The small habit that changed everything for my financial wellbeing

Michelle shares how workplace savings helped create financial security, improve wellbeing and give her greater peace of mind.

A few years ago, I had my finances under control. I was a Store Manager, my family had two incomes coming in and, like many people, we were getting by comfortably. Then our circumstances changed almost overnight.

When our household income dropped, the impact wasn't immediate. For the first couple of months, we managed, but soon our savings were gone. Before we knew it, bills started piling up and everyday costs became overwhelming.

More than just money

When you're worried about money, it can affect your confidence, your decision making and your overall wellbeing. I remember going to work feeling physically sick, wondering how we were going to make it through the month.

At the time, I was leading a team and spending my days supporting colleagues with their challenges, but I wasn't in the right place myself. I often found myself wondering how I could help my team be at their best when I was carrying so much worry of my own. That's when I realised how closely financial wellbeing and mental wellbeing are connected.

Starting small

A turning point came when I noticed a poster for a workplace savings scheme through the Credit Union. If I'm honest, I didn't know much about it, but I decided to give it a try and started saving a small amount which they transferred directly from my pay each month. 

Over time, those small amounts added up. The first time I logged in and saw I had more than £200 saved, it felt like a fortune. After everything we'd been through, seeing that money there gave me a sense of security I'd not felt for a long time. In fact, I kept checking the account for weeks afterwards because I couldn't quite believe it was real.

It might not sound like a lot of money, but for me it represented something much bigger. It meant I had a financial cushion again and helped me move from constant worry to peace of mind.

A different future

As our circumstances improved, I continued saving. What started as a small habit became something much bigger. Earlier this year, my daughter got married and we were able to give her £5,000 towards her wedding from our savings. Being able to do that was incredibly special to us and not something I could have imagined we’d be able to do years ago.

The experience taught me that challenges like this do not discriminate. They can affect anyone, regardless of role or salary. Sometimes all it takes is one unexpected change for things to feel difficult.

I'm now passionate about sharing my story and promoting the support available at Co-op because if it helps just one person take that first step towards improving their financial wellbeing, and in turn their mental wellbeing, then it's absolutely worth it for me.

Michelle Benton, FM Business Partner

If you'd like to find out more about workplace savings and other financial wellbeing support available to colleagues, visit the Wellbeing Hub.