Top tips to boost financial wellbeing and ease money concerns

As households continue to navigate the cost-of-living crisis, a quarter (26%) say they still worry about money every day.

To ease some of the money worries Brits are facing, financial expert Peter Komolafe shares his top tips to boost financial wellbeing. He appears in a new film to provide helpful advice that can reduce the stress that comes with managing your money, watch it here.

 

Peter Komolafe’s top 5 ways to boost your financial wellbeing

1. Have an intentional budget. Make a detailed list of all the money you have coming in, and everything going out each month separated into three pots – essentials, like bills and groceries; non-essentials like subscriptions or streaming services; and a savings pot.
2. Slowly build a savings buffer. Regularly putting even a very small amount of money into a savings pot will mean you are less reliant on credit cards or overdrafts, and give a bit more security in case of unexpected costs.
3. Don’t be afraid to talk and ask for help. Talking about your financial worries can be scary, but it will help you feel less alone and could help you find potential solutions. But it’s not just about friends and family. For example, if you’re struggling to pay an energy bill, talk to your supplier as they can let you know what support is available. One thing they could do is install a smart meter, which could help give you more control over your energy use.
4. Be proactive with your finances. We all want to do things we enjoy, whether that’s eating out or going on holidays. By planning ahead and accounting for these expenses, you’ll have something to look forward to without the financial pressure you might otherwise have had.
5. Control the controllables. Times are tough for many people right now, but if you can try to tune out external negativity and control what’s within your power to control, it can help you find a sense of peace and focus that will really help improve your mental wellbeing.

A study of 2,000 people has also found that finances are a primary concern for four in ten (41%) people across Great Britain, and with the energy price cap expected to rise at the beginning of October, many will be keen to get control of rising costs.

With money worries running high, more than a third (36%) admit that they have not felt able to ask for advice from the people around them, them feeling stressed (24%) and anxious (30%).

However, a quarter (24%) revealed that having open conversations about their finances could have a positive impact on their wellbeing.

By seeking advice and taking steps now to alleviate financial worry, households could get better equipped for the colder months ahead.

As Peter mentions, getting a smart meter installed is one simple step people can take to have more control of their energy use and their household bills. They are installed at no extra cost by your energy supplier, and come with an in-home display that shows how much energy you’re using and help find simple ways to reduce it.

What’s more, a separate poll found that on average, smart meter owners believe they save almost £140 per year on their energy bills. ⁽¹⁾

Peter Komolafe said: “Money worries can be stressful, but it’s important to know there are simple steps you can take to both alleviate the pressure and help you feel better.

“That’s why I’ve teamed up with Smart Energy GB to share some of my top tips, so people can feel more prepared ahead of the winter when energy bills are higher.

“If you’re struggling with money, it’s really important to talk to someone, whether that’s friends or family, or even your energy supplier.

“They could offer you a smart meter to give you a better understanding of how much you’re spending on energy and find ways to reduce it.”

The research goes on to reveal that over a fifth of Brits (22%) wish they felt more confident when talking about money, and nearly a quarter (23%) want their loved ones to share their financial concerns, which shows a need to break through the stigma around struggling with money.

Find out more about the support that energy suppliers can provide and about the benefits of smart meters, as well as watch the campaign video, at www.smartenergygb.org.