A word from the office - October edition

As October begins, the office reflects on a busy and eventful September. The team took part in charity walks, took on new running challenges, and began celebrating the upcoming wedding of Alex and Amelia. For more details about Victoria and Lucy’s charity walk, visit the charity section on our website. Additionally, we have been hard at work organising an important charity event, which you can read about below.

Monthly Headline from Quayside

This month, we wanted to focus on the psychology of money and explore how managing our finances can profoundly impact our emotions and mental well-being. Understanding the emotional aspects of financial decision-making can help us better align our choices with our values, needs, and wants, rather than trying to suppress these emotions entirely.

Here are five emotional responses that can significantly affect our mental well-being when making financial decisions:

1. Stress and Anxiety – Financial concerns are a leading cause of stress and anxiety, with chronic financial stress potentially leading to long-term health issues. This stress can also drive impulsive spending or cause us to avoid dealing with financial problems altogether.
2. Joy and Satisfaction – These emotions often arise from financial gains or successful investments. While they bring positivity, they can also increase the temptation to take on more risks than we might otherwise consider.
3. Fear – Fear, particularly the fear of loss, plays a significant role in financial decisions. It can lead to an avoidance of risk and reluctance to invest, potentially holding us back from opportunities for growth.
4. Guilt and Regret – These emotions commonly surface after negative financial outcomes. Experiencing guilt or regret can make us overly cautious, potentially preventing us from making necessary financial moves in the future.
5. Hope and Aspirations – Hope and aspirations drive us toward positive financial decisions, like setting and pursuing goals. However, they can also lead to unrealistic expectations and cause us to underestimate risks.

Receiving effective financial advice and having a solid financial plan can significantly enhance our mental health by building feelings of control, protection, and security. Here are three ways financial advice can improve your mental well-being:

1. Reducing Financial Stress and Anxiety: Professional financial advice can clarify your financial situation, offering strategies to manage debt, create budgets, and set achievable goals. With a clear plan in place, the uncertainty that often causes stress and anxiety is reduced, leading to greater peace of mind.
2. Boosting Confidence in Financial Decisions: A Financial Adviser provides expert guidance tailored to your specific circumstances, helping you make informed decisions. This increased confidence reduces the fear of making mistakes and empowers you to take control of your financial future, ultimately enhancing your overall mental well-being.
3. Promoting Long-Term Stability and Security: Financial advice helps you plan for the future, whether through retirement planning, investments, or savings strategies. Knowing that you have a solid plan in place can alleviate worries about the future, contributing to improved mental health and a stronger sense of stability.

Top Tip from Piers

1. Identify What Truly Matters to You - Money-related stress and anxiety can stem from various sources. To begin alleviating these feelings, it’s essential to reflect on what holds the most value in your life. Whether it's family, lifestyle choices, or personal interests, understanding your priorities will help you shape meaningful financial goals. Consider what brings you joy and fulfilment—be it dining out, gifting loved ones, traveling more, or even purchasing a new home. Defining these priorities will guide your financial decisions and reduce stress.
2. Gain Clarity on Your Finances - After establishing your goals, gaining a clear understanding of your finances is crucial to feeling more in control. Start by creating or updating a budget, and take a close look at how and when your income and expenses occur. By tracking where your money comes from and where it goes, you can make informed decisions that align with your priorities and reduce financial stress.
3. Asses your Commitment to Your Goals - Whether you're having trouble setting goals or have too many, the challenge often lies in figuring out how to achieve them. A helpful approach is to ask yourself, "What does failure look like?" This question can make goals feel more tangible and manageable, preventing analysis paralysis. The next step is to evaluate your willingness to commit to these goals. Are they truly important to you, or are they just passing thoughts? This self-reflection will help you distinguish between genuine goals and mere ideas, ensuring that you focus on what truly matters.
4. Beware of Comparison – It Can Steal Your Joy - Revisiting the first step, it's crucial to ask yourself: Is this goal something you genuinely want to achieve? In the age of social media, it's easy to feel pressured into wanting things simply because modern life pushes the idea that you need everything instantly, regardless of how feasible it is. Remember, comparison is the thief of joy. By staying focused on what truly matters to you, rather than what others have or appear to have, you can set authentic goals that bring real satisfaction and fulfilment.
5. Engage with a Financial Planner - Financial planners specialise in helping clients clarify their goals, assess their current financial situation, and create a roadmap to bridge the gap between the two. Money can be a significant source of stress, and working with a financial planner is a proactive step toward alleviating that burden. Whether you have questions, concerns, or exciting plans, a financial planner is there to support you.

Remember, without a plan, a goal is just a dream. Engaging with a professional can turn those dreams into actionable, achievable goals

Last Month’s Headline

The financial markets and the impact of the change in Government. You can read more on this topic here.

Further Insights

If you’re interested to read further, we also have more useful information on our website which can be found here.

Charity News

30^th October sees us host a charity event to remember whilst raising money for a fantastic cause.

Quayside would like to invite you to join us at The Sherborne Cinema for a spooky private viewing!

All proceeds from this event will go to The Music Works.

Put on your spookiest costume and join us for a night of frightful fun. Fancy Dress in encouraged with a prize for the best dressed adult and best dressed child.

Popcorn and a soft drink are included with all tickets.

Don’t miss out on this spooktacular evening – grab your tickets now!

Contact your Adviser

If you would like to discuss more about this month’s topic, please book a call with your Adviser here.

Alex’s Diary         

Amelia’s Diary                                                      

Liam’s Diary

Piers’s Diary                                                                                                                            

Steve’s Diary

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