11 ways to take control of your money and reduce financial stress

According to JustMoney, financial wellbeing is not only about how much you earn, but also about understanding your financial position, setting goals and building manageable habits.

Sarah Nicholson, head of customer experience at JustMoney, says knowing what needs to be paid, how much money is available and what you are working towards can reduce the mental burden of managing money.

Here are 11 practical ways to get started:

1. Set clear goals: Identify what matters to you, from buying a home to travelling or saving for retirement.

2. Allocate your income: Use separate accounts or savings pockets to organise money for different expenses.

3. Review your expenses: Cancel unused subscriptions and compare quotes for services such as insurance.

4. List your debts: Review balances and interest rates, prioritising high-interest debt while keeping up with minimum payments on other accounts.

5. Allow guilt-free spending: Set aside a realistic amount for hobbies and entertainment.

6. Automate payments: Schedule regular bills and transfers to savings on payday.

7. Activate transaction alerts: Stay informed about account activity without constantly checking your balance.

8. Plan for unexpected events: Think about how you would manage changes in employment or unexpected family expenses.

9. Schedule a monthly money check-in: Set aside time to review your finances and organise important records.

10. Store important documents safely: Keep insurance policies, investment records, wills and beneficiary details accessible in an emergency.

11. Ask for help when needed: A financial adviser, debt counsellor or tax consultant can help you develop a manageable plan.

Nicholson emphasises that financial wellbeing is not about getting everything right immediately. Simple, sustainable habits, such as paying bills on time, following a spending plan, reducing debt and saving regularly, can help build a greater sense of control.