MONEY worries can devastate a person's life, causing untold stress and heartache on a daily basis.

So, it's critical that you don't feel as if your finances are either "out of control" or have become something akin to a "runaway juggernaut".

When this does occur, you expose yourself to a slew of financial issues, ranging from mounting debt and a deteriorating credit score... to struggling to put food on the table.

Worryingly, this appears to be becoming more common as more people appear to be resorting to increasingly desperate measures to make ends meet. 

According to a recent Citizens Advice study, one in every three adults in the UK has had to dip into their savings in the last three months to cover their living expenses.

Meanwhile, according to Bank of England data, consumer net borrowing increased from £0.7 billion in November to £1.5 billion in December 2022. 

This was largely due to an increase in credit card borrowing of £1.2 billion, which reached its highest monthly level in nearly 20 years.

The cost of living crisis was, unsurprisingly, the main reason why new clients contacted debt charity StepChange during November 2022.

But interestingly, the second most common reason given for contacting the charity was "a lack of control over finances".

This lack of control is, of course, inextricably linked with broader cost-of-living pressures as many of the factors driving rising costs, such as inflation and the Ukraine war, are clearly issues over which most of us have no control.

But that is precisely why it is critical to focus on the areas over which we have control. 

For example, do you know how much money you have coming in and are you budgeting for essentials and non-essentials appropriately?

Are you actively managing your debts, paying them down as much as possible and prioritising higher-interest loans?

While we cannot promise that these steps will solve all of your financial problems, especially given that inflation is still at a 40-year high, they can make a significant difference, not least in terms of your mental health.

We understand that getting to grips with your finances can be intimidating at first, but rest assured that advice and specialist support are available.

If the Future Life Wealth Management team can ever help with guidance on money-management, you’ve only to ask…

Please do ring us on 01246 435996 at the earliest opportunity or click HERE.