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Gaining control of your financial wellbeing will ease anxiety

As well as eating well, taking care of your mental health and trying to fit more physical exercise into your life, did you know that gaining order, control and direction of your finances can have a significant impact on wellness? Ceri Griffiths gives her tips on financial wellbeing which is even more important as we live through the current cost of living crisis.

The Japanese even have a work for it, Kakeibo. Don’t you just love how they have a beautiful word for everything?

During divorce, when you are emotionally under huge stress and distraction, getting all the well-being you can is vital.

Some of the most important financial decisions you ever make in your life, need to be made at this time. If you can do that from a place of calm, the chances of making the right decision are increased.

So, how does knowing about your money impact on your wellbeing? 

wellbeing and helathy finances going hand in hand

Just getting started with tracking finances releases some tension, creates a focus and helps you start thinking about a positive future. Sometimes, just taking that first step – can have such a significant impact.

Just like exercise, the more you do, the more the benefits build.

When you understand what is coming in and going out, what you are worth and what you owe, this creates a sense of control.

As you become financially well organised there is space for clear thinking and the ordering of priorities. What can sometimes be chaotic and confusing becomes less so and, in time, a source of pride and motivation for change and advancement.

Wellbeing and mental health going hand in hand

Ultimately, there is peace of mind created via the comforting knowledge that you have taken care of things, that all is well and you have made the best preparation you can for whatever challenges life throws up.

The very act of making sure things are no longer just in your head, can be calming. When someone else has had a good look too, and is sharing the responsibility, it’s doubly powerful.

Personal finance planning – where do I start?

Grab a beautiful note book, open your banking app and have a little look at what’s going on.

Three key things to establish are;

  • Your total monthly income.
  • Your total essential spending i.e. all the stuff you are contractually obliged to pay.
  • Your discretionary spending i.e. all the stuff you choose to buy.

When you know 1 and 2, you should be able to get some focus on 3. Are you happy with where that money is going, what would you like to prioritise?

So often the money we spend in number 3, discretionary spending, is not with intention. Simply knowing what you want that money to do for you can change how you spend your money daily.

Getting your finances back on track

woman holding up help sign and looking stressed after doing her finances

It will also prove beneficial in the divorce process. Knowing your numbers means your legal team can really focus on moving your divorce swiftly and accurately.  You’ll feel prepared for the discussions ahead.

It will also help you start to decide what you want your money to do for you. The purpose of your money. Importantly, it will help you start to focus on your post- divorce life and positive times ahead.

The five steps to mental wellbeing – The NHS

With that control and focus, comes financial wellbeing.

Think of it as self care. You deserve your money to work for you, not the other way around.

Written by Ceri Griffiths who features in The Hug Directory. Ceri is the Founder and Director of Willowbrook Financial Planning.

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