We understand that dealing with finances can sometimes feel overwhelming, but don’t worry. In this blog post you’ll learn to manage your money and organise your finances like a pro! We’ve gathered valuable insights from the experts at Mind.org to bring you practical advice and actionable tips that anyone can follow.
So, get ready to unlock the secrets to a healthier financial future and take charge of your money like never before. From budgeting and saving, to debt management and future planning, we’ll explore the key strategies that can help you achieve financial stability. Your journey towards peace of mind starts right here!
Tips For Organising Your Finances
These are some tips you could try to help organise your money:
- Make sure you’re claiming any extra money or support you’re entitled to.
- Put all your important documents in one place so you can find them easily. This could be letters, bank statements, payslips, bills and receipts.
- Check your bank balance at a regular, set time so you know what you’re spending your money on and how much you have left.
- Build money tasks into your daily or weekly routine. You could allocate a set amount of regular time to think about any tasks you need to do to manage your money, for example paying bills. You could plan a relaxing activity for after you’ve finished. You could start by using this money and mental health toolkit from the Mental Health and Money Advice website.
- Make a plan for ways to distract yourself, if you notice changes in your mood that might affect your spending.
- If possible, use cash instead of cards. Take out only the amount of money you can afford to spend, for example for a weekly shop.
- Create a budget. The Money Helper website has budgeting advice for people who receive irregular incomes.
- Make a list of all the essential things you need to spend money on every month. This could be things like rent or mortgage payments, energy bills etc. The Mental Health and Money Advice website has a free budget planner which might help.
- Manage your debts if you can. You could set up a standing order to pay off your debts monthly. Or you could use an online tool. Use one of these on the StepChange website.
- If you’re struggling to pay off debts, get advice. You might find it helpful to contact one of these organisations.
- If you’re struggling to pay off your debts, you could ask for a break from paying interest on them. This is possible under a Government scheme called breathing space. The National Debtline website has information about the breathing space scheme.
- Use bank accounts which allow you to put money aside in separate pots. This can stop you spending what you need for rent or bills. Money Saving Expert has more information about different banking apps.
- Set up direct debits for your bills and other regular payments so they don’t pile up. See our information on what to do if you can’t afford to pay bills.
If You Can’t Afford Bills Or Food
If you can’t afford the things you need, help is out there. Remember, everyone has the right to essentials like food and housing. If you need support, the following things can help:
- Claim benefits to help with your living costs.
- Use a local foodbank.
- Community Fridges offer free food and most of the time you don’t need a foodbank voucher to use them.
- Find out if you should be getting social care.
- If you’re on a low income and need to adapt your home because of a disability, you can apply for a Disabled Facilities Grant.
- Speak to your energy supplier. Most energy suppliers have schemes for people who are struggling to pay their bills.
- The disability charity Scope runs an energy saving advice service where they can give you advice on managing energy bills and switching suppliers.
- Ofgem has information about getting help if you can’t afford your energy bills.
- Some councils have a local assistance scheme. You can apply to this scheme if you’re on a low income and need help with an emergency cost you can’t afford.
- Money Helper has a tool on its website which helps you to prioritise your bills and payments. It works like this – you pick the bills or payments you’re struggling with, and the tool puts these bills into a priority order. The tool then lists the steps you can take to help make these payments more manageable.
Plan Ahead In Case You Become Unwell
It can be helpful to make a plan for what will happen to your money if you become unwell. For example, if you have to go into hospital or if you need someone else to make money decisions for you. Having a plan to manage your money might help you to feel more secure and in control. Here are some things you could do to plan ahead:
- Budget and savings calculators can help keep your spending on track. Or they could help you save in case something happens in the future, such as needing to go into hospital. Use one of these calculators from the Money Helper website.
- You can give legal control of your money to someone else, in case you become unable to make decisions in the future. This is known as a lasting power of attorney.
- Make a list of all the essential things you spend money on every month. This could be things like rent or mortgage payments, energy bills, phone bills, and food shops. Also make a list of any benefits or grants you’re receiving.
- The Mental Health and Money Advice website has information on managing your money if you go into hospital.
Manage Your Money In The Future
Taking control of your finances is within your grasp. By implementing the expert advice and practical tips we’ve shared in this guide, you can start making positive changes to your financial situation. Remember to prioritise budgeting, develop smart saving habits, and effectively manage your debt.
We hope this guide has empowered you to take charge of your financial well-being. Start implementing the insights you’ve gained today and set yourself on the path to financial success. Here’s to a future filled with financial stability, peace of mind, and the freedom to pursue your goals.
Our mind matters page: https://apprenticeteam.org/mind-matters/
Source: the above advice and information was sourced from https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/organising-your-finances/