Sleepless nights worrying about the state of your bank account? We get it… in fact, we’ve been there too! In fact, a survey by Pockit found that the average Brit spend 70 sleepless nights a year thinking about money matters… which begs the question, if we’re all worried then are any of us really doing as badly as we think we are?
It’s always a good idea to try to get into shape financially – we’re not about to tell you otherwise. So if you’re in debt or you don’t have too many savings, we do recommend looking through the rest of our articles and taking some proactive steps. However, the fact that money is something of a taboo means it’s easy to think that you’re the only person in that situation. We’re taking a look at some sobering statistics, to hopefully show you that you might not be doing so bad.
Not enough savings
Research from the HSBC has found that nearly a fifth of people – 19% – have no savings. So even if you’ve got nothing squirreled away at all, you’re not alone. The average amount saved per month is £104.56, a reasonable target which for many could be achieved by switching energy suppliers or cutting down on a few luxuries. While it’s sensible to save what you can, these stats show that every little counts… don’t be embarrassed to start small.
Sound like you?
There are plenty of ways to save money, even when you’re skint. Our favourite strategies are using an app such as Mint to ‘save the difference’ – that means rounding up your purchases to the nearest pound and putting the difference into a savings account (some banks offer the same service – and starting small, with a £10-50 transfer that goes straight into your savings account every payday.
Accumulated debt
44 people went bankrupt every day in June this year, with an average of £2,650 credit card debt per household. These bills are never pleasant, but fighting the rising tide of interest repayments is a challenge for many, many UK households. In March 2018, the charity StepChange reported that a new person was reaching out to them for help with debts every 51 seconds.
Sound like you?
Debt doesn’t go away on it’s own – and worrying yourself sick won’t help either. Reach out to an organisation such as StepChange to understand your options, and to speak to an expert about what to do next. The old saying a problem shared is a problem halved is never more true than when you get support from someone with the ability to help you.
When does financial stress become a problem?
We’re hoping that this article will help a lot of people understand that their financial woes are relatively normal – but we realise that getting rid of anxiety is not as simple as flipping a switch. However, if you find yourself dealing with a persistently low mood or anxiety that interferes with your daily life then it might be time to look for some support. The NHS have provided an excellent guide on dealing with financial stress and knowing when to get help – read more here.