Money Talk

How to be more financially resilient

Money Talk

Financial resilience isn’t just a buzzword – it’s your secret weapon against life’s unexpected curveballs, and we believe it should be easy for everyone to achieve. In today’s economic climate, being financially resilient means more than just weathering the storm; it’s about thriving through it, with confidence and a plan. So, what exactly does it mean to be financially resilient, and how can you achieve it?

Financial resilience is your ability to bounce back from financial setbacks, big or small. It’s about having the confidence and resources to navigate health issues, job changes, or any other unforeseen expenses without losing sleep. Imagine the peace of mind knowing you’re prepared for whatever life throws your way.

Emergency savings fund

Let’s start with the basics: your emergency fund. This is your financial safety net, the cushion that softens the blow when life surprises you. Experts recommend setting aside emergency savings equal to 3-6 months of living expenses. It’s your lifeline during tough times, whether that’s an unexpected bill, a sudden job loss or other life events.

Building your financial resilience starts here. Start small, but start now if you can. Automate your savings so you don’t have to think twice about it, and seek financial advice if you need it. Apps like RiseUp can help you track your progress and keep you motivated on your journey to financial resilience.

Budgeting and cash flow management

Budgeting isn’t about restriction; it’s about freedom. It’s your tool to understand where your money goes and how you can make it work harder for you. RiseUp’s monthly forecast and cash flow view features are like your financial crystal ball, helping you see where adjustments can be made.

An easy place to start is by canceling those pesky unwanted subscriptions. If you’re not going to that expensive gym or reading that weekly magazine, you don’t need to be paying for it! Remember, small tweaks today can lead to big wins tomorrow.

Debt management

Debt is a reality for many, but it doesn’t have to be a burden. Recent research found that 62% of all UK adults have debt, with 16% taking on at least £20,000 of debt excluding mortgages. 

Managing and reducing high-interest debt in the short term is key to building long-term financial stability. Whether it’s consolidating your loans or prioritising high-interest payments first, every step counts towards your financial wellbeing.

Insurance and protection

Make sure you have relevant insurance policies in place. Health, life, disability – these insurances are your shield against life’s uncertainties. They’re not just expenses; they’re investments in your future and peace of mind. Don’t overlook their importance in your financial resilience toolkit.

Regular financial reviews

Financial plans are not set in stone; they’re meant to evolve with you. Regular reviews ensure you stay on track towards your goals. Use RiseUp to simplify this process with personalised insights and actionable recommendations.

You can also compare this month’s spending to previous months and even compare how your spending by category has changed over the months. 

Takeaway tips

  • Set clear financial goals and celebrate milestones.
  • Automate savings to ensure consistency – your future self will thank you.
  • Build a support network through financial communities, like ours at RiseUp.

Building financial resilience isn’t a one-time task; it’s a journey. RiseUp is here to guide you every step of the way, offering easy-to-use tools, personalised insights and a supportive community to help you achieve your money goals. Join us in taking charge of your financial future – download the RiseUp app today and let’s thrive together.

Remember, financial resilience isn’t just about surviving – it’s about thriving. Start your financial wellbeing journey today and embrace the peace of mind that comes with being financially prepared. Your future self will thank you for it. Here’s to a financially resilient you!

Start your free trial with RiseUp today and take control of your financial future.

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