Tips for stress-free banking

Faye

Financial Guidance

Feeling stressed every now and then is a part of life. It’s how we cope with it that matters. If you let it overwhelm you, it can take its toll on your mental and physical wellbeing.

Since it’s National Stress Awareness Day today (4.11.20), it’s important to check in to see how you deal with life’s stressful moments and see if there are ways you can improve to help with your overall mental wellbeing. Money can be a huge stress factor. So, we’ve put together a few tips on how to stay in control of your finances and keep stress at a minimum.

Eight tips for stress-free banking

1. Set up Direct Debits

If all your bills are set to be paid via Direct Debit or standing order, then you won’t have to worry about remembering when to pay them. It also means you won’t accidentally miss the payments incurring bank charges. It’s the easiest and most stress-free way to pay your bills!

2. Move your bills closer to pay day

If it’s possible, see if you can move the date of your bills to come out not long after pay day. That way you won’t have to worry about ensuring you keep a certain amount in your account throughout the month.

3. Get rid of unnecessary bills

Take a look at what you pay for and see if you can make any cuts anywhere. For example, are you still paying for a subscription that you no longer use? Making sure you aren’t wasting any money will give you an extra bit of cash to either save or spend on something more essential.

4. Set up a monthly budget

Understanding your finances and knowing exactly where your money goes is important to remain in control. To do this, set up a monthly budget. Working out your incoming and outgoings on bills will allow you to see how much you have left to spend and save. Take a look at our guide on how to set up a monthly budget.

5. Save a little each month

Having a little pot of savings will provide reassurance that you are prepared for any of life’s emergencies. Such as, your car breaks down or your washing machine needs replacing. These things happen, so to take a way the stress for when they do, it’s good to have some extra cash put aside to sort it out.

6. Be open with your partner about your finances

If you live with your partner it’s important to be open and honest about your finances. Not only because you may have shared bills or your credit may be linked if you have shared loans, like a mortgage, consequently affecting each other’s credit score, but it also allows you to lean on each other. If you’re struggling and your partner is financially stable, to be able to turn to them for support will take a huge weight off your shoulders.

7. Open an account with thinkmoney

Opening an account that will help you manage your money can be a huge stress reliever. Here at thinkmoney, our budgeting tool will put aside enough of your income to cover your bills, and the rest goes onto your card for you to spend. If you have Direct Debits set up too, then you don’t have to worry about your bills at all!

8. Make the most of your banking app

The thinkmoney app allows you to have 24/7 access to your account. That way you can check your balance and your bills anytime, anywhere. We will also send you real-time alerts when there is activity on your account so you’re always in the know about what is going on with your money.

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