Improving Your Financial Wellbeing
As you already know, the world we live in is centered around the basis of money. The majority of daily activities involve a cost, proving we are always facing our finances. Therefore, taking care of our financial well-being should be one of our occurring priorities. In 2019, PerkBox conducted a survey surrounding the UK’s financial wellbeing. The results concluded that more than a quarter of adults feel financially stressed daily. Not only that, but the survey also mentioned how 61% of employed adults believe money is the factor that causes them the most stress. This was then followed by 51% work and 24% family. Keeping on top of your wellbeing is a very important aspect of life, therefore, we have put together a few ways in which you can improve.
Defining Financial Wellbeing
Your financial wellbeing is the control you have to comfortably live with enough money whilst being able to possess the financial freedom we all want. It doesn’t necessarily relate to having plenty of cash to splash around, but more so links with the ability to spend freely without a constant worry.
Why is it important?
We live in a community where wellbeing is extremely important whether that be your mental, physical, or even financial. These three aspects are all very different, but just as important as each other. Your financial wellbeing is something that has the ability to impact everything in your life. Being comfortable and having the freedom necessary plays a big part in your mental and physical health too. We’re not saying you need lots of money, but you still need enough to achieve the things which you need.
How to improve
Thankfully, there are many different ways in which you can improve your financial wellbeing. If you cannot find any answers which work for you down below, there are plenty more all over the internet that may offer something more specific to you.
Reliable Income
Firstly, one of the most important aspects is having a reliable income. This means that you are guaranteed to have a sum of money paid into your bank every payday. Therefore, if you are running low on your finances, you know how to budget correctly in order to make your money last until you’re next paid. Understanding that you will always have some sort of amount in your account consistently will allow you to slightly destress more than those who don’t know when they will next get paid.
Correct Budgeting Method
There is a huge difference between those who budget using the first method they find, and those who budget using a method they know works best for them. As we have mentioned throughout other blog posts, choosing any random budget without experimenting can be harmful, especially if it isn’t working for you. Not every method which sounds useful will suit your finances. Therefore, finding the correct budgeting method is very important. Although, this process isn’t something that happens overnight. Finding the perfect method for you could take months.
Set Aside Emergency Cash
Having some sort of emergency funds to turn to in the worst situations is always helpful. Putting away a specific amount every month allows you to build up this sum of money. With it being for emergencies only, it will enable you to have that little bit of extra cushioning. Therefore, allowing you to ease stress and feel more relaxed when it comes to your finances.
The Last Resort
If you find yourself in a situation where your reliable income isn’t enough, or your budget isn’t working for you and you have to emergency cash then don’t stress too much. You can always turn to family or friends for extra help or take up some sort of short term job to help pay the bills. If these are not options you can take, here at LoanPig we could help. As a last resort, we can offer you a payday loan to cover the emergency. To find out more information regarding payday loans click here.