IT'S the dreaded situation that so many people encounter at some point in their lives…

As debt begins to mount, bills remain unopened and the accompanying sense of dread permeates your entire life.

So, what needs to happen?

Let’s start by stating the obvious: worries about money can have a very real impact on your wider health and wellbeing.

So many factors, such as soaring inflation, rising interest rates and climbing mortgage rates are beyond your control.

Unsurprisingly, high living costs are a huge cause of stress and anxiety across the UK right now, with the Mental Health Foundation noting that 35- to 64-year-olds are more anxious than any other group about their finances.

Consequently, it’s essential to open bills as soon as they arrive to ensure that you have a complete understanding of how much you owe – and you can then start planning your financial future accordingly.

The psychological benefits of making sure you have your finances in order can’t be understated.

Simply knowing you have a clear view of what’s coming in, how much is going out, and how all your money and assets are being held and invested, can give you considerable peace of mind.

In the fullness of time, this will also allow you to concentrate on those things that bring you joy rather than fear.

Getting started…

If you feel as though you’re struggling with debt, be sure to ask for help.

It could be a friend or family member, as they can provide valuable emotional support and remind you that you’re not alone.

You’ll be amazed how often when you reach out and ask for help any discomfort quickly vanishes.

A trusted friend or relative may also be able to sit with you to look at your bank statements, to help you identify where savings could be made or money is being spent unnecessarily, with a view to helping you improve your overall spending habits.

Talking with a confidante about money can help you feel empowered rather than overwhelmed, so you feel motivated to take more wide-ranging and meaningful steps.

This could include speaking with a regulated, specialist financial adviser.

A professional expert can help you get a steady grip of your finances, work with you to set targets, and guide you on how to manage your money so you can work towards these goals.
They can also do so from a more rational, objective point of view.

Understanding every aspect of financial planning and management can be daunting, and that alone can lead to you making bad decisions.

When the investment markets are volatile, it helps to understand what is behind these movement, and what the fund managers are seeing, and also the longer-term prognosis.

Often it is time in the market, rather than timing the market which is the most important aspect, with investment indexes often reacting months ahead of when you see the news.

But with a skilled professional alongside you, the responsibility becomes significantly lighter, and you can move forward knowing that you’re making the right decisions and remain on course to achieve your objectives.

If you have any questions about getting your finances in order, please get in touch with Jillian or another member of the Future Life Wealth Management team by ringing (01246) 435996.