Reflecting on World Wellbeing Week
In June, we celebrated World Wellbeing Week. The week-long event reminds people worldwide to pause and take a moment to prioritise their mental, physical, emotional, social, financial, and occupational wellbeing. Each of these factors are a building block to our overall wellbeing.
We all have unique strengths and struggles when it comes to managing our wellbeing. And there isn’t a “one size fits all” way to look after your wellbeing.
Like most challenges, it’s hard to know where to start. Choosing one area to focus on first is a great way to tackle difficult situations and improve your wellbeing.
With the cost of living increasing and interest rates rising, it can be challenging to feel in control of your financial wellbeing. We’ve put together some practical tips to help you improve your financial wellbeing and relationship with money.
The first step to building the foundations of healthy money management is to create a budget. A budget will help you to understand how much money you have coming in and where it goes each month. You can use our template to help you create your budget.
Once you’ve created your budget, take a look and see if there are ways to increase your income and reduce your expenditure.
• Use our free benefits calculator to check if you’re entitled to any benefits or support with childcare costs.
• Visit comparison sites to see if you can reduce the amount you pay for insurances or utility bills.
• Make sure you’re getting the most out of your subscriptions. Cancel any subscriptions that you don’t use frequently.
• See if you can save on travel costs –
o Buying train tickets in advance or as season tickets can save you money in the long run.
o Check out PetrolPrices to get your area’s best petrol or diesel prices.
• Look online before shopping to see if you can save on your weekly shop.
• Visit BudgetSmart for more practical hints, tips, and advice.
It isn’t easy talking about money, especially when you’re struggling. 86% of PayPlan clients told us that being in debt had impacted their mental health. We understand that the first conversation is always the hardest. So, to help you navigate the dialogue, we recommend writing bullet points about what’s troubling you most and talking it through with a family member or friend. You may be surprised how many people have had similar experiences to you, and in turn, you can support each other.
If you’re not comfortable talking about money worries with someone you know, you can get advice and support from an experienced debt adviser at PayPlan. After speaking with PayPlan:
· 93% of PayPlan clients said their mental wellbeing and stress levels improved after seeking debt advice.
· 95% felt more confident in managing their money.
· 65% felt able to open up to family and friends about their situation.
If you’re struggling with debts, call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday, and 9am – 3pm on Saturdays. Alternatively, visit www.payplan.com/debtadvice to speak to us via live chat or for more information.
This article was checked and deemed to be correct as at the above publication date, but please be aware that some things may have changed between then and now. So please don't rely on any of this information as a statement of fact, especially if the article was published some time ago.