Following on from last week’s blog, I thought this is the perfect time to talk about financial stress and your health.
I don’t think it is much of a secret that if your finances are in order you are happier. I’m not saying more money makes you happier, but what I am saying is if you aren’t stressed about money your mind can concentrate on other, hopefully better, things. You should find you are arguing less with the people you love, you are being more present in the moment, not constantly worrying about making it through the week or next week, and studies have even shown can reduce sleeping problems, anxiety, and depression.
In this line of work, I see people from all walks of life and can honestly say no matter what income you have you can still be financially stressed.
There are a few tricks to reducing this stress, but the most important is a plan.
A plan includes but is not limited to, budgeting, working out which debt to tackle first, working out where you want to be in 5/10/15 years, saving for unexpected costs, and planning for those big events (weddings, houses, and children).
Touching on budgeting I find it interesting sitting down with people and doing a budget and then seeing the shock on their faces when they can’t account for where some of their money is going. When you aren’t watching what you spend it can disappear very easily.
Another great tip is to communicate with your partner, if you have joint finances that is. In Australia, we are very closed off about our finances for some reason, but we need to be open with our partners about our finances to make sure we are on the same path. Plus you can both enjoy the wins together, a great example is going out for dinner to celebrate paying down debt. Doesn’t have to be paying off your mortgage just getting it under X amount. Celebrating a victory will help keep you on target.
As always, one of our financial planners would be more than happy to sit down and build these plans with you. We love being with you while you grow, we want to see you succeed!
For any Financial Services assistance, please speak to a Financial Planner now at BW Private Wealth Financial Planning | Ballarat | Ararat | Surrounds
