Finance and Wellbeing
For some, financial awareness may come naturally but for others, it can be difficult to manage. For those facing financial issues, life can be extremely difficult and it is important that those you surround yourself with are there to help you.
This article will share signs that someone you know may be struggling financially and also 6 questions to ask yourself to help stop bad spending habits.
3 Signs That Someone May Be Struggling Financially
If a friend or family member suddenly changes their spending habits, it can be a sign that they are having difficulty with their finances. For example, if they start to cut back on weekly shops or if they do not go out as much, these could be signs that they are looking to change their spending habits.
As a friend or family member, you should support this by offering alternative activities such as a walk or cycle instead of a meal.
Change in behaviour
Another key sign that finances may be an issue is a change in behaviour. Often people may get easily upset or frustrated when talking about subjects such as houses, holidays and their finances. This reaction comes from an anxious and scared place and therefore should be handled with care.
If you have experienced this you can speak to your friend or alternatively try to stay away from topics around money or future plans.
A sign of financial anxiety or stress can be unopened mail. Many people with financial troubles try to ignore the issue until it piles up and becomes perceivably uncontrollable, but one of the best things to do is talk to experts in the area before the issue becomes a huge problem. If you believe your relative or friend may be struggling, the best thing you can do is try to encourage an open discussion from a caring place to try and help them before the problem escalates.
If you are looking to help yourself, friend or relative through a financial blip, then Galahad have some key questions that should be asked before any purchase.
- Can I afford this?
- Is this purchase a need or a want?
- Will I still want to make this purchase in 24 hours?
- Can this purchase be made cheaper elsewhere?
- How will this affect my monthly budget?
- How long will this purchase take me to financially recover from?
These questions are really simple to put into practice and by doing it regularly, you can help create a positive spending habit. Hopefully this post has given you the knowledge to help you and others build healthy spending habits.