What’s that old saying about “money can’t buy me happiness, but it can buy me a boat… and a boat would make me happy”? It’s a harsh reality that financial stress is one of the leading causes of mental health problems in people. It’s estimated that financial stress contributes to over 75% of all mental health problems. That’s why it’s so important to find ways to achieve financial wellness in a way that works for you, and your own unique circumstances.
What is financial wellness?
Contrary to popular belief, “financial wellness” doesn’t mean “wealth”. Financial wellness is the state of having your financial affairs in order and being able to live a comfortable life without financial stress. There are many different ways to achieve financial wellness, but it generally includes budgeting, saving, and investing.
Why is financial wellness important for mental health? Money is one of the leading causes of stress in people’s lives, and financial stress can contribute to a whole host of mental health problems including anxiety, depression, insomnia, and even physical health problems.
Here are some tips for managing your finances better:
Make a budget and stick to it
This is one of the most important things you can do for your financial wellbeing. Figure out what your regular expenses are and track where your money is going. Then, make sure you don’t spend more than you earn each month. This may take some practise, but you’ll improve with every new month.
Start saving for your future
It’s never too early (or too late) to start saving for retirement or other financial goals. Even putting away a small amount each month can add up over time.
Invest in yourself
One of the best ways to improve your financial wellbeing is to invest in yourself. That could mean taking courses, learning new skills, or even starting your own business. When you invest in yourself, you’re increasing your earning potential and setting yourself up for success.
Find a method that works for you and stick with it
Financial wellness is a journey, not a destination. There’s no one-size-fits-all solution, so find what works for you and stick with it. Whether that means following a strict budget or taking a more relaxed approach, make sure you’re doing what’s best for you. And remember, it’s never too late to start making changes to improve your financial wellbeing.
Financial wellness can lead to a more positive outlook on life, better relationships, and improved physical health
So, if you’re feeling stressed about your finances, take some time to explore what financial wellness looks like for you. Finding accurate and informative news online is a difficult task. That is why Newstrail prides itself on a high standard of editorial journalism and delivering the latest news in a well-written, informative and entertaining manner. It could be the key to a happier, healthier life.
