Today, April 7, 2017 is World Health Day. This year the World Health Organisation (WHO) is leading the global campaign on depression. Depression is a common illness worldwide, with more than 300 million people affected. Researchers have repeatedly found a clear link between mental and financial health. Poor financial health leads to poor mental health. Become financially fit and reduce your risk of anxiety and depression.
How do you become financially fit?
PLAN
If your finances are causing you mental distress, a good first step is to take a step backwards. Take the time to clearly define your financial goals and then plan how you intend to get there.
BUDGET
Once you’ve honed in on your financial priorities, you can now begin to start assessing the specific causes of your mental distress. You can start by taking an honest and open look at what you spend and where you allocate your money each month. This can also be helpful in alleviating stress and determining the steps you need to take to cut back if necessary.
BE DEBT FREE
Living with the burden of being in constant debt can take a toll on your mental health. Increase your financial knowledge and every day work towards reducing your debt.
SAVE A LITTLE
Always ensure you have a little savings, at least in case of an emergency. Saving and having disposable income available is a step towards investing in your future. Savings goals are essential for sticking to your saving habits.
INVEST A LITTLE
Now that you have saved a little, you can also consider investing a little. Ensure you consult with a registered investment adviser before making any investment decision.
INSURANCE FOR SAVINGS IN RETIREMENT
Think of ways to offset some of your costs as you approach retirement. Having a medical insurance is one way you can save some money. Consider this when budgeting.
We’ve all heard the adage, ‘Money can’t buy happiness’, but financial wellness and investing in being financially fit, can: provide peace of mind, grant you the power to make wise financial decisions, and enable high financial self-esteem.
Share this blog post and help others be prepared to deal with financial burdens, and reduce the risk of anxiety and depression. Be sure to attach our hashtagsà #WHDTT #investucatett #befinanciallyfitTT.