COVID-19 Series: 5 everyday actions for financial wellbeing
The often-forgotten piece of the wellbeing puzzle – our financial health can impact how we think and feel about the world around us. It’s a common trigger for anxiety, as when we feel out of control of our money, we can start to feel out of control of much more.
The good news is, it doesn’t need to be that way.
Here are 5 ways to look after your financial wellbeing during the COVID-19 outbreak (and beyond!)
1) Get well informed.
Every one of us will be in a different financial position right now. That’s why a little investigation work will go a long way in understanding what’s out there for you.
The Drinks Trust have up to date HR articles written by Tracey Jones, translating what the latest Government information means for those in hospitality.
2) Set yourself a monthly budget.
This takes initial effort, but then you’ll have a helpful tool to follow your finances through the coming months. A spreadsheet will be your friend for this.
Be sure to include:
Any income you may have
Any savings you plan to use as income
All bills and regular payments
Categories for other spending e.g. food shop, toiletries, gifts for birthdays etc.
What feels realistic outgoing for those spending categories?
Is there anything you can cut back on? (It’s all about home haircuts right now!)
Are there any regular payments you could decrease? (e.g. move to SIM only phone contract)
Over the coming months you’ll start to see any trends in under or over-spending. Adjust accordingly.
3) Track your spending.
Most banks have tips and tools to help you track your spending and saving. Take a look at your bank’s website and see how they can support you.
It may be worth giving your bank a call too (be ready for long-wait times).
Newer online banks, such as Monzo and Starling, have been designed with the end-user in mind – they’re on a mission to make banking as easy as possible.
Shop around and see what could work best for you.
4) Talk about your finances.
Pick up the phone to family, friends, trusted colleagues, perhaps even your workplace if appropriate. Getting another fresh perspective could help reduce money worries and help you feel more in control.
5) When the fun stops. Stop.
With more time at home, and easier access to online gambling services than ever before, it’s worth keeping an eye on our own gambling behaviour.
For more support and information around gambling, visit:
For even more on financial wellbeing and how to explore your relationship with money, see Kat Hounsell, our Founding Director, talking on a Heartstyles panel discussion around 'Character in Crisis: Financial Wellness'.
Our wellbeing is holistic. Check out our 5 tips for:
This article was originally written for The Drinks Trust as part of their COVID-19 updates. If you haven't heard of this wonderful charity then do pay their website a visit and see how you can support, or be supported, as a member of the drinks and hospitality industry.