18 January 2024
Let's Talk About Financial Wellbeing
You have probably been hearing the phrase ‘financial wellbeing’ when researching anything about money, however it is rarely explained and broken down. Here at Cardiff and Vale Credit Union, the financial wellbeing of our members is the most important thing to us. So, in this article we will explain what financial wellbeing is, and how you can improve yours.
What is Financial Wellbeing?
Put simply, financial wellbeing is your overall financial health and stability. Financial wellbeing is not about having a high income, it is about making informed and sustainable financial decisions that give you security, confidence, and peace of mind.
With that in mind, here’s some advice from us on how to improve your overall financial wellbeing this New Year.
You have probably heard this time and time again, but budgeting really is a great financial tool. Understand your income and look at your outgoings. Allocate money to different ‘pots’, like rent or mortgage payments, food shops, energy bills etc. However, do not forget to be kind to yourself when it comes to budget, build a savings pot, and figure out how much you can afford as disposable income.
Address Any Outstanding Debts
Having outstanding debts can be daunting, but addressing them is a great first step. Consider this when you are budgeting, and set aside as much as you can comfortably manage to start addressing these. If you are behind on repayments with us, contact us and we can set about a payment plan with you.
Review and Adjust
Remember to regularly revisit your budgets, income, and outgoings. With personal financial changes and changes in world around you, your budgets may need a reshuffle every now and then.
Talk About It!
Please do not struggle with your financial wellbeing alone. We are here to help you with any concerns about your financial wellbeing. If we cannot solve your specific issue, we will provide you with resources and point you in right direction.
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029 2111 1720