Money

Finance expert shares top five ways to boost your financial wellbeing amid cost of living crisis --[Reported by Umva mag]

A QUARTER of Brits still worry about money every day as cost-of-living worries continue to bite. A poll of 2,000 adults found finances are still a main concern for 41% of the nation. GettyA survey revealed that 41% of Brits are worried about their finances[/caption] Energy bills (36%), groceries (32%) and car costs (13%) are the biggest drain on Brits’ daily spend. And 36% haven’t felt able to ask for advice from anyone around them, leaving 24% feeling stressed. But just under a quarter (24%) feel having open conversations about their finances could have a positive impact on their mental health. To help people with their cash flow, financial expert Peter Komolafe has offered advice to boost financial wellbeing. This includes creating a detailed budget, slowly building up savings, and reaching out to your energy supplier for help if you are struggling. Working in partnership with Smart Energy GB to share his top money saving tips ahead of the winter, Peter said: “Money worries can be stressful, but it’s important to know there are simple steps you can take to both alleviate the pressure and help you feel better. “If you’re struggling with money, it’s really important to talk to someone, whether that’s friends or family, or even your energy supplier. “They could offer you a smart meter to give you a better understanding of how much you’re spending on energy and find ways to reduce it.” The research also found 22% of adults wish they felt more confident when talking about money. And 23% would rather their loved ones shared their financial concerns, so they wouldn’t feel so stressed. Of those who will ask someone for help with money worries, 72% would ask family, while 45% would go to friends. Brits are overwhelmingly most worried about their energy bills during winter (58%), with only 9% most concerned in the summer. And for those who have a smart meter at home, 60% agree that it has helped them get a better understanding of how much they spend on energy. Phillippa Brown from Smart Energy GB added: “Talking about financial worries can be daunting, but it can be a real relief for people during stressful times. “If you’re having problems paying an energy bill, an important first step is to talk to your energy supplier, as they can tell you what support is available.” Free cash schemes if you're struggling Many of us are still struggling with the high cost of living - but there's help you can get. New or expectant parents can get up to £442 a year to spend on food through Healthy Start scheme. Some new parents can get £500 via the Sure Start Maternity Grant. The money is designed to help you cover the costs of having a child. Councils also offer support through the welfare assistance schemes, to help cover the costs of essentials, from buying new furniture to food vouchers. The amount you can get varies but an investigation by The Sun found that hard-up Brits can apply for help worth up to £1,000. Discretionary Housing Payment is a pot of money handed out by councils to those struggling to keep a roof over their heads. A scheme is available for those who find themselves unable to cover housing costs, though the exact amount varies as each local authority dishes out the cash on a case-by-case basis. Many energy forms offer grants to help cash-tight customers. The exact amount varies depending on your supplier and you circumstances, but could be as much a £2,000. Peter Komolafe’s top five ways to boost your financial wellbeing 1. Have an intentional budget: Make a detailed list of all the money you have coming in, and everything going out each month separated into three pots – essentials, like bills and groceries; non-essentials like subscriptions or streaming services; and a savings pot. 2. Slowly build a savings buffer: Regularly putting even a very small amount of money into a savings pot will mean you are less reliant on credit cards or overdrafts, and give a bit more security in case of unexpected costs. 3. Don’t be afraid to talk and ask for help: Talking about your financial worries can be scary, but it will help you feel less alone and could help you find potential solutions. But it’s not just about friends and family. For example, if you’re struggling to pay an energy bill, talk to your supplier as they can let you know what support is available. One thing they could do is install a smart meter, which could help give you more control over your energy use. 4. Be proactive with your finances: We all want to do things we enjoy, whether that’s eating out or going on holidays. By planning ahead and accounting for these expenses, you’ll have something to look forward to without the financial pressure you might otherwise have had. 5. Control the cont

Sep 19, 2024 - 18:25

Finance expert shares top five ways to boost your financial wellbeing amid cost of living crisis --[Reported by Umva mag]

A QUARTER of Brits still worry about money every day as cost-of-living worries continue to bite.

