When you think of the usual list of things that are said to harm our health such as smoking, drinking excess alcohol, drug abuse, and overeating, you might find it unusual that finances could be added to that list. Whilst financial health is usually something that financial planners are most commonly employed to fix, a person’s physical and mental health can also be positively affected by financial planners.
Whilst a financial planner is obviously not medically qualified to treat physical or mental illnesses, the fact that they can drastically reduce the amount of pressure, stress, and anxiety a person is subjected to by removing financial worries from their mind, is not an insignificant contribution to that person recovering from their health issues.
Individuals can also take additional steps to enhance their health by utilising several coping methods relating to their finances and the negative impact financial worries can have on their health. If this is something that is a concern for you, read on and you will discover five of these coping methods.
Seek Support:
We have already mentioned one way of achieving this which is seeking a financial planner but there are other sources of help too relating to your situation including your bank, an accountant, or a debt advice centre who may all give you some resolutions to your financial issues.
Also, when we say “support” we do not just mean the financial type. If you are feeling depressed, suffering from anxiety issues, or even recognising some physical health issues as a result of your financial stress, you should seek medical advice or counselling as soon as possible.
Assess Your Finances:
One of the most effective ways of de-stressing a problem is to have as clear a picture of what the problem is as you can. Often a person becomes stressed over their finances, not due to lack of income, but because their head is in a spin trying to keep up with their income versus outgoings.
The solution is to take the time to test and assess your finances, especially the amounts you pay and when they are due. Then, create a budget that you understand and can follow without any need for stress or concern.
Create Additional Sources Of Income:
If having assessed your finances and created your budget your income is barely covering your outgoings then one of the ways to deal with this is to generate one or more additional sources of income. We are not talking about having two jobs, as such, although that is an option.
Instead, we are taking ways you generate income from a skill or talent you have, or by setting up a small business locally or online. Just the act of looking at these options can be exciting and change your mindset from negative to positive.
Understand Your Debts:
By understudying your debts you are in a much better position to deal with them than if they were to remain this huge negative within your finances. If you are unsure, then we refer you back to seeking support and specifically a financial planner who can offer you debt management.
Otherwise, you should be looking at which debts carry the highest interest rate to pinpoint which ones you should be trying to pay off first. and also where there might be opportunities to consolidate your debts to reduce monthly payments.
Follow Proven Stress Management Techniques:
Our final coping method will not just help to restore balance in your life and health from issues relating to your finances but from issues creating negativity in any area of your life such as relationships or work.
There are countless stress reduction techniques you can try and finding the best one for yourself may take some trial and error. Examples include yoga, meditation, physical exercise, hobbies, deep breathing, and sports.