The Money Mindset: Weighing Against the Cost Of Living



Posted on: 13th January 2023

It is understandable why the cost of living crisis is hanging like a black cloud over every financial decision at this point. It has had a major knock-on effect to the point where people are afraid to spend money because of how much worse it may become.

Relationship With Money

People’s relationship with money can have a huge impact on how they spend, save and plan for the future. However, an alarming amount of people do not take any form of advice or consultation on their finances and choose to go it alone, navigating the financial landscape with no clear direction to steer towards.

The knee-jerk reaction is to begin closing things off, and accessing their savings to help them get by – and doing so without any insight into how it will play into the future or if even any other alternative is available. Most of the time, it comes down to online advice read in an article. The big problem that many need to comprehend is that these sources are based on a generic financial standing – not their financial circumstances.

Stressful Work

There is nothing like financial worries to increase stress, anxiety and sleepless nights. ‘What if’ is the ultimate source of being overwhelmed and finding difficulty in being rational with your finances.

Motivation levels in dealing with anything financial are extremely difficult, and this is where you take what you feel is the easy option in pulling out of investments and accessing pension pots or retirement funds that you feel you can make up at a later date. This affects people with good-paying jobs who manage to save well as much as it affects those experiencing a rough patch.

Money worries exacerbate mental health issues and bring stress and anxiety to the forefront of every decision. However, financial advice based on your personal experiences do a lot to relieve those pressures. This is why independent financial advisers Cheshire are essential to navigate this part of history.

Advice Is Key

An independent financial adviser Manchester is there to help you make smart decisions with your finances by evaluating every aspect of your spending and saving to prevent you from making poor decisions, taking on risky investments and helping you avoid dipping out of budgeting and saving plans.

An adviser has seen many different clients that have been overwhelmed, ashamed or even feeling guilty about not knowing how to get financially stable – and that is why they are initially contacted to help. Whilst an adviser will not purposely guide you to a solution, they can explore which ones will work out best for your circumstances and help you to formulate a plan.

This plan will be a scaffolding around your financial growth and securing comfort through the cost of living crisis. Is it not time for you to get help through your financial uncertainty? Contact the team at Haven IFA today for the best independent financial advisers UK.