If you’re worrying about your finances, you’re not alone. Financial worries are a leading cause of workplace stress in the UK, affecting around a third of all employees, with a quarter reporting that this affects their ability to do their job. Financial worries are not limited to any one group, they can affect younger people as well as older people, high earners as well as low earners, and two-income households as well as single parents.

Properly managing your finances can help alleviate some of these stresses and, although mastering your finances takes time and practice, we’ve pulled together some general advice and specific tips to help you get started. We recommend you bookmark this page if you’d like to take advantage of these tips, as there’s quite a lot to go through.

Budgeting

“Create a budget” may seem like the most repeated, generic piece of advice there is when it comes to money management, but that’s because it’s effective. Creating a budget allows you to understand how much you earn and where this goes, so you can adjust your spending accordingly.

There are a number of easy-to-use guides and templates available for free that can be used. Here are a few we found useful:

https://www.mentalhealthandmoneyadvice.org/en/tools/budget-planner/

https://www.mentalhealthandmoneyadvice.org/en/managing-money/how-do-i-manage-my-money-if-i-have-mental-health-problems/budgeting/

https://www.moneysavingexpert.com/banking/Budget-planning/

Childcare

Childcare commitments are an obvious cause of financial strain on families, often causing many to question whether it is worth returning to work at all. Fortunately, childcare is also an area where there is lots of help available.

All 3 and 4-year-olds, and some 2-year-olds, in the UK are eligible for up to 15 hours per week of free childcare, regardless of household income, employment or immigration status.

For more information about how to take advantage of this in Leicestershire visit:

https://families.leicester.gov.uk/family-information/childcare/funded-early-education/

If both parents are working, your child may also be eligible for Tax-Free Childcare, a government initiative which will pay £2 for every £8 you spend on childcare. For more information, click here visit:

https://www.gov.uk/tax-free-childcare 

Debt

Whether it’s credit card debt, mortgage debt, or debt from a payday lender, debt is something that affects the majority of employees in some way. Properly managing debt is key to keeping your finances under control and, to do this, it is important to educate yourself about the types of debt, how they differ, and which should be your priority when it comes to repayment.

To learn more about this visit: https://www.stepchange.org/debt-info/dealing-with-debt-problems/what-debts-to-pay-first.aspx 

If you are in a significant amount of debt and you do not feel in control, help may be available through your employer’s Employee Assistance Programme. Alternatively, specialise advice and assistance are provided by the government and various charities, such as Citizen’s Advice Bureau, StepChange, and National Debt Line:

https://www.citizensadvice.org.uk/debt-and-money/

https://www.stepchange.org/

https://www.nationaldebtline.org/

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