It is a common and a well-known fact that financial issues have an impact on an individual’s mental health. In such context, a financial set back would cause a trigger in individuals mental health. Research shows that there’s a clear linkage between an individual’s financial health and the mental health and the amount of debt may serve as a tangible representation of the psychological state of individuals. Such mental health issues may often make it difficult to manage the financial setting of individuals.
Here are some facts which individuals need to look out for:
- If an individual’s ability to work is affected, there may be a sudden or, possibly, dramatic reduction in the regular income.
- Difficulties in keeping up with regular financial spending may change over time
- Individuals may often lose the motivation or the ability to concentrate to keep control of regular finances for several reasons.
Simple and effective ways to strike a good financial balance:
- Avoid late bill payments or often seeking extensions this could add up stress and often lead to interests and other delayed payments
- Keep an eye on minimum or missed payments on credit cards
- Keep a good account on increasing debt from credit cards or loans. Make sure to cut down or avoid any unnecessary loans and other financial gains
Here’s how financial issues could destroy the mental health:
- Worrying a lot or feeling anxious over money
- Arguing with loved ones over money
- Headaches which are cause by stress over money and financial burden
- The guilt of feeling guilty for spending money on non-essentials
To avoid stress, ensure proper management of finances. Here are simple to tips encourage savings and to avoid any stress related to finances.
- Know your income
It is important to know the exact income for a given month. This could be the monthly fixed income and other variable earnings. Knowing the exact amounts would help individuals to plan out the month as well as to reduce stress
- Know your regular expenses
It is important to know the regular and frequent expenses. This could be planned out by considering the expenses of the previous month. Some of these could be:
- Utilities (telephone, cable, Internet, power, water, trash)
- Transportation costs
- Debt repayments
- Personal cost
- Create a budget plan
It is important to create a budget plan considering all the above mentioned details. This plan could be used as the frame for monthly spending.
Read more about this on: https://hnbassuranceblog.com/2016/06/20/painless-ways-to-save/
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