financial wellbeing

Health & Wellbeing

Financial wellbeing tips: Tricks, tools and where to turn for help with finances

financial wellbeing
You may have seen our previous blog on budgeting and how it can help you to sort out your finances. In this blog, we’ve gone one step further and pulled together a collection of our favourite financial wellbeing tips, tricks and tools to help you with your finances.

Childcare Vouchers
Childcare Vouchers continue to be a great way to save money on childcare costs – up to £933 a year depending on your individual circumstances. If you’re an eligible working parent and have children under the age of 16 you can request Childcare Vouchers to pay for all or sum of your childcare costs.

The vouchers operate through Salary Sacrifice arrangement whereby you exchange part of your salary tax free for the same amount in vouchers. By saving on the tax you reduce the cost of childcare.

UPDATE: The Government have now replaced the Childcare Voucher Scheme and introduced a new initiative which took effect from October 2018. To find out more click here.

Debt and Debt Management
If you’re struggling with debt, it can be hard to know where to turn. But with lots of free advice services available across the UK, you can find help in a way that’s best for you.

The Money Advice Service is full of financial wellbeing tips and can also help you deal with debt. It can also point you in the right direction to get your finances back on track.

Payplan offer a free online service including confidential online chat with debt help experts and a wealth of online resources such as debt help request forms.

National Debtline offer free debt advice through it’s ‘My Money Steps’ tool and it’s web guides, fact sheets and sample letters.

Debt Advice Foundation is a national debt advice and education charity offering free, confidential support and advice to anyone worried about debt.

The right tool for you
For more financial wellbeing tips you can visit services such as the Money Advice Service where you’ll find a variety of tools to help you manage your finances, including:

  • Mortgage Calculator
  • Pension Calculator
  • Budget Planner
  • Money Health Check
  • Savings Calculator
  • Loan Calculator
  • Credit Card Calculator
  • New Baby Calculator
  • Christmas Calculator
  • Letter Templates

These services all offer a wealth of free guides to either order by post or download including everything you need to know about your mortgage and pensions. 

Funding a New Born
As well as the tools above, the Money Advice Service offers a fantastic tool to help you plan any new arrivals and the financial stresses that come with. Find it here.

Their interactive money timeline gives you an outlook of your pregnancy and when you should start applying for the financial help available to you. It’s a great tool to start planning your pregnancy and helps with indicating when you should start budgeting, applying for free prescriptions and when you can start claiming your paternity and maternity pay.

Don’t be afraid
It’s important to remember that most of us will face financial issues throughout our life at some time. Unfortunately there’s no quick fix, but by using the tools and services available will no doubt help to get yours and your employees’ financial wellbeing back on track in no time.