Financial Quick Wins Help Combat Stress

Money is the joint top reason UK adults experience stress - with 39 per cent of UK adults citing it as their primary cause of worry, alongside lack of sleep.

This Stress Awareness Week, it’s time we addressed this major life disruptor and obtained advice for how to better manage money and reduce stress.

As part of our mental health awareness campaign for November were using this month to raise awareness of the certain benefits people may have access to as part of their policies, that they may not know about and how best to utilise them.

Very often, protection packages such as life insurance include access to benefits like free online GP appointments for your immediate family, personalised nutrition and fitness guidance and mental health support, such as counselling. When used correctly, hundreds or even thousands of pounds a year could be saved.

With a report, published by HR platform, Ciphr, detailing that 79 per cent of Brits felt stressed in the last year, Caspian has provided these tips for taking control of your finances and removing the worry out of it.

For the self employed

As Britain currently has around 4.3m self employed workers, it’s vital those making the switch understand the tax implications. Firstly, you must be registered with HMRC and do a Self Assessment tax return so that you can make your own tax and national insurance payments every year. Registering with an accountant is advisable to ensure you understand the process and are making the correct payments, although it is not compulsory. I would also recommend setting aside 20 per cent of your monthly earnings into a savings account for those earning a net income of around £50,000 to avoid any unnecessary shocks if you can afford to do so. Be mindful that you are responsible for your own pension contributions too, so make the most of government contributions of 20 per cent by starting yours sooner rather than later.

For Parents

Being a parent was also cited as a huge stressor amongst the report, with a combined total of 43 per cent claiming family, childcare or kid’s education caused them worry. Claiming the Government’s tax-free childcare scheme could save you £2,000 a year in childcare fees if you have a child aged upto 11, or 17 if they are disabled, by essentially giving you 20p for every 80p you deposit into your tax-free childcare account via your Government Gateway account. To qualify, you and your partner must each earn a minimum of £142 a week and less than £100,000 a year and it’s not restricted to the other parent if you don’t cohabit with them - it’s based on who you live with.

For those with life insurance

Make the most out of your existing life insurance policy as you could make several savings. Certain providers, such as Vitality, offer discounted gym memberships and holiday bookings, as well as free cinema tickets. Others offer free therapy sessions, like AIG, which provides four sessions as part of its Smart Health package. Being fully aware of your benefits could save you money on Personal Trainers, mental health services and more, so it is well worth taking that into consideration when you calculate your total outlays. Often, it means you can cancel costly gym memberships which you’ll no longer need as there’ll be other ways to stay fit on offer.

For more information on the policies we have to offer, enquire with us today by clicking to get a free quote.

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