Wellbeing is a term that is often interchanged with mental health, but it is much broader than that and our narrow view can mean that we neglect to consider other factors that can affect our wellbeing. Worrying about finances can have a negative effect on our wellbeing and a low state of wellbeing can have a negative effect on our financial behaviours. Being proactive in the way we manage our financial resources can really help us to achieve better overall wellbeing.
Here’s 10 awesome tips to help you manage your money for optimal wellbeing. Try implementing some of these tips gradually. It’s better to create good habits two or three at a time, than trying and failing to implement everything at once…that is a financial stress that you don’t need!
Supermarkets play tricks on you!
Did you know that essentials, such as milk, eggs and bread are placed in different sections of the grocery store so that as you walk through the supermarket, you become tempted to purchase other things that you did not really need? Combat this trickery by setting creating a shopping list and following it.
You can actually buy peace of mind
Nowadays you can purchase extended warranty many products that you buy. If a £25 hair dryer breaks, it can easily be replaced so an extended warranty might not be money well invested. For more expensive and delicate purchases (phones, DSLR camera, Kindle, laptop etc), the amount paid for the extended warranty can go a long way and also buy you peace of mind.
Hello Generic Toilet Paper!
When you purchase a brand name product, you pay extra to have the brand name printed on your items and sometimes the product inside is not actually any better quality. In fact, sometimes the product inside is EXACTLY the same as the one in the non-branded packet on the same shelf! Next time you go shopping, opt for generic brands to get more value for your money and according to savethestudent.org you could save up to £520 per year.
Pay cheap, pay twice!!
Make your money work harder for you by investing in, higher quality items that are going to last you longer. A £200 winter jacket that lasts four to six winters, whereas a £100 winter jacket might only last one. Want to buy good quality products at a lower price? Visit your nearest discount outlet store or charity shop.
Movie time just got cheaper!
Instead of subscribing to multiple streaming services at once, rotate them. Cut down your streaming subscriptions to one per month, enjoy the content on one, and then switch your subscription to another platform while you let the content on the first platform refresh. You can also cut down subscription costs by using group subscription packages with your family and friends.
Win-win: Save the planet and your cash
Invest in reusable items. Plastic cups, cling film, straws and food/freezer bags all have sustainable replacements that are much better for your wallet and the environment. And don’t forget to take your reusable grocery bags on your shopping trips to avoid spending money on plastic bags that end up polluting our land and oceans.
Saving money isn’t always a good thing
Sometimes we confuse managing our money better with cutting our spending. However, this can also create stress and restrictions in our lives that prevent us from achieving optimised wellbeing. The real trick is to work out what you need to buy to keep you safe, comfortable and healthy and then what extras you can afford to invest in your happiness. If you love the movies, don’t deny yourself a cinema trip once every couple of months, but if money is tight, be realistic that you can’t go every week, instead make it a ‘Netflix and chill’ night!
Dinner Chez Moi
According to the Money Advice Service, ditching takeaways and cooking for ourselves can save you £600 per year!!! So, invest in a simple recipe book and get whipping up a storm in the kitchen! Cook a few portions at once and pop a couple of portions in the freezer for when time is tight, and you need to eat in a hurry.
Start bulking up
The problem with buying items in bulk is that you’d have to buy items in large quantities. Luckily, there are enough people living on their own that would be willing to split the quantity and the cost. Find these like-minded individuals and start a weekly or a monthly bulk-shopping trip.
Show your belongings some love
This one is simple. Take care of your belongings. Build good habits that will extend the life of your belongings. Put your glasses back in their case before throwing them in a bag, buy a case for your phone or laptop, separate your laundry and wash at a lower-temperature. Thye great thing about making things last longer is it is also good for the planet. Manufacturing is a huge contributor to climate change, so reducing what we demand from manufacturing is key to helping the environment.