Yes you read that right.

Money and wellbeing are definitely connected. Whilst I think we all know money does not make you happy, it can certainly give you security, flexibility and gives you choices in life.

It is essential that everyone has savings to rely on.

Why do we need to save?

There are so many unexpected costs that we will come across during our lives. Here are a few that I have come across:

• House hold appliance like a washing machine / dishwasher breaking down
• Car repairs
• Household repairs, such as boiler problems, heating not working, no hot water
• Children breaking school shoes
• Children growing out of school uniform quicker than expected
• School trips
• Wedding / Party invites where new outfits and gifts are required
• Children’s school trips

The list could go on but hopefully you get my drift.

There are also unexpected financial shocks that can happen to ourselves or to the people we rely on. I have put together a list below:

• Loss of a job
• Becoming ill for a long period of time
• Becoming ill and being unable to work again
• Death of a partner

Hopefully these will never happen to you but they are shocks that can happen, which can lead to feelings of anxiety, and even financial trauma. Having a pot of savings, some emergency money can help and buy some time.

How much should we save?

It is recommended to have 3-6 months worth of expenses saved up. 3 months worth of expenses does not buy a great deal of time so I would recommend 6 months as a minimum. Personally, I aim for 12 months worth of expenditure in savings.

This really helps knowing that I have a financial cushion that will last some time. It definitely helps with my mental health and overall wellbeing!