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You may not even be aware of what ‘Financial Wellbeing’ fully entails! Here we share some insider insight and handy tips on what to remember when your getting your finances in order.

‘Wellbeing’ is such a big buzz word lately.  Mental wellbeing, physical wellbeing, social wellbeing. Well, it’s time to throw financial wellbeing into the mix too.

So, what is financial wellbeing?  In basic terms it’s getting control of your day-to-day finances; making sure you have financial security and financial freedom, not just for today, but for your future too.

Furthermore, it is about ensuring the money you have is working hard for you, whether that is in investments and savings, or your pension pot, and that your outgoings are as efficient as they can be.  This could be as simple as ensuring you have the right mortgage in place and the best rates available.

So, in a nutshell ‘financial wellbeing’ is about security, it is about knowing you are in the best possible financial position and feeling positive that you are making the right commitments for now, and tomorrow.

One of the biggest misconceptions is that financial advice is only needed later in life which couldn’t be further from the truth.  Once you are earning or especially when you are thinking of becoming a homeowner, you need to be making sure you are protecting your financial wellbeing.

Setting out in the world on your own, or with your significant other can be scary and money can be a great source of concern.  It is therefore so important to have peace of mind, and even better if it’s backed up by a professional.

All of this can seem daunting, especially when faced with lots of financial jargon.  However, our four #TeamDA Independent Financial Advisers are on hand to remove the waffle and give you clear, honest and concise advice! You may just find that a one to one financial review with an adviser will set your mind at ease.

Our process involves holistic and bespoke planning, rather than a ‘one size fits all’ approach, but that doesn’t stop us giving you some handy tips that you could hopefully apply in your day to day lives:

• Know your budget:
  Before the month begins and that glorious pay check is paid into your account, do you know what your bills are and what you’ll have leftover roughly for some retail therapy, or to spare for a deposit on a holiday? Knowing how much money you have left over after all the bills are paid and you’ve done your food shopping can be liberating, and sharing your budget with your significant other can really make you understand each other’s circumstances too.
  Tip: It’s a little old fashioned but it works! Write down all your outgoings, include any significant payments you have coming up (new car, holiday)?  Make sure you know the disposable figure you have left to play with each month.
• It’s not a competition!!
  Don’t concern yourself with what others earn. They might earn more, but how do you know their outgoings aren’t hitting them harder?  They may earn less, but maybe they’re still at home with Mum & Dad with the ability to ‘spend, spend, spend!’  Everyone has different priorities, and it’s important to remember that your self-worth is not measured by your salary. Comparing yourself to your friend who earns a bit more is not going to make you, or them, feel good.
  Tip: Spend some time on focusing on your own financial goals.  ‘Knowledge is Power’ and if you can fully understand what will make you feel secure money-wise, and what your end goal is, then you can set out a journey to get you there.

• The rainy day fund…
  How many times have you heard this phrase? I repeatedly heard it from my parents, but your parents (and mine) are right! You may think you can’t afford to save up for any emergencies, but I’m positive you absolutely can.  £10.00 a month even?  I resisted this for a very long time, turns out it is a crucial part of being a ‘grown up.’  More than anything, when you really need it for that car emergency or general unexpected expense, it is a fantastic feeling knowing you have accounted for it. Plus, it means you don’t have to miss out on the other plans you had for your money that month.
  Tip: You should now have worked out what your disposabal cash for the month is.  How much of this could go into your rainy day fund? Even the most minimal amount could help when you really need it.
• Get out and about…
  Sometimes the monotony of life can get you down and money troubles can play on your mind. Get yourself out for a walk to reassess your situation and ask yourself ‘are things really that bad?’.  In terms of financial support, there is always help available.  Initial meetings with our Financial Advisers are completely free of charge, and there are bound to be ways you didn’t know of earlier in which we can improve your situation.
  Tip: We recently teamed up with local charity Watchtree Nature Reserve.  The launch of their new Health and Wellbeing trail is a perfect location to free your mind. We’ve heard the cakes are fantastic too!

Many of our clients have previously thought that they have to be wealthy or ‘older’ to require a financial planning review, but educating yourself on what life may throw at you financially, now and in the future, will only stand you in good stead.  Whilst they may be wearing suits and not look massively ‘down with the kids’ you’ll find that our Financial Advisers are approachable, friendly and will prepare you for all eventualities in the most clear and concise manner possible. Get in touch we would love to help.