How To Improve Your Financial Wellbeing

March 25, 2022 • Lewis Goldsbury

Are you struggling to keep track of your finances? Do you find that your money doesn’t stretch far enough to cover the essentials? If any of this sounds familiar, then don’t worry! We’re here to help you understand how to improve things step by step.

First things first, the term to get familiar with here is financial wellbeing. Contrary to popular belief, financial wellbeing isn’t just for people with a lot of money. Instead, financial wellbeing applies to everyone. It’s about being confident at managing your finances – something we should all be aware of. After all, poor financial wellbeing can have a knock-on effect on our mental and physical health.

In today’s post, we want to share our top tips on how to improve your financial wellbeing, along with how Fair for You can help you afford the basics if you’re struggling right now.

Take An Honest Look At Your Finances

The first step to improving your financial wellbeing is to confront your financial situation head on.

Let’s be honest, when things are tough financially, nobody enjoys looking at their bank balance or seeing when any upcoming payments are due. However, by checking your account regularly you’ll be able to see how much money is coming into your bank and how much is leaving it. Plus, you’ll be able to track how much you’re spending on certain things, and whether any of your expenditure can be reduced. An easy example is cancelling any subscriptions you no longer need!

As well as combing through your bank statement, it can be helpful to speak to a service that offers free financial advice such as Citizens Advice or StepChange. Having a good understanding of your current status and bank account activity is essential to working on your financial wellbeing, and will allow you to move forward with a plan to improve it even more.

Look To Improve Your Financial Habits

Approaching the topic of finance or money can be incredibly daunting and, let’s face it, overwhelming. But, there’s a lot to be learned from mastering the basics, such as how to save for a rainy day, budgeting and making your money go further. The ultimate aim is to arm yourself with the information and tools to build up your money, rather than constantly running low on it – this is also known as having financial resilience.

Some other areas for consideration include, familiarising yourself with financial terms, tackling any impulse spending and working on getting debt free.

So, have a think about which areas of your finances need the most work. And then create a plan that will help you take back control. Once again, there are plenty of free resources and organisations that can offer financial advice, especially if you’re struggling. Compared with staying as you are, your future self will thank you for taking the time to work on your financial wellbeing.

For more useful tips on improving your financial situation and wellbeing, such as reducing your utility bills and improving your credit score, head over to our blog.

Fair For You – The Not For Profit Flexible Payment Website

Aside from rent and utility bills, one of the biggest expenses households face is purchasing essential items such as furniture and appliances. Research has found the average cost of furnishing a one bedroom flat is £2,091. So, it’s no wonder that for larger households, especially families, the cost can be particularly difficult to manage.

This is where Fair for You can help! If you feel like your only option is a high interest payday loan or credit card, check out if we may be able to support you first. We provide an alternative to high cost lending that allows you to purchase home essentials – like appliances and furniture – with affordable and flexible repayment plans.

With no deposits or hidden fees, you decide how and when you pay based on your situation and what you can afford.

Fair For You Benefits

    • Flexible payments on your goods so that you can afford the repayments without having to pay an upfront lump sum
    • No hidden fees – Fair for You is on your side, meaning we don’t charge extortionate rates
    • Prices are as close to the high street cost as we can get them
    • You can pay ahead and reduce your interest payments
    • Open 7 days a week with a UK-based call centre

Find Out More

If you or anyone you know is struggling to afford the basic items they need to furnish their home or support their family, then Fair for You is here to help. Our focus is on people, not profit.

Check out our online store today to see some of our available products – including washers, cookers, beds, children’s beds, sofas and much more.

You can also sign up to our newsletter to receive extra tips on looking after your finances, and to find out more about Fair for You.

Please note we’ve used links to external websites. Although we make every effort to ensure these links are accurate, up to date and relevant, Fair for You Enterprise CIC cannot take responsibility for pages maintained by external providers. Views expressed on external sites we link to are not necessarily those of Fair for You Enterprise CIC.

If you come across any external links that don’t work, we would be grateful if you could report them to the web content team.

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