5 tips for improving your financial wellbeing

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Financial wellbeing is often defined as feeling secure and in control of your money. We know not everyone experiences this feeling at all times, with our recent research showing that only 39% of people who aren't yet retired feel positive about their financial circumstances right now.

Money affects many parts of our lives – from our day-to-day choices to our future plans – and we know that money worries can have an impact on mental health. That's why we want to help people feel more confident about their situation, whatever life looks like for them.

Feeling better about your finances doesn't necessarily need to involve a drastic overhaul of your life. After all, many of us are already juggling work, family commitments and the rising cost of everyday life. Sometimes, confidence can come from a few small changes or simply knowing where to get support. So, where to start? Here are a few tips.
 

1. Think about budgeting

   Everyone has different incomes, responsibilities and spending needs. Some people will find that a hefty chunk of their wage goes towards rent or childcare. Others might be helping older relatives or saving for a first home. Some may have a little more disposable income.

   Having a budget usually involves looking at how much money you've got coming in and how much you're spending each month. This can help you see how much you need for essentials and decide what you'll do with anything that may be left over. If you already have a budget, it's worth reviewing it and making sure it's still working for you.

   Even if budgeting doesn't help you make a significant saving, it can still give you a clearer picture of how much you've got now and where your money's going. It can help you make choices about your spending, which could make you feel more in control.

2. Consider an emergency fund

   We can't predict what's around the corner. But planning for the unexpected could save you some stress when life throws a curveball.

   Setting up an emergency fund involves putting money aside to cover any surprise costs you're faced with in future. Think: things like car breakdowns, dental treatment, even redundancy.

   Earmarking a little bit of money each month, if you can, could make a difference through life's twists and turns. Whether it's a surprise repair, a change in circumstances or one of those moments that can't wait until payday, having money set aside could give you a bit of reassurance for the future. So if you have car exhaust trouble, or need to fix a tooth you chipped on a biscuit (based on a colleague story!), you can cover at least some of the cost.

3. Set your goals

   It's very normal to find yourself focusing on the here and now rather than the future, especially at a time when household bills are high.

   But whatever your situation, it could be worth thinking about what your short, medium and long-term financial goals are. Do you want to get away for a long weekend? Help a child through university? Work fewer hours in the future? Start a business from scratch?

   When you've got an idea of what your aims are, it's easier to find out how much money you might need, and it gives you something to work towards.

4. Stay informed

   For many, life's busy. Between work, family commitments, caring responsibilities and everything else competing for our attention, learning more about money can easily fall to the bottom of the to-do list.

   But understanding the difference between saving and investing, and knowing what different financial products are used for, can help you make decisions about where to put your money based on your goals and circumstances.

   MoneyHelper,a service backed by the government, has information on all kinds of money matters to help people stay informed and make more confident financial choices.

5. Get support

   If you're finding your situation difficult, help is available.

   You could visit MoneyHelperto see what financial support you might be eligible for. MoneyHelperand Citizens Advicealso have information on handling debt.

   Your employer may also have a financial wellbeing programme, or they might point you in the direction of extra support.

   Research shows that talking about money can help people feel less stressed and anxious. Whether it's a partner, friend, family member or trusted colleague, opening up about your situation may help you feel less alone and more confident about your next steps.

    

The information here is based on our understanding in October 2026 and shouldn’t be taken as financial advice.

Standard Life accepts no responsibility for information on external websites. These are provided for general information.