or more before you want to use your money. If your timescales are shorter, there are still options available that can help you make the most of your funds.
Investing can feel confusing and full of jargon but it doesn’t need to be this way. If you think investing might be right for you, then speaking to an independent financial adviser can help make the complex simple and give you confidence.
Balance and control
The practical side of financial wellbeing - getting organised and feeling in control of our finances - can relieve stress and improve wellbeing. At this time of year, a good practical step is to look at whether you’re making the most of your annual tax-free ISA (Individual Savings Account) allowance - up to £20,000 for the 2023/24 tax year.
Good financial planning can help you identify what you really want to get out of life, working back from these priorities to map out a road for your savings and investments that can make your vision a reality.
This article should not be considered financial advice or an investment recommendation. The value of investments can go down as well as up, so you could get back less than you invested.