A poll of 2,000 adults found finances are still a main concern for 41% of the nation.

a person holding a piece of paper that says ' invoice ' on it

A survey revealed that 41% of Brits are worried about their finances[/caption]

Energy bills (36%), groceries (32%) and car costs (13%) are the biggest drain on Brits’ daily spend.

And 36% haven’t felt able to ask for advice from anyone around them, leaving 24% feeling stressed.

But just under a quarter (24%) feel having open conversations about their finances could have a positive impact on their mental health.

To help people with their cash flow, financial expert Peter Komolafe has offered advice to boost financial wellbeing.

This includes creating a detailed budget, slowly building up savings, and reaching out to your energy supplier for help if you are struggling.

Working in partnership with Smart Energy GB to share his top money saving tips ahead of the winter, Peter said: “Money worries can be stressful, but it’s important to know there are simple steps you can take to both alleviate the pressure and help you feel better.

“If you’re struggling with money, it’s really important to talk to someone, whether that’s friends or family, or even your energy supplier.

“They could offer you a smart meter to give you a better understanding of how much you’re spending on energy and find ways to reduce it.”

The research also found 22% of adults wish they felt more confident when talking about money.

And 23% would rather their loved ones shared their financial concerns, so they wouldn’t feel so stressed.

Of those who will ask someone for help with money worries, 72% would ask family, while 45% would go to friends.

Brits are overwhelmingly most worried about their energy bills during winter (58%), with only 9% most concerned in the summer.

And for those who have a smart meter at home, 60% agree that it has helped them get a better understanding of how much they spend on energy.

Phillippa Brown from Smart Energy GB added: “Talking about financial worries can be daunting, but it can be a real relief for people during stressful times.

“If you’re having problems paying an energy bill, an important first step is to talk to your energy supplier, as they can tell you what support is available.”

Free cash schemes if you're struggling

Many of us are still struggling with the high cost of living - but there's help you can get.

New or expectant parents can get up to £442 a year to spend on food through Healthy Start scheme.

Some new parents can get £500 via the Sure Start Maternity Grant. The money is designed to help you cover the costs of having a child.

Councils also offer support through the welfare assistance schemes, to help cover the costs of essentials, from buying new furniture to food vouchers.

The amount you can get varies but an investigation by The Sun found that hard-up Brits can apply for help worth up to £1,000.

Discretionary Housing Payment is a pot of money handed out by councils to those struggling to keep a roof over their heads.

A scheme is available for those who find themselves unable to cover housing costs, though the exact amount varies as each local authority dishes out the cash on a case-by-case basis.

Many energy forms offer grants to help cash-tight customers. The exact amount varies depending on your supplier and you circumstances, but could be as much a £2,000.

Peter Komolafe’s top five ways to boost your financial wellbeing

1. Have an intentional budget: Make a detailed list of all the money you have coming in, and everything going out each month separated into three pots – essentials, like bills and groceries; non-essentials like subscriptions or streaming services; and a savings pot.

2. Slowly build a savings buffer: Regularly putting even a very small amount of money into a savings pot will mean you are less reliant on credit cards or overdrafts, and give a bit more security in case of unexpected costs.

3. Don’t be afraid to talk and ask for help: Talking about your financial worries can be scary, but it will help you feel less alone and could help you find potential solutions.

But it’s not just about friends and family. For example, if you’re struggling to pay an energy bill, talk to your supplier as they can let you know what support is available.

One thing they could do is install a smart meter, which could help give you more control over your energy use.

4. Be proactive with your finances: We all want to do things we enjoy, whether that’s eating out or going on holidays.

By planning ahead and accounting for these expenses, you’ll have something to look forward to without the financial pressure you might otherwise have had.

5. Control the controllables: Times are tough for many people right now, but if you can try to tune out external negativity and control what’s within your power to control, it can help you find a sense of peace and focus that will really help improve your mental wellbeing.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

The following news has been carefully analyzed, curated, and compiled by Umva Mag from a diverse range of people, sources, and reputable platforms. Our editorial team strives to ensure the accuracy and reliability of the information we provide. By combining insights from multiple perspectives, we aim to offer a well-rounded and comprehensive understanding of the events and stories that shape our world. Umva Mag values transparency, accountability, and journalistic integrity, ensuring that each piece of content is delivered with the utmost professionalism.