Reducing financial anxiety

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Being concerned about our finances can happen anytime, but it’s particularly high at Christmas time. Here’s some tips for managing financial anxiety.
Keep to your daily routine
If your financial worries are caused by being out of work, it’s important to stick to your normal routine. Falling out of it can lead you to stopping earing properly and looking after yourself – get up at your normal time and do things as you always have.

Plan and budget
If you haven’t put a budget around your spending, make that the first step. List out your expenses first, then see what you can cut out. Then factor in your income and see where you stand. a good rule of thumb is known as the rule of 50/20/30. It states that 50% of your income should go towards non-discretionary expenses, 20% should go towards savings and the remaining 30% can be used for discretionary spending.
Be active
If you’re out of work, talk to your friends, keep on top of your CV and try to keep on top of your bills. If there’s more time in your day because you’re not working, try some physical exercise such as a long walk or a bike ride. Exercise can help improve mood.
Ask for help
If you’re worried that you’re getting into serious money problems, help is available. often the first step is to ask for help, so don’t be afraid to do so. If you’re struggling to make your regular payments, get in touch with your bank, energy provider etc to explain your situation. Many will be able to support you. It’s also a good idea to speak to a charity, like MoneyHelper or Citizens Advice, who can guide you and give you support.
Know that you’re not alone
The Covid-19 pandemic has caused more people to struggle financially. So, if you ever feel alone with your money problems, please know that you’re not. Lots of people are in a similar position and there is help available to you – being open and honest about your situation is the best way to move forward and manage your situation.

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