The World Health Organisation (WHO) defines health as ‘a state of complete physical, mental and social wellbeing and not merely the absence of disease of infirmity’.
And the connection between financial health and personal health is closer than you may think.
We have all experienced some form of stress, be it that nervousness before writing an exam or the anxiety before speaking to a room full of people. But did you know that stress caused by financial challenges is the global number one ‘stress factor’? Money worries are the biggest cause of sleep loss – most of us have had sleepless nights thinking about everyday expenses, healthcare, retirement, children’s education. Add unexpected expenses to this and your stress levels can reach a dangerous level.
The effect on your physical health can result in sleep loss, headaches, and weakened immune systems that can cause regular illness, high blood pressure, muscle tension and more. Your mental health is also affected with depression, anxiety, anger and feeling overwhelmed.
Unhealthy coping behaviour such as overeating, smoking and drinking too much can also lead to more money-related issues and have negative effects on your body and mind.
But there are ways of coping with financial stress that can help to improve both your personal and financial health. Here’s how:
Budgeting
Being organised and having a plan that balances your income and expenses is the best way to reduce worries about having enough money to pay for your expenses, whether they are normal monthly expenses or saving extra for unexpected expenses.
Read our5 things to consider when budget planningarticle for some helpful tips on how to organise your finances.
Being prepared: savings
Your budget should include an amount you put away into a savings account each month. Having money set aside takes the stress off needing access to funds for emergencies and helps you to plan for your financial goals. However, saving money isn’t as easy as spending money – here is some advice aboutways to save money for your financial goals.
Borrowing, responsibly
There will always be instances when unexpected expenses happen like car or laptop repairs, or you need a little help for emergencies like medical expenses. Credit providers like FASTA give you access to funds simply and quickly, and ensure the responsible use of credit by only approving a loan application if you are able to pay it back without causing financial stress.
Ask for help
There are many valuable resources available to you that can help you with your financial stress and improve both your financial and personal wellbeing.
Here are some recommendations from the FASTA team:
- Company wellness benefits such as Mental Health Days
- Financial planning: speak to a financial advisor
- Budget management: speak to your bank or financial advisor
- Debt management e.g. DebtBusters
Importantly, setting your own financial and self-care priorities and sticking to them will help you achieve personal and financial health.
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