This year, Talk Money Week takes place from 4 to 8 November 2024, and we’re taking the opportunity to share insights from our Money Guidance Service on a topic many of our clients struggle with: managing their finances after reducing or stopping gambling.
Talk Money Week is a nationwide initiative encouraging open conversations about money across the UK, with the hope that these discussions will continue throughout the year.
If you have recently stopped gambling or reduced your spending, you may find yourself with more disposable income and free time than usual. While this is a positive change, it can also feel overwhelming. You’re not alone if you’re not sure what to do next with your newfound financial freedom.
Here are some common concerns we’ve heard from people who have asked for help:
- Temptation to spend money or gamble again: Fear of returning to old habits with easy access to money.
- Feelings of guilt when making a purchase: Feeling uncomfortable spending money on yourself, especially for large purchases, because you are not used to having extra funds.
- Uncertainty regarding financial planning: Don’t know how to start thinking about savings, retirement, or future financial security.
- Explore new hobbies: Consider what hobbies or interests you would like to pursue now that you can afford them.
- Managing unusual financial freedom: Generally figuring out how to handle money when no longer tied to gambling.
If any of these concerns sound familiar, we Money Guidance Specialist is here to help you face this new challenge. Our team can guide you on how to:
- Identify your financial priorities: Figure out what’s most important to you right now.
- Set financial goals: Whether it’s saving for a big purchase or planning a long-term dream, we can help you outline your goals.
- Protect your money: Discuss strategies to safeguard your funds from future temptations.
- Plan for the future: While we’re not financial advisors, we can help you explore what’s available in terms of savings, pensions and other financial products.
The theme of this year’s Talk Money Week is Do One Thing to improve your financial well-being. It doesn’t have to be excessive; taking even small steps can create a ripple effect on your financial future.
If you’re ready to take the first step or just want to explore your options, give us a look National Gambling Helpline call in 0808 802 0133. Our advisors can address your concerns and connect you with our Money Guidance Service if they feel it’s right for you.
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