Money isn’t just about numbers. It’s about peace of mind, freedom and feeling in control. It’s no surprise that financial wellbeing and mental health are deeply connected, especially when the cost of living is high. When you’re worried about money, it can affect every part of your life. But here’s the good news – taking steps to manage your money better can boost both your financial situation and mental wellbeing. At RiseUp, we’re here to help you make that happen.
The link between money and mental health
Ever noticed how money worries can keep you up at night? Or how a surprise bill can ruin your mood for days? That’s because financial stress is a big deal. When you’re experiencing mental strain due to finances, it can lead to a vicious cycle where money problems and mental health issues feed off each other.
Studies have shown that there’s a strong link between money and mental health. When you’re dealing with a mental health problem, managing finances becomes harder, which can lead to more debt and stress. On the flip side, being in control of your money can boost your mental health, providing a sense of stability and security.
Practical steps to improve your financial wellbeing and mental health
1. Start with small wins
Boosting your financial wellbeing doesn’t have to be overwhelming. Begin with small, manageable steps that give you a sense of achievement. Maybe it’s cutting down on unnecessary subscriptions or setting aside a little bit each month into savings. These small wins can build your confidence and motivate you to tackle bigger financial goals.
2. Use technology to your advantage
Apps like RiseUp can be a game-changer. By consolidating your household accounts, income and expenses into one secure space, you can get a clear picture of your financial health. With our monthly forecasts and personalised tips, you can plan ahead and avoid nasty surprises. Plus, our community is here to offer advice and support, helping you navigate any bumps along the way.
3. Build an emergency fund
Life is unpredictable, and having a financial cushion can make a world of difference. An emergency fund acts as a safety net, reducing the stress of unexpected expenses like car repairs or medical bills. Start small if you need to – even a modest amount set aside can provide peace of mind.
4. Seek debt advice if needed
If you’re dealing with problem debt and need financial support, don’t hesitate to seek help. There are many advice services and resources available to help you in managing and reducing debt, such as the Money and Pensions Service. Whether it’s consolidating loans or finding a repayment plan that works for you, getting professional advice can lighten your load and improve both your financial wellbeing and mental health.
5. Make financial wellbeing a daily habit
Just like physical fitness, financial fitness requires regular effort. Spend a few minutes each day checking in on your finances. Spend just two minutes a day in our RiseUp Daily feature, which helps you stay on top of your money with minimal hassle. It’s like having a personal financial coach cheering you on every step of the way.
6. Engage with a community
Money can feel like a taboo topic, but sharing your experiences and learning from others can be incredibly beneficial. Join a community like RiseUp’s, where you can get practical advice, share your successes and participate in challenges as a group. Knowing you’re not alone is motivating and can make a big difference.
The bigger picture: financial and health wellbeing
Remember, financial health and wellbeing isn’t just about the numbers in your bank account. It’s about your overall quality of life. When you manage money effectively, you can reduce financial stress, which in turn can improve your physical and mental health. It’s a holistic approach that benefits every aspect of your life.
At RiseUp, we’re dedicated to helping you achieve this balance. Our financial wellbeing support includes tools, knowledge and community encouragement to boost your financial fitness. We believe in making financial wellness accessible and achievable for everyone.
So, why not take the first step today? Whether it’s downloading the RiseUp app or simply starting a conversation about money with a friend, every little bit helps. Let’s improve our wellbeing and mental health together. Here’s to a happier, healthier you!
Start your free trial with RiseUp today and take control of your financial future.
