Do you have piles of unopened bills, dread the day your credit card bill arrives and don’t know how much money you have in your account? Then it’s time to get to grips with your finances. Cora Lydon takes a look at how.
A recent survey from the Post Office and the Family Doctors’ Association has revealed that for many of us, worrying about our finances is starting to impact our health—78 percent of GPs said they had seen an increase in patients affected by stress and depression due to general financial woes.
And if it has not yet affected your health, chances are it’s putting a strain on your relationships — moneybasics.co.uk found that more than a third of people feel money worries are leading to arguments with their partners.
As many as 12.2 million Brits are hiding debt from their loved ones, a survey by AXA found, with the average ‘hidden debt’ standing at £4,096.32. Often, people fear facing up to the amount they owe and instead live in denial, often convincing themselves that the figure is much less than it is, or that it will be easy to secure other loans to consolidate overdrafts, credit card debts and loans.
One in five people also admitted to moneybasics.co.uk that they no longer feel in control of their finances. They don’t know how to reduce their debt, are unsure where to go for the best financial advice, or have so far failed to plan financially for their future.
“I encounter many people who have blocks, limiting beliefs and have ineffective strategies around their finances” says Elena Theodorou, Director of Passion Meets Profit. “There are also a number of people who have self-sabotaging strategies due to an underlying fear of losing money. For me money equals freedom — freedom to do the things I want when I want.”
Achieving financial wellness takes time and commitment, but it can be done – regardless of how bad it seems now. Ignoring the problem won’t make it go away – tackling it will, over time. So if you’re looking to shore up your finances, read on for expert advice on some common money concerns.