In support of Youth Mental Health Day 2020 we have five tips to help you #BounceNotBreak.
A recent study by Close Brothers found that 53 percent of 18-35 year olds worry about money often, with a staggering 87 percent (9 in 10) admitting that money concerns impact their productivity in work and study.
The good news is, it doesn’t need to be that way. You have the power to take control and get back on top! Here are five tips to help you on your way to financial wellness:
You are not an Ostrich.
Burying your head in the sand may feel like the simplest way to manage money concerns, however, that churning anxiety in the pit of your stomach and that big grey cloud looming above your head won’t go away until you face the problem head on. In fact, you will likely find taking control and managing the problem will make you feel better.
2. You do not need to do this alone.
Did you know a staggering 1.5 million people in the UK suffer simultaneously from money and mental health issues? There are plenty of fantastic charities and services out there who can support you and they don’t cost a thing. We have provided some links below. If you are at University or College, you can speak to someone in Student Support.
3. Give your finances an MOT.
Just like your bedroom or house, your finances need a declutter once a while. Try and do this at least twice a year. Do you use that subscription? If not, cancel it! Money management apps like Moneyhub routinely ask you to confirm and categorise your Transactions. This can be a great way to catch pesky expenses or fees that could be costing you a small fortune.
4. Every little helps.
That daily coffee may seem like a small expense, however, multiply it by 365 and suddenly that coffee just got a whole lot more expensive! Apps like Moneyhub and some banks now offer you the chance to categorise your transactions so you can see exactly where your money is going. Viewing how much you spend on things such as Groceries, Subscriptions or Eating Out across the year or month can help you to identify where you would like to try and cut down on spending.
5. Budget, budget, budget.
You now know where your money is going and where you would like to cut down, all that is left is to set a monthly budget. Moneyhub allows you to set yourself a monthly budget against a category and will send you nudges to let you know how far through your budget you are! This can be really useful if you are heading off to University or moving out for the first time, as setting a budget can help you monitor your spending so you have enough for all those important expenses such as rent or bills. You can also track how much you have left by viewing the Spending Budgets section of the app at any time.
Got a question? Contact our friendly support team either via the in-app support chat function or by emailing support@moneyhub.com.
Samaritans - Free confidential support, 24 hours a day, 7 seven days a week.
Young Minds - A free service supporting young people suffering from Mental Health issues.
Citizens Advice Bureau - Free advice about debt and money management.
National Debtline - Contact them by phone or web chat free of charge.