At Hertsavers, we believe that you need to look after your mental health as much as your physical health. According to Mind, the mental health charity, poor mental health can make it more difficult to make earnings and manage money. At the same time, worrying about money can make your mental health worse.
From a survey conducted by Money and Mental Health, 86% of the participants who had experienced mental health problems said that their financial situation worsened their mental health problems.
Those who are suffering from financial stress may experience insomnia (lack of sleep), depression, anxiety, physical health issues such as high blood pressure, weight gain or loss, alcohol or drug abuse, relationship issues and even self-harm or suicidal thoughts.
Here are some of the ways that can help you boost your financial wellbeing:
1. Create a financial plan and stick to it.
Think about what you will be doing to help you cope with the situation that you are in. Do you have spending issues? Get in to the habit of setting a budget. Are you stressed at work? Look for a new job or a side hustle. Paying too much for bills? Shop around for better deals.
Once you have identified the issue and possible solutions, set yourself some goals by making them SMART.
After setting your goals, monitor your progress by checking in. Reward yourself if you have hit a milestone. If you have gone off-track, rein yourself in.
Remember, the more detailed and realistic your plan is, the better the chance that you will follow through. You can even ask someone that you trust to hold you accountable to make sure that you stick to your plan.
2. Set up a monthly budget and review it regularly.
Setting up a budget will not only help you achieve your financial goals but also help you prevent spending unnecessarily.
By keeping track of your budget frequently, you will be able to look for ways to save money, prioritise what you are spending on and see what else you can do to reach your financial goal.
3. Declutter your finances.
After you have reviewed your budget, you can identify what you can spend less on to save money or see what you can remove from your budget if you don’t need it anymore. For example, if have a subscription that you haven’t used, you can stop it. If your mobile contract is about to end, you can start looking for better deals.
You can read our blog for more details on how you can declutter your finances.
4. Get into the habit of saving.
The habit of saving can be quite difficult to stick to however, if you have the right mindset, you will see the results of saving.
Create a goal of how much you are thinking of saving every week/month.
If it helps, you can open a savings account with us so that you have a pot where your money goes. You can find out more here.
Give yourself small rewards for every milestone that you hit. Though make sure your treat/reward costs less than what you have saved :-).
You can read our blog on ‘How to get into the habit of saving money’ here.
5. Get some money mantras that can help whenever you feel low.
Mantras are powerful that can help you boost your confidence and self-worth. They can also help in creating peace and prosperity.
“I am grateful for the money I have and eager for the abundance that is to come.”
“I forgive myself for my past poor money choices.”
6. Talk to someone about your financial situation.
As the saying goes,” A problem shared is a problem solved.” This is true when it comes to talking to someone about your financial situation. Money is often perceived as a taboo topic however when you do open up, it can help resolve the issues that you may have.
By talking to someone about your worries can help you make sense of what exactly it is that is causing you grief. In fact, sometimes your friend/loved one could even help you come up with a solution that you hadn’t even thought of.
If you need professional advice, there are lots of services that are available such as StepChange and Money Advisory Service.
7. Destress yourself
Financial difficulties don’t disappear overnight however for your mental wellbeing, you can find different ways to help you attain peace of mind.
- Practice meditation and breathing techniques especially when you have five minutes to spare.
- Get some exercise into your routine.
- Get some sleep as feeling tired can make you feel agitated and even more worked up.
- Practice gratitude – even though you may be struggling financially, think about things that you appreciate. This will help you boost your mood.
- Eat healthily to help support your mood, and improve your energy.