Take control of your finances
Money worries can affect all aspects of our wellbeing, including our mental health, sleep, relationships, and performance at work. This month, we’re encouraging everyone to take part in our Financial Wellness Challenge and take small steps towards feeling more confident, informed, and in control of their finances.
Financial wellbeing isn’t about how much you earn. It’s about feeling secure, understanding your financial situation, and having a plan for the future.
THE FOUR WEEK CHALLENGE
WEEK 1: Know your numbers
- Review your monthly income and expenditure
- Check any subscriptions you no longer use
- Create or update a household budget
You might find the MoneyHelper Budget Planner useful for knowing your numbers.
WEEK 2: Build a safety net
- Set a savings goal, however small
- Open or review an emergency savings account
- Set up a regular savings transfer, even if it’s just a small amount each month
Consistency is often more important than the amount you save. Small deposits can build into a valuable financial cushion over time.
WEEK 3: Check you’re getting everything you’re entitled to
- Review any benefits, tax credits, or support you may be eligible for
- Explore workplace benefits and discount schemes
- Check whether you’re making full use of any financial wellbeing benefits available through the Westfield Health Cash Plan
You can use the Government’s own Benefits Calculator here>>>
WEEK 4: Pension Health Check & Future Planning
Your pension is one of the most valuable employee benefits you have, yet many people rarely review it after being enrolled.
- Log in to your pension account and check your current balance
- Review and update your beneficiary nomination if required
- Understand how much you and Hills contribute to your Standard Life pension
- Use Standards Life’s pension calculator to estimate your retirement income
- Locate any pensions from previous employers and keep track of them
Taking a few minutes to review your pension can help you:
- Better understand your retirement income
- Make informed decisions about contributions
- Avoid losing track of pensions from previous employers
- Ensure your loved ones are protected through up-to-date beneficiary nominations
- Feel more confident about your long-term financial future
Useful Resources:
MoneyHelper
Free, impartial government-backed guidance covering budgeting, debt, savings, pensions, and retirement planning, together with practical tools and calculators.
https://www.moneyhelper.org.uk
StepChange Debt Charity
Free, confidential and impartial debt advice and support for anyone worried about debt or struggling with repayments. www.stepchange.org
Citizens Advice
Expert guidance on budgeting, debt, benefits, housing and managing the cost of living.
www.citizensadvice.org.uk/debt-and-money/
Pension Resources:
MoneyHelper Pensions
Free guidance to help you understand workplace pensions, retirement planning and your pension options.
www.moneyhelper.org.uk/en/pensions-and-retirement
Pension Wise
A free government-backed service offering guidance for people aged 50 and over with defined contribution pension savings.
www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise
Find Lost Pensions
Track down pensions from previous employers that you may have forgotten about.
www.gov.uk/find-pension-contact-details
Check Your State Pension Forecast
Find out how much State Pension you may receive and when you can claim it.
www.gov.uk/check-state-pension
Top Financial Wellbeing Tips
- Create and review a budget regularly.
- Build an emergency savings fund where possible.
- Seek help early if you’re worried about debt.
- Check you’re receiving all benefits and support you’re entitled to.
- Take advantage of workplace benefits.
- Review your pension at least once a year.
- Keep beneficiary nominations up to date.
- Make use of free, impartial financial guidance services.
Remember
Financial wellbeing is an important part of overall wellbeing. Whether you’re reviewing your spending, building your savings, tackling debt, or planning for retirement, every small step counts.
Challenge yourself to take one positive action each week and invest in your financial future.