When you see the words “financial”, and “wellbeing” being brought together the natural assumption is that the phrase “financial wellbeing” is used strictly in relation to a person’s finances and how healthy they are. This is exactly what a finance manager is paid to do which is assess a person’s financial well-being and through effective financial planning and management, improve it.
However, we would like you to consider the word “well-being” in a different context and that is a person’s well-being as it applies to their physical and mental health. Take this a stage further and consider how their financial well-being could affect an individual’s personal well-being. The fact is it can do so, and there is no lack of medical evidence to prove it.
Financial problems causing health issues are a scenario that is flagged up time and again in medical journals, medical bulletins, and from first-hand recounting from doctors and patients. Countless visits to doctors, psychologists, therapists and even psychiatrists have arisen from a person suffering mental and physical health problems as a result of the pressure placed upon them due to concerns over money and their finances.
Thankfully, there are solutions, and we would advise that if you are suffering from any mental or physical health issues you first should arrange an appointment with a medical professional. After that, the next expert you want to be speaking out with is a financial planner. They can assess your finances, give you advice and ultimately create a comprehensive financial management plan which removes virtually all the concerns and worries you had been trying to juggle previously.
The title of this post says, “5 Ways” and “Seeking The Help Of A Financial Planner” as just discussed is without doubt #1. However, if you choose not to use a financial planner, here are four additional ways to protect your financial and personal well-being, including your health.
#2 Create a Budget: One of the problems many people have is not their income level being insufficient but their outgoings, and in particular, their management of them. It is not that they cannot afford to pay their outgoings but their management of them is shambolic. You can address this, and reduce the stress of paying your bills by establishing a budget so that you what each bill is and when it should be paid, and ideally, on an automatic basis.
#3 Stop Spending Randomly: Another reason that money concerns and anxiety occur and then negatively affect health is how money is spent. Many people spend randomly, often on a whim and on products they have little use for. If you are guilty of this you need to find self-control somewhere. If you can, you could discover you have hundreds of dollars more per month available due to your not spending randomly.
#4 Reduce Your Debt Levels: For many people, debt induces depression more than it does stress. The reason often cited is that debt seems like a large black cloud looming over them that never seems to go away and in many cases grows bigger each month. It will not surprise you that the answer is to reduce debt. Credit card and loan consolidation can help achieve this as can simply pay off debt but not increase the amount you owe.
#5 Plan for the Future: You would be amazed at the difference in how you feel if you know that your financial future is planned for, and everything is in place for your retirement. Certainly, anyone, of whatever age, who worries about what their financial position will be when they are older needs to start planning now, and that includes savings, investment, insurance, and pensions.