There are five things you will get from a more stable financial future, but does the word "finance" leave you in a cold sweat, screaming for a way out of the nightmare so you can stop feeling so anxious and stressed? You can stop pulling your hair out, chewing your nails to the bone, and getting a decent night's sleep again.

Money and finances are the biggest causes of arguments and problems in relationships and life.  This isn’t only concerned with everyday living but also with your future and old age which may stop you from living as comfortably as you would like.

Even though money doesn’t make us ultimately happy, it helps to keep us flowing through life more easily. Of course, when there is a financial concern, it is going to impact you and the important people in your life and this is why.

What Influences the stability of our financial future?

Financial issues are often influenced by a combination of personal, social, and global factors, for example:

• Personal factors – This might include income levels, spending habits, financial literacy, health issues, restricted earning potential or career advancement opportunities and debt.
• Family and relationship dynamics – Including your cost of living, unemployment OR underemployment, inflation, and economic recessions.
• Societal and cultural influences – This will include social pressure, cultural norms, traditions and education systems.
• Government and policy factors – For example, various taxes, the cost of living crisis and pensions.
• Technological development – Redundancy and job restructuring, online shopping, theft or fraud can lead to unexpected financial losses. Ease of spending with tap-and-go cards, phones and watch banking apps.
• Global events – Such as pandemics, natural disasters and political instability.
• Psychological factors – This might be around being too cautious OR too aggressive with financial decisions which can limit growth or create losses. Emotional spending and avoidance of problems and decision-making can have a knock-on effect.
• Access to professional support like financial services, education, counselling, job opportunities and good estate planning.
• External influences from peer pressure, being drawn in by advertising and marketing pressures, trends and fads can play havoc with spending habits. Moving debt from one credit card to another.
• And finally having to take on the responsibility of someone else’s finances such as elderly parents, a loved one or a dependent. If you can see this on the horizon start looking into this sooner rather than later.

What is the long-term effect of this?

This can all be scary stuff if you haven’t had to manage or deal with it before. Financial pressures are going to naturally have an impact on your anxiety and stress levels making it more difficult for you to cope with the ever-increasing demands of life.  It is also likely to have an impact on your relationships, how you spend your free time and your emotional, mental and physical well-being. 

There is a lot to think about.

What concerns you about your finances and your financial future?

Unfortunately, a lot of people bury their heads in the sand hoping it will all go away or miraculously sort itself out, but it doesn’t.  This only leaves you feeling out of your depth, uncertain of the future and a constant worry that lingers in the background of your life.

To live a life being financially stable and even prosperous we all need to get the control back by taking the first step.

If you have concerns and some of this sounds familiar it makes sense to start understanding more about your finances, where the problems are and looking at alternative ways to start managing them for a long-term solution.

5 Things you will get from a more stable financial future

• More freedom, flexibility and stability in your life as a whole.
• Improve and develop the important relationships in your life. 
• Have more peace of mind and confidence about your future and retirement.
• Remove the burden of the demands that were holding you back, enabling you to have the emotional freedom to explore life again.
• All of this will help support your emotional, mental and physical well-being.

6 Steps on getting back to basics and a more stable financial future.

The good news is you don’t need to start paying for a financial advisor to begin taking more control and start managing your finances.  However, you do need to get back to basics and the first place to start is by understanding your financial situation, your spending habits and educating yourself on how to start improving your financial future.

• Make a list of all your outgoings.
• Make a list of all your incomings.
• Make a list of what is essential, important, unnecessary and a treat.
• Make a list of your debts.
• Calculate your profit and losses.
• If you have savings, where are they and how much are they worth?

I know this sounds daunting and is going to be time-consuming, but all this can be looked at over a seven day period.

5 Easy Steps to Managing Your Money and Finances More Easily.

• Breaking this job down into small bite-sized pieces perhaps one point a day.
• Get your paperwork in order. Set up a filing system that is easy to follow.
• If you are unsure of what you are spending keep your receipts and a daily record.
• Check your bank statements regularly.
• Ask for help.

This is just a starting point and I totally understand that it’s not always as easy as this. 

If you’re still feeling the cold sweat with the word “Finance” then let’s have a conversation about how I can support you through this tough time.  

Let’s have a conversation about how you can improve this area of your life and begin to notice the positive consequential knock-on effect in other areas of your life.