With the rising cost of living, financial stress has become a pressing issue for many UK adults, impacting not only their wallets but also their mental health. According to a recent survey by the Office for National Statistics, over 75% of adults in the UK report significant financial concerns, with half experiencing this stress on a daily basis.

To help those struggling, Legal & General has outlined straightforward steps that can help individuals manage financial stress more effectively.

One of the first steps, they suggest, is facing financial realities head-on. While it may be daunting, taking stock of your financial position –whether by opening overdue bills or reviewing bank apps – is crucial. For those who find this overwhelming, support from a trusted friend or a professional can make the process easier.

Once you have a clear picture of your finances, Legal & General recommends identifying essential daily expenses, such as housing, food, and transportation. Their online budgeting tool can provide valuable assistance in this step. Setting aside time to review bank statements, credit card bills, and other financial documents can provide a realistic view of spending habits and help calculate expenses on a weekly, monthly, or annual basis.

A regular review of bank statements and setting up automatic payments for essential bills, such as utilities, can make money management more routine. Building such habits, according to Legal & General, can be as essential to financial health as regular self-care routines.

Beyond essential costs, evaluating discretionary spending is also important. Questions to consider include: are there areas where you could cut back, such as gift spending or broadband costs? Identifying flexible expenses can provide room to make adjustments and help balance your budget.

While cost-cutting is a practical approach, Legal & General highlights the importance of preserving activities that support well-being. Exercise and socialising, for instance, can be adapted to suit different budgets. Swapping a costly gym membership for outdoor workouts or free online fitness classes can help save money without sacrificing routine. However, if a gym membership is essential to one’s motivation, finding alternative areas to cut costs may be more realistic.

For those facing debt, organisations such as National Debtline and Citizens Advice offer valuable resources and guidance. Seeking professional advice can be a critical step for individuals struggling to manage their financial challenges, providing both immediate support and a pathway towards financial stability.