6 ways to support your financial wellbeing

6 ways to support your financial wellbeing

Posted on April 19, 2024

Keeping your financial wellbeing in check is just as important as keeping your physical and mental well-being healthy. Removing triggers of stress will help you feel more in control of your well-being, across all areas. Below we have listed just six small ways you can support your financial wellbeing.

As ever, if you need any support, please see our Financial Wellbeing page. It has a range of financial information, and could also provide some help and guidance.

1. Create a budget that works for you.

Drawing up a budget based on your personal income and expenses will help you feel more in control of your money. The unexpected can happen, but having a budget in place will give you a sense of control and allow you to deal with what comes your way. See our Blog  How to create a budget you can stick to.

2. Try to save a bit of money regularly

Saving can be tough, but getting into a habit of saving can completely change your circumstances. Saving into a Credit Union savings account can be done through standing order, at the frequency that works best for you, or through a PayPoint card, to save a little extra cash, when you can. It all adds up. Learn more about our instant access credit union savings accounts here.

3. Set aside some emergency savings

It’s like having your very own insurance policy in case something unexpected happens. As they say, ‘always expect the unexpected’. Saving some cash for an emergency means you’ll be able to carry on with your day-to-day life as best you can until you’ve come up with a more permanent solution. Read our blog ‘How to create a rainy day fund’ to learn more about how to save for an emergency.

At Eastern Savings & Loans, we understand that you may not have a lot of emergency savings. That’s why we offer small emergency savings, and the beauty of a Credit Union is that you can start saving at the same time, all from the same monthly repayment. That way, you can start building your emergency savings while paying off your affordable loan. Learn more about our affordable loan here.

4. Be open and talk about money with your friends and family

Opening up about money with trusted friends and family can make you feel more comfortable being open about what you can afford and what you can’t afford, and it can also lead to support and ideas from trusted people. Every year there’s a “Talk Money” week with the goal of getting people talking about money so that more people feel comfortable asking for help and getting help when they need it. Find out more at Money Helper:

5. See if you can get a better deal with your providers

Switching providers, whether for gas, electricity or car insurance can save you money each year. Many people are unaware of the advantages of switching providers, but there’s no denying we all want to save money. Saving money is something we all aspire to do, whether it’s saving up for a rainy day or a holiday, buying a new car or achieving other goals. No matter what your goals are, making small changes to your lifestyle can make a big difference.

Don’t be afraid to seek advice

There is a range of organisations that can give you informed financial advice. From The Money Helper Service to Turn2Us to Money Saving Expert, please see the rest of our Financial Wellbeing Portal for direct links to their websites for more advice and support, and access to our other financial tips and information.

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Members of ABCUL

Members of ABCUL

Your money is protected up to £85,000

Your money is protected up to £85,000

Authorised and Regulated by the Prudential Regulation Authority

Authorised and Regulated by the Prudential Regulation Authority

Members of ABCUL

Your money is protected up to £85,000

Authorised and Regulated by the Prudential Regulation Authority