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Wellbeing HubMoney management

Money management is the process of budgeting, saving, investing and spending. It’s important to learn how to manage your money effectively, if you’re looking to pay off debt, buy a house or save for a holiday.

There’s a wealth of information available, we have added some ideas below.

  • Budgeting tips for daily life
    • If you’re cohabiting, why not set your budget together? Set goals together and keep each other motivated.
    • Pay off your debt if you can. This should be your top priority.
    • Use cash for certain budget categories. Use an envelope system to hold you accountable. Get your budgeted cash out the machine and put it in the envelope. Once it runs out, stop spending!
    • Use an online budget tool - This link opens in a new browser window so you can keep track of your outgoings.
    • Don’t beat yourself up if you don’t get the hang of it right away! It usually takes three to four months to get a handle on it. You’ll get there.

  • Five ways to spend your money wisely
    1. Keep an eye on your finances – track your income and expenses. Once you know where your money is going, you’ll see opportunities of where it could be better spent.
    2. Think about the long-term benefits and drawbacks of the things you buy – decide how the item will affect you in the future. How long will it last? Will it put you in debt? Really consider if it’s worth buying.
    3. Only use a credit card if you can afford to pay it off each month – if you do this, you won’t incur any interest charges.
    4. Figure out what habits drain your budget – track your statements to see if you’re spending too much on eating out or clothing. You can then decide if these habits are really necessary. 
    5. Start investing early – no matter how young or old you are, putting your money into quality companies that will grow in value as time goes on it always a wise use of income. Try ‘Investing for beginners - This link opens in a new browser window.

    Sustainable investing for your pension

  • Sustainable investing for your pension

    Sustainable investing is one of a number of terms used to identify sustainable approaches to investing. Others include Environmental, Social and Governance (ESG), ethical investing or impact investing.

    This type of investing aims to exclude profiting from activities that are considered harmful to society and the environment (e.g. weapons or gambling). Instead people, countries and pension schemes are now leaning towards investing in organisations, companies and projects that are committed to operating in a way that is sustainable for the future.

  • Autumn Budget 2021

    Each year, the chancellor of the exchequer – who is in charge of the Government’s finances – makes a Budget statement to MPs in the House of Commons.

    It outlines the plans for raising or lowering taxes and also includes big decisions on what the Government will spend money on – including health, schools, police and other public services. Here are some of the highlights:

    • For those aged 23 and above, the National Living Wage will increase in 2022 to £9.50 an hour;
    • There will be increases in the minimum wage for younger workers;
    • Universal Credit will receive a boost;
    • Continued freeze on fuel duty for another year;
    • Employees, employers and the self-employed will pay £1.25 more in the pound for National Insurance from April 2022 to fund social care; and
    • There is a new UK-wide programme to improve numeracy skills.
  • Introducing MoneyHelper

    MoneyHelper joins up money and pensions guidance to make it quicker and easier to find the right help.

    It brings together the support and services of three government-backed financial guidance providers: the Money Advice Service, the Pensions Advisory Service and Pension Wise.

    Visit their website - This link opens in a new browser window and click on ‘Pensions & retirement’ to learn more.

    Not only can you access information on pensions, you can also help improve your overall financial wellbeing in areas such as:

    • Benefits – Universal Credit, housing or if you’re a carer;
    • Family and care – long-term care, death and bereavement or becoming a parent;
    • Everyday money – insurance, banking, budgeting or credit;
    • And much more… 

    There’s a live chat facility where you can speak to someone directly, or there’s a helpful form you can complete specifically for pensions guidance and someone will get back to you. You can access the form at - This link opens in a new browser window.

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