Taking Charge: How to Manage Your Money and Boost Your Financial Wellbeing - Step Up Support (2024)
Taking Charge: How to Manage Your Money and Boost Your Financial Wellbeing
We all know that financial pressures can be a major source of stress. Worrying about bills, debt, and saving for the future can take a toll on our mental and physical wellbeing. Here at Step Up, we’re committed to supporting our staff in all aspects of their lives, and that includes financial health.
This Stress Awareness Month, we’re focusing on how taking control of your finances can significantly reduce stress and improve your overall wellbeing. Here are some practical steps you can take:
Get a clear picture of your finances.Make a budget that tracks your income and expenses. There are many budgeting apps and online tools available to help you with this. Once you know where your money is going, you can start to make adjustments.
Prioritise your spending.Distinguish between needs and wants. Allocate funds for essentials like rent, utilities, and groceries, but don’t forget to factor in some fun money too!
Set financial goals.Having specific goals will help you stay motivated to manage your money effectively. This could be saving for a holiday or a new car.
Pay down debt.High-interest debt can be a major stressor. Focus on paying down credit cards and other loans with high-interest rates first.
Build an emergency fund.Aim to save enough to cover unexpected expenses, like car repairs or medical bills. A safety net can significantly reduce financial stress.
Step Up is Here to Help!
We understand that managing your finances can be challenging. That’s why we offer Medicash, our comprehensive healthcare plan for employees. Did you know Medicash also provides access to an Employee Assistance Programme (EAP) through a convenient app? This confidential service offers a wealth of resources on a variety of topics, including financial wellbeing. The app provides articles, tools, and even the ability to connect with a financial advisor for personalised guidance. Watch the video below to find out more!
Taking control of your finances may seem daunting at first, but even small steps can make a big difference. By following these tips and utilising the resources available through Medicash, you can reduce stress and build a more secure financial future for yourself.
Financial wellness is important because it equips us with the knowledge and skills we need to manage money effectively. Keeping track of expenses and making a budget and sticking to it are important skills to have in order to be financially responsible and independent.
Financial wellness is important because it equips us with the knowledge and skills we need to manage money effectively. Keeping track of expenses and making a budget and sticking to it are important skills to have in order to be financially responsible and independent.
"Paying yourself first" simply involves building up a retirement account, creating an emergency fund, or saving for other long-term goals, such as buying a house. Financial advisors recommend measures such as downsizing to reduce bills to free up some money for savings.
Financial stability is important not only because it means that you have enough money to pay for the costs of life, but it also provides peace of mind by reducing stress related to money. With this important issue taken care of, you can instead focus on personal goals and overall well-being.
Financial capability gives people the power and the confidence to make the most of their money and improve their lives. Financial capability is the ability to manage money well – both day-to-day and through significant life events like having a baby, getting divorced or moving home.
Financial well-being describes a condition wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow them to enjoy life.
Many financial experts agree that financial health includes four key components: Spend, Save, Borrow, and Plan. It is crucial that you actively work on improving the health of each one.
Financial confidence comes from understanding how budgeting, saving, investing, risk and debt management work. These pillars develop good money habits and build a strong foundation for a stable future.
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