Getting our financial confidence back in the black

Money can be a sensitive or private topic for many people.

Whether you’re more private or more open about your finances, we can always try new things to improve our confidence with money.

We can experience personal or widespread uncertainty at different times in our lives or be affected by national and global events.

It’s natural to feel unsure about what to do with your money and improve how you use it as your circumstances change.

With the right knowledge and advice, you can build your confidence and the make informed decisions you need to.

Money and our mental health

According to research from Nationwide, cost of living has continued to increase for the typical British family over the last three years.

All the essential expenses, from mortgage or rent payments to food, energy and fuel – and more than one in five households being left with less than £100 spare each month.

Continued high costs have led to 69% of family households feeling more worried about their finances in 2024 compared to a year ago, the poll shows.

With this and our own lived experiences in mind, money and feelings of financial security can influence our wellbeing.

Beyond seeing butter and meat under lock and key, managing even our usual spending can become overwhelmingly difficult.

Feeling low, mental health issues, losing your job, or struggling with debt can all contribute to feelings of anxiety or over-focus on money can cause financial stress.

The good news is there’s a number of ways you can cope with financial worries and improve your knowledge and confidence with money.

Some tips to help you get started, or improve your receptiveness include:

  • Staying active
  • Getting professional advice
  • Reducing alcohol intake
  • Staying in routine where possible
  • See what support service you could be entitled to

Finessing our finances

Financial support is more than just setting a budget.

The good news is there’s a range of options for support.

It’s more than just checking your bank balance – it’s making thinking about money and using it feel easier.

When it comes to organising our money, we can empower ourselves with learning different ways to use it and knowing what resources are available.

Tips for financial fitness

Mind UK recommends:

  • Put all your important documents in one place so you can easily find them
  • Make sure you’re claiming any extra money or extra support you’re entitled to
  • Keep a list of all the essential things you need to spend money on every month
  • Where possible, use cash instead of cards, so you use the amount you intend to spend
  • Notice how your mood affects your spending, and how you can distract yourself if necessary
  • Seek professional advice for any debts you’re paying off, and seek support to manage them
  • If you can, set up direct debits for regular payments like rent/mortgage, bills and regular payments

Sources

Resources for benefits and financial support