Self-care and wellness go way beyond just taking care of your mental, physical and emotional health. In fact, one of the best ways to take care of your mental health and well-being is through financial self-care. If you start planning, seeking advice, spending less and finding a possible side-hustle, that might be the ticket to a healthier you.
According to Farzana Botha, manager at Segment Solutions at Sanlam Savings “our mental, physical and financial health are interlinked and with the cost-of-living crisis affecting so many of us, taking active control of our finances is a critical component to how confident we may feel about our ability to navigate the challenges we face,” she said.
According to Sanlam research, about 78% of South Africans reported feeling anxious and depressed because of their financial stress. 50% claims that their financial stress had impacted their physical health. Finances have also impacted relationships, with 40% saying that they have withdrawn from those close to them.
Here are Financial self-care tips which Farzana suggests to help you start your financial wellness journey:
- Go through your bank statements in detail. Most online banking applications allow you to look separately at the money that comes in and the money that is paid out. Pay close attention to the money that is paid out, especially all the small and often unnecessary purchases – these can add up quickly!
- Calculate this amount and use this insight to make changes to your spending patterns. This includes reallocating money usually spent on unnecessary items towards meeting short, medium or even long-term financial goals.
- Set small milestones and rewards. Small weekly behavioural goals can include swiping your card only three times a week or using a cash-only system to control spending. The envelope system took TikTok by storm recently with #cashstuffing racking up over 560 million views! You can then reward yourself with your favourite takeout or coffee for achieving small actions that lead to positive outcomes.
- If you are in a family or relationship, speak to your loved ones about ways to share expenses and set joint goals. Alternatively, make sure they understand your journey towards financial confidence and how they can support you.
Aderinoye, who is in private practice in Johannesburg, says that people can take steps to better manage their current financial landscape and lessen the impact of stress on their mental health. This includes focusing on the controllable factors in life and seeking assistance to help navigate the psychological impact of stress. Self-awareness activities such as thought restructuring and thought stopping can also assist.
Help is available at local hospitals and clinics, or by finding a psychologist privately, as well as through the Family and Marriage Society of South Africa (FAMSA), and The South African Depression and Anxiety Group (SADAG).