Mental Health Awareness week-How being a member of SMC can help improve your finances

This week is the annual Mental Health Awareness week. A week to promote the importance of good mental health and wellbeing and start conversations about what steps we can all take to improve our mental health.

One of the ways we can improve our mental wellbeing is understanding the correlation between mental health and financial wellbeing. Studies show that making small changes that improve our finances can have massive impacts on our wellbeing.

Financial wellbeing is talked about regularly, but what does it mean? Many people believe having a good income makes them financially well but actually, it’s more about being in control of your finances and understanding the relationship they have with money. We believe that financial wellbeing is important as it reduces the stress and anxiety we have in life. Not having control or confidence with money matters impacts on all aspects of daily life and that leads to negative impacts on health and general wellbeing.

So, what can you do to improve this?

Smart Money Cymru is here to help you make that first step. Our save whilst you borrow principles encourage our members to make small steps into setting up regular savings habits. As a member, you have access to savings accounts for a variety of different things, such as Christmas, all easily accessible when needed. Small, regular amounts make a difference and setting a goal is a great way to stay motivated.

Also, it is important to make your money work for you. Our top tips to maximise your income as far as possible include:

• Create a realistic budget that includes all essential spending and other regular spending and treats too.
• Monitor your spending against the budget regularly
• Shop around for the best deals on your bills
• Review all of your Direct Debits to make sure you’re not paying for subscriptions that you no longer use
• Use our IE Hub to check if you’re eligible for any benefits or credits you’re not currently claiming. There’s over estimated to be over £2 billion of unclaimed benefits in Wales alone each year

Finally, don't be afraid to talk to people about your finances. There is a wealth of support available through lots of organisations to help you make the most of your money and make those small steps into taking control of your finances.