Looking after your mental health may come in many shapes and forms, one of them could be mindful money management.
Feeling good about your finances may help with feeling good in general. It may help you feel more secure, in control and independent. We know that money isn’t all that matters, but it can help to give peace of mind for the future.
When it comes to making mindful money management a priority, now could be a good time to start. This could include the following steps:
- Check in with yourself
- Go back to basics
- Build the right skills
- Seek extra support
Check in with yourself
Taking a moment to recognise your present financial state may help frame where you are now and where you want to be.
If you’re not sure where to start when it comes to checking in with yourself financially, you can use our Financial Wellbeing tool. This tool may be handy to use over time, to track how your financial wellbeing score is progressing.
Go back to basics
Some things may be out of your control, but you can start by going back to the basics.
Being more mindful about managing your money doesn’t have to mean enrolling in an economics course. You can start by getting an understanding of:
- How to plan a budget
- How to reduce expenses
- How to spend carefully
- How to save for a rainy day
If you need a starting point, we’ve got a four-step check-in that can help.
Build the right skills
When you feel equipped to make the right decisions, you may feel more in control of your situation. This may help to reduce stress and the uncertainties that can come with money management.
You can always talk to a financial expert to help guide you in your decisions.
You could also take steps that may help you build some of the right skills for yourself.
One of the ways you might build skills to help you manage your money is through a program called MoneyMinded. So far, more than 667,000 have participated in the program and 8 in 10 people who’ve completed the program say they felt less stressed about the future, so it could be worth a try.
MoneyMinded is a free, online program with activities and tools that can help you learn at your own pace.
Seek extra support
Your wellbeing matters and sometimes that means dealing with money concerns and seeking extra help when you need it. The following support channels may help you to seek extra help in getting back on top of things when it comes to your money.
You can also reach out to the National Debt Helpline or Lifeline’s support for financial stress.