Don’t sweat about summer stress

Man flying a kite behind him as he jumps


MoneyPlus Features Team

21st July 2017 at 12:00pm

This time of year can be taxing, not only on the purse strings but on your emotional wellbeing too.

We know that the summer months are a time where you need to watch spending. Holidays don’t come cheap and for some this time of year can pile on the pressure.

What’s more, the summer months bring a whole host of joyful events to attend like weddings and festivals. And actually we really want to enjoy life, not stress about it.

How can we quash those money stresses?

Well, we’ve come up with some top tips, to help you take back control.

First things first: review your budget

Feeling like you aren’t managing your money properly can cause a little anxiety.

The lack of structure and control can suggest that spending is spiralling and that can lead to some stress.

But you can take back control

So, what do I need to do next?

Look at your budget and work out when each direct debit or standing order leaves your accounts.

Even doing something this simple can make you feel more positive.

Next, get rid of any expenses you can do without, like costly TV packages.

Then work out how much you need each week for food and travel, allocating yourself a weekly budget to stick to.

Any money left over you can then use to pay off debts or pop in to your savings.

It may seem simple, but going through this really makes you feel like you’re taking back control and getting your financial affairs together for the coming weeks and months.

Start an emergency fund

If you don’t already have one, an emergency fund to cover unexpected costs can be a real game changer.

Ideally, save 3 months’ worth of expenses. This could be useful if you are made redundant or have to leave work, but it is also worth having an additional fund of around £1,000 for expenses such as car repairs, a new boiler or whatever else might come your way.

To find out more around emergency funds take a look at the Money Advice Service.

Don’t put yourself down, be positive

If you do overspend, one of the worst things you can do is to give up or put yourself down. You can get out of this rut, and restore your confidence.

But how? Well, knowledge and education can help…

Get clued up

Educating yourself around finances can be a great way to boost your self-belief and get your spending and saving back on track.

Take some time to research budgeting techniques and saving strategies.

Our blog ‘How to nurture your new saving habits and cut the cravings’ can help get you on your way.

If things do get tough, help is at hand

But if you feel you need professional help, that’s okay too.

In fact, seeking the services of Citizens Advice or the Money Advice Service may be just the thing you need to kick start your journey to calming your cash worries and turning things around.

Both can help with debt troubles, and are great sources of guidance and support.

A problem shared is a problem halved

When it comes to money worries, it’s best to speak with the closest person to you. You may feel embarrassed to admit you’re struggling, but you can work together.

Two heads are better than one! And remember, you don’t need to take on all of the financial burden yourself, try and share the financial responsibility equally.

Getting your spending under control and putting a budget in place really can make a difference.

We can’t be perfect all of the time and money mishaps are bound to happen, but if you follow these top tips it won’t be long before you’re back on track.



Views expressed are the writer’s personal opinion based on her circumstances. The information in this blog or any response to comments should not be regarded as financial advice.

The links provided in this blog are for general information purposes only. Standard Life accepts no responsibility for information contained in the sites or for the sites not being available at all times.

The information here is based on our understanding in July 2017.