7 ways to support your financial well-being

Education 3 min read

31 Aug 2021

Keeping your financial well-being in check is just as important as keeping your physical and mental well-being healthy. Removing triggers of stress, will help you feel more in control of your well-being, across all areas. As part of our Money On Your Mind series, below, we have listed just seven ways you can support your own financial well-being.

As ever, if you need any support, contact your local credit union, who are always on hand to help. MABS and St. Vincent De Paul are also excellent sources of information, and will do whatever they can for people in need.
 

1. Create a budget that works for you.

   Creating a realistic budget based on your own income and expenditure will help you to be in control of your finances. And while the unexpected can happen, having a budget will allow you to feel more in control, and capable of dealing with whatever comes your way.
    

2. Consider rolling your debt into one

   While having debts is an overwhelming thought, controlling them in a way that works for you can be a good place to start. Consolidating your debts into one singular loan can take the pressure off keeping up with debts across different areas. Credit unions across the island of Ireland offer debt consolidation loans, which means you can bring all your debts into one payment. As part of our Powered By People series, we spoke to Clare, who consolidated her debts with a credit union loan, and turned her life around. You can read it here.

3. Try to save a bit of money regularly

   Saving can be hard, but getting yourself into a regular saving habit can transform your financial situation. As we know, nowadays, it’s all about the money, and having some extra cash set aside to live out your dreams, or to fall back on when you find yourself in difficulty.
    

4. Set aside some emergency cash

   Having some emergency cash set aside is like creating your own insurance policy should the unexpected happen. As the saying goes, ‘always expect the unexpected’, and this reigns through in everything we do. Having some cash set aside for an unexpected event will allow you to continue your life as normal as possible, until you figure out a long term solution.

5. Be open and an option to talking about money with your friends and family

   
   By being open, honest and an option to chat about money to your friends and family will allow to become more familiar with your finances and in turn allows you to make more comfortable and informed decisions around your money.
    

6. See if you can get a better deal with your providers

   Shopping around and switching providers for things like gas, electricity and car insurance, can save you money every year. Many don’t know the benefits of looking around for different providers, but there is one thing we all know and that is we want to save money wherever we can. Whether it is saving for a rainy day, or to send your kids to college, a little can go a long way. Whatever your goals, making simple lifestyle changes make a tremendous difference. Check out our blog here, which suggested how to save €6,000 in 2021.
    

7. Don’t be afraid to seek financial assistance

   Financial institutions like the credit union are always on hand to give their members informed financial advice. Credit unions are here to help, and operate with their members on a case by case basis. Credit unions are located in every community, have been rooted there for over 60 years, and will always be there for their members. Talk to your local credit union today, we’re here to help.

 
MABS and St. Vincent De Paul are crucial services who offer support and advice to those who need them. If you find yourself in need, contact any of the above mentioned organisations, all three organisations have one thing in common and that is that we are founded on the basis of helping people.
 
The content within this series is aimed to provide general guidance and information only. It does not represent financial advice.