Personal Financial Stress and Wellbeing Video

How often do you worry about money? Financial anxiety can follow you to work, out to dinner with friends, and even home to your loved ones.

Of course, not all financial struggles are equal. For one person, it may mean cutting down spend on clothes or buying more own-brand food, while for another, it may mean relying on food banks to feed their family or a second job to cover energy bills.

Regardless of your situation, financial stress can severely impact your overall wellbeing. Money worries can lead to stress, anxiety, and depression. And may even present themselves as physical symptoms including headaches, insomnia, or loss of appetite.

So let's take a look at five steps you can use to improve your personal financial wellbeing.

First, take control. If costs are rising, take an honest look at your income and outgoings, and set some smart, realistic financial goals or targets that you want to achieve. This will help you to feel more proactive and in charge of your finances.

If you struggle to keep track of your money, then now is a good time to get organized. Do some research to find the best deals out there for you. Some banks may offer incentives, such as reduced fees or cashback, when you switch to them. Others might have useful apps to track and manage your spending. Also, cancel any unnecessary automated payments and review your pension to make sure you're getting the best deal.

Next, set a budget and stick to it   . A budget identifies your guaranteed income and outgoings. Setting yourself a realistic budget can help to reduce nasty surprises, keep you on track to achieve your financial goals, and spot areas where you can make savings.

Handle your debt as well. Not all debt is bad. Good debt, such as a mortgage, can boost your credit rating and prove your reliability to lenders. But bad debt, such as a car loan, can drain your money and get in the way of your financial goals. Make a list of your debts, contact your creditors when needed, and make a plan to pay the money back. We provide two methods for paying off debt in the article that accompanies this video.

Finally, don't be afraid to get help. If this all sounds a little bit overwhelming, then you're not alone. Managing your money can be a complicated and stressful task that leads many people to avoid it entirely. But ignoring it will only make matters worse. If your finances are causing you stress, reach out to a financial advice service for help. Government websites or Citizens Advice bureaus are great sources of practical free advice. Employee assistance programs and even friends and family can also offer you more personal support.

For more tips on how to manage your financial wellbeing, check out the article   that accompanies this video.