By Emma Layton, Financial Adviser, Salmon Financial Planning, a Partner Practice of St. James’s Place
Life is busy and we’re constantly feeling the pressure of making sure we exercise enough, eat well, rest more, remember self-care. The list goes on. Whilst we’re trying to spin lots of plates, are we making a conscious effort to prioritise our finances?
When we talk about finance it’s easy to think about the here and now. Living from one pay day to the next, thinking about birthdays, holidays, and everything else. But are we thinking about money for the future, and putting those all-important steps in place to ensure financial security? The truth is, no matter what your age or circumstances, it’s never too early to start thinking about what might be in years to come.
Worries about money are common. In fact, a report from St. James’s Place found that one in four of us feel anxious about the year ahead and 33% of the adult population suffer daily anxiety about their finances. On top of that, almost one third of Brits say that money worries have negatively affected their mental health over the past year.
National statistics also show that women often face additional financial pressures. The UK gender pay gap remains around 13–14% on average, and because women are more likely to take career breaks for caring responsibilities, the average pension pot at retirement is estimated to be around 35% smaller than men’s. Taking early action with finances can therefore have a particularly powerful effect in the long term.
Our financial wellbeing is just as important as our physical and mental health, but we don’t always think about it in that way. We need to approach money like we do our health and wellbeing. We need to talk about it and make it work for us.
Emma Layton is a qualified financial adviser for Salmon Financial Planning – a partner practice of St. James’s Place. Emma is passionate about helping individuals take control of their money. She says that it’s a common misconception that advisers only work with people who have large amounts of wealth. But this is far from the truth. Emma helps those who are looking to take control of their money, to make sure it works harder for them and supports both short-term and long-term goals.
Here, Emma shares her top tips to help gain control over your money and feel better about finances:
Budgeting
Budgeting shouldn’t feel restrictive, but knowing where your money goes each month helps you feel more in control. Start by looking at what is coming in and what is going out. Separate essential costs from the ‘nice to haves’ and build a values-based budget that prioritises bills, financial goals, and the spending that genuinely matters to you.
Financial confidence begins with understanding your cashflow. Once you have that clarity, it’s easier to spot where savings can be made. Look through every direct debit and monthly payment, cancel what you don’t need and think about redirecting those funds into savings or investments instead.
Research from the Money and Pensions Service shows that people who regularly track their spending are significantly more likely to feel confident about their finances and build savings buffers.
Start Saving
Many people delay saving whilst waiting for the right time, but when is the right time? Life will always bring expenses (birthdays, weddings, holidays), so the key is just to start – however small.
Focus on consistent wins. Setting aside £25-£100 a month can quickly build momentum and restore a sense of control. The first goal should be building a financial buffer, an emergency fund that covers unexpected costs like boiler repairs or car issues. Saving isn’t about being perfect with money; it’s about reducing stress and giving yourself options.
Many financial planners recommend aiming for three to six months of essential living expenses as a longer-term emergency fund target. This provides resilience if income suddenly stops or unexpected costs arise.
Saving isn’t about being perfect with money; it’s about reducing stress and giving yourself options.
Investing
Once you have built a buffer, you can start thinking about investing. Around half of UK savers with cash have never considered it, with research from the FCA suggesting this is largely due to a lack of confidence.
Investing helps protect your money against inflation by allowing it to grow over time. The key is to think long term. Start by mapping out your financial goals, whether that’s moving house, raising a family, or planning for retirement. Automating monthly investments can help remove emotion from the process when markets fluctuate. Investing is less about timing the market and more about building consistent habits.
Historically, global stock markets have delivered average long-term returns of around 5-7% per year above inflation, although returns can vary significantly in the short term. This is why investing is generally most suitable for money that can remain invested for five years or more.
Automating monthly investments can help remove emotion from the process when markets fluctuate. Investing is less about timing the market and more about building consistent habits.
Pension
Don’t forget your future self. Research shows that people with a financial plan are on average £109,172 better off at retirement than those without one. Increasing pension contributions now can reduce reliance on the state and help you build the retirement lifestyle you want.
The full UK State Pension currently pays around £11,500 per year, which means most people will need additional private savings if they want flexibility and choice in retirement.
Think about what you’d like that future to look like and start putting the foundations in place today. Automate your pension contributions and ensure you increase these as your pay rises. The key is to make it visible, so you know where it is, what you have, and where it’s going.
Income Power
For most of us, our biggest asset isn’t our home; it’s our ability to earn. If you’re employed, make sure you are being paid what you’re worth. Check that your salary remains competitive with what you could get elsewhere in a similar role. If you are self-employed, is it time to raise your rates?
Over a lifetime, your earning potential can be worth millions of pounds, which is why protecting that income through savings, career progression, and appropriate financial planning can be one of the most powerful financial strategies available.
By taking small and consistent steps to build healthy financial habits, you are protecting yourself for the future. Ask yourself, what can I do this month to help feel more in control of my money? Financial advice can help you turn these habits into a long-term strategy that supports your life goals and financial wellbeing.
Emma Layton, Financial Adviser
