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Financial wellness tips from the OneFamily team

We all know that spending less and saving more can make a big difference in the future, but improving your financial wellness starts with making small, daily decisions.

To help you start improving your financial wellness ways that fit your budget, we asked OneFamily staff to share their tips on making money go further.

The responses poured in.

From scheduling budgeting sessions to simple life hacks like rounding up your purchases, the OneFamily team keeps their finances looking healthy in all sorts of ways.

Set aside time to plan your expenses

For Sarah, planning ahead for big expenses is a big part of her financial wellness.

“Invest a little time to plan for your expenses across a year, not just a month. If you know you'll get a bill in three months’ time, put a third of the cost to one side each month rather than trying to find it all when the bill arrives.

"And save a little bit towards birthday gifts each month, so it's not such a worry when they come around.”

Sarah Seedhouse (Senior Strategic People Partner)

Work on your budgeting skills

For Katie and Hannah, financial wellness is all about budgeting for both your daily spending and your future savings goals.

“Good old-fashioned budgeting! Each payday, my savings go out automatically and then I put aside all my bill money. I then take what remains and divide that by the days of the month that are left and I try to make sure I don't go over that amount each day.

"If I end up not spending any money one day, I put it to one side so I can top up if I want something special.”

Katie Jefferies (LTM Mortgage Servicing Manager)

“First, get a journal and write down all your outgoings. Then set yourself a realistic savings goal - something little out of your pay or extra earnings that won’t set you back for the month and cause you to worry.

"Writing down your day-to-day in a journal will help with being organised as you get into a routine. It'll also help with any unexpected payments you've had that month so you can maybe bear them in mind for the following month.

"Once you've done the first month, you'll have more of an idea of whether or not your savings goals need to change. I know I've had months when my goals had to go down due to things out of my control. That's ok!”

Hannah Verth (Customer Relationship Representative)

Search for discounts before you buy

You don't have to give up shopping altogether if you're working on your financial wellness, but there are ways to save money when buying the things you want or need.

“When buying something online, always do a search for discount codes. It's worth spending 10 minutes looking if you could potentially get a saving.

"If you can't find a discount then check if you can get cashback instead.”

Emma Johnson (Technical Analyst)

“If you have a favourite brand of clothing or trainers, look for special offers, vouchers and loyalty schemes or wait until the sales. I also buy items new or second-hand from eBay, Depop and Vinted.

"If you buy out of season, you can get big bargains - for example, buying a winter coat in the summer.”

Sara George-Sturmey (Membership Executive)

Get a second bank account

To Louise, an important part of financial wellness is having separate bank accounts.

“To help keep track of spending (and for simple budgeting), I have two bank accounts.

"Most bank accounts are free. Use one for your salary and regular monthly outgoings and one to put the amount you want to or can afford to spend on non-essentials each month. Then just use your "spending" account on daily life!

"Apps like Monzo, Revolut or Starling can work well for this.”

Louise Powell (Senior FP&A Manager)

Put away your pocket change

Financial wellness is all about spending less and saving more, but just as there are small ways to cut your spending, there are also a few ways to build your savings without making big sacrifices.

“Save an odd amount every month, like £25.60. That regular saving of 60p really starts to build up over the years, but you don't notice at all that you have 60p less to spend during the month”

Vikki Peters (L&D Advisor)

“Think small and often. In order to save for Christmas or special events such as holidays, put a little bit away each month.

"It’s amazing how quickly this adds up.”

Katie Jefferies (LTM Mortgage Servicing Manager)

Round-up your purchases

When it comes to building your savings as part of improving your financial wellness, letting your bank round up your purchases can have a bigger impact than you realise.

“Some banks offer a 'save the change' feature. Every time you spend, it rounds it up to the nearest pound and put the difference in your saving account.

"This soon adds up and can be used for special treats.”

Katie Jefferies (LTM Mortgage Servicing Manager)

“Some of the banks that allow you to round up your spending into a saving pot are Monzo and Lloyds. There are also lots of apps to help you do this, like Revolut or Moneybox.”

Sara George-Sturmey (Membership Executive)

You don’t need a goal to start saving

You might think there's no reason to put money away if you don't yet know what you'll spend your savings on, but having some money set aside can help you make sure you're ready for anything.

“There's always going to be a time in the future when you'll need a little extra money. So get into the habit of putting away 10% of your take-home pay even if you don't have something specific you're saving for.

"If 10% isn't possible, then even just 1% is better than nothing and you'll definitely thank yourself for it!”

Frankie Entwistle (Digital Content Lead)

Save before you spend

Another tip to help you build your savings and improve your financial wellness is to put some money aside before you give yourself a chance to spend it.

“Open a savings account or ISA and arrange a direct debit to go out the day you get paid. You’re less likely to miss the money.”

Sara George-Sturmey (Membership Executive)

“Set up a Direct Debit for the day you get paid. That way you know how much you're left with for the rest of the month but you still achieve your monthly output into your savings.”

Hannah Verth (Customer Relationship Representative)

Check your credit files

Financial wellness is all about staying vigilant, but you should be looking at more than just your spending. Stuart suggests paying attention to your credit files.

“Always check your credit files! Look for credit searches, applications, financial associations and investigate anything that doesn't seem right or you can't remember doing.

"The smallest anomaly can turn into a big problem. Even if it's just a mistake on behalf of a lender, credit company or the credit agency these mistakes can have an impact on your credit rating!

"Impacting your credit file can dictate the interest rates charged to you and, the higher the rate, the less you have to save. If it's not a mistake then you can prevent yourself from being a victim of financial crime.”

Stuart Holness (Partnership Development Manager)

Download apps to help you out

Budgeting can get overwhelming, which is why Kamru suggests using a spreadsheet or downloading an app to track your spending.

“Download apps or create a spreadsheet designed to show your outgoings and incomings.

"It can make it much easier for you to see what you can cut down on if you're spending more on one particular thing that you may not need – for me, it’s shoes!”

Kamru Manik (Customer Services Representative)

Stocks and Shares ISA

Why not start saving with a OneFamily Stocks and Shares ISA?

With our Stocks and Shares ISA, you can invest as little as £25 a month up to £20,000 a year. With our two, simple investment fund choices, and easy-to-use online account, we make investing simple.

Our Stocks and Shares ISA

Stocks and shares ISAs invest in the stock market, so they have good long-term growth potential, but the value of your investments can go up or down and you could get back less money than you’ve put in.

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