Tips to Avoid Financial Stress in the Future

Any one of us can experience financial stress throughout our lives and worry, become fearful or anxious about our financial future. Financial stress can come from day to day things like an unexpected car repair or vet bill, or bigger life events like divorce or job loss.

Regardless of your circumstances and no matter how big or small your financial troubles are, the impact financial stress can cause is a serious issue that can affect not only your mental health but also cause physical symptoms including insomnia, headaches, fatigue and more.

There are a variety of reasons why you may suffer from financial stress, but some of the common questions we are asked as Independent Financial Advisers include:

• What happens when I do not have a steady income?
• How will my family cope if I am not there to provide for them?
• Will I have enough money in retirement?

Sometimes, it can feel like there is nothing you can do to help your financial worries, but you may be surprised. Instead of dwelling on the negative, there are ways in which you can plan to avoid these problems as much as possible to help you and your family if that day may come so that you can have peace of mind.

Making a will enables you to protect your loved ones after your death and ensure your estate will be dealt with according to your wishes. Having an invalid will could result in your assets not being passed on to those you would have liked to support when you are no longer there to do so. If you do not have a will in place or think you may need to review yours, our specialist will writers are at hand should you require support.

When a family member passes away this often brings financial stress on top of the grieving process as, if that person was generating an income to support the family, this will no longer be provided. Making sure you and your family are covered in the event of poor health or on death with appropriate protection and insurance can help provide for the rest of the family should the worst occur. Not only that but knowing you have that cover in place can bring you peace of mind now.

Unexpected bills, job losses and changes in circumstances cannot always be predicted, but by ensuring you save an emergency fund for these times of low or no income can help you in the future. It is thought of as good practice to set three to six months’ worth of expenses aside for you to call upon in your time of need.

There is no better time to start planning than now, and if you are someone who worries a lot about the future, knowing you have a plan in place should the worst happen can ease your stress. Whether you are saving into a pension regularly or you are approaching retirement, understanding your requirements in later life and the income you will need can help you in planning for the future you envisage for yourself.

Whatever stage you are at in your life, speaking with an Independent Financial Adviser can help you plan for the future and hopefully ease some of your financial stress. At Integrity365, we are here to help you get to grips and understand your finances to bring peace of mind now, and ensure you have the protection and plans in place to support your loved ones when you are no longer there to do so.

If you need any advice or support with your financial plans, please do not hesitate to get in touch with one of our experienced Independent Financial Advisers today on 0117 450 1300.