Finances and Mental Health: Still a Better Relationship!

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:

  • Rent
  • Utilities (telephone, cable, Internet, power, water, trash)
  • Groceries
  • Insurance
  • Medications
  • 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/

 

MyFund, another special policy from HNB Assurance to ensure a prosperous tomorrow. This special policy offer benefits such as:

– Accidental life benefits

– Accidental death benefits

– Total permanent disability benefits

– Critical illness benefits

– Family income benefits

– Hospitalization benefits

To know more about this policy and its benefits, contact: HNBA on 011 4 384 384!

Painless Ways to Save

Here are effective ways to save up your earnings.

  • Record Your Expenses

The initial step to have money is by recording all your monthly expenses and monetary transactions. Maintain a written record of every transaction you make despite the values associated. Once recorded, at the end of each month categorize these amounts based on the amounts spent (example: groceries, utility, travelling and mortgage/loans) and analyse and find out if there were any over-spent amounts and the reason behind it.

  • Make a Budget

Once you have a clear idea of your monthly spending pattern and the relevant areas spent, make sure to budget out the upcoming expenses. This will help you to limit any over-spending associated. Ensure to include regular expenses, maintenance and a proportion for any emergency requirements.

  • Plan Your Monthly Savings

Plan a saving scheme based on your monthly earnings. Aim to save at least 10-15% of your monthly income. Consider the saving interest or the benefits/return. Set savings goals such as: an emergency fund, savings for vacation, savings for special events, savings for your family and/or children, savings for education/career growth and retirement.

  • Decide on Your Priorities

Priorities in life may differ from one person to another. The most efficient way to set priorities is by considering your saving goals. If your priorities are based on a long-term requirement such as retirement or a pension schemes looks for options based on long term returns.

  • Watch Your Savings Grow

Check your progress every month. Not only will this help you stick to your personal savings plan, but it also helps you identify and fix problems quickly. With these simple ways to save money, it may even inspire you to save more and hit your goals faster.

MyFund, another special policy from HNB Assurance to ensure a prosperous tomorrow. This special policy offer benefits such as:

– Accidental life benefits

– Accidental death benefits

– Total permanent disability benefits

– Critical illness benefits

– Family income benefits

– Hospitalization benefits

To know more about this policy and its benefits, contact: HNBA on 011 4 384 384!

Financial Tips for Young Adults

Saving up funds for future use could be quite challenging. Here are simple financial tips that could help young adults save.

  1. Self-Control is Essential

This isn’t rocket science. Self-control is all about learning what is needed and what should be avoided. Young adults tend to spend a lot on unwanted items and most of these items are purchased on a credit basis. Know what really is important and what to be ignored.

  1. Take Control of Finances

Take control of your own finances. Be in charge of it and be confident of the amount you control.

  1. Know Where Your Money Goes

It is important to have an effective plan for the monthly in order to classify the funds and to know how it’s spent. Update this document daily so that the remaining balance could be identified. By doing this, individuals will be able to keep track of the amounts spent. Accordingly, this could be rearranged in coming months.

  1. An Emergency Fund

Have a separate amount for an emergency situation. This amount could be separated from the usual monthly savings. This does not have to be a fund of greater value; a small value could be allocated each month.

  1. Plan for Retirement

A retirement fund could be planned out and an amount could be separated for this purpose. After a number of years this would be of a much greater value and often individuals find this very useful. Savings of such nature is much more meaningful than spending temporary items.

  1. Consider Options

Consider options such as investments plans, savings plans which would reward with an interest. Be mindful of the benefits.

HNB Assurance’ MyLife plan is a special youth insurance policy to help individuals make their youthful dreams a reality. This special policy allows you to withdraw a sum of the total amount even before maturity. A sum of the total investment could be withdrawn for each of the following situations whether they are planned or unplanned:

  • Your Marriage
  • Child Birth
  • Child’s School Admission
  • Purchase of Vehicle
  • Higher Education
  • Emergency Hospitalization
  • Accident Cover (Self/Spouse/Child)
  • Loss of Employment
  • Foreign Travel
  • Repair of House

 

‘MyLife’ secure both you and your loved ones by offering several benefits. In case of the unfortunate situation of death, your loved ones will be protected as the policy will pay double the sum assured to your loved ones. The profits of the life fund will be shared as a bonus with policy holders and the life cover would continue for a period of further 5 years after maturity.

For further details and benefits of this policy contact:

011 2 384 384

Under 35? You’ll Find this Useful

Under 35? This is why you need an investment plan

The economy highly unpredictable. A sudden downfall could affect your job and eventually everything you ever cared for. So is life; one could never predict what life would hold in future. The higher individuals climb the corporate ladder, more responsibilities and hardships they encounter. The best way to plan a secured future is by investing your valuable earnings. This would add more value to the sum invested if there are special benefits included. Keep these simple tips in m ind in deciding a suitable retirement plan.

  • Are Savings Really an Investment?

Savings are vital for a secured future. But the way your earnings are saved and the return should be considered. Individuals should decide if the earnings should be invested in a traditional ‘savings’ account which usually offers a lesser interest rate or in an investment plan which offers several other benefits including protection, stability and a value for money. A suitable investment plan will secure the money invested and it could even lead to a proper retirement plan.

  • Ever Considered Future Costs?

Future costs and hidden costs are usually not considered in deciding an investment plan. This is a vital factor to consider especially if this plan leads to a retirement plan. Inflation and other economy related costs should be considered in determining a suitable value. Other basic costs such as, higher education, medical, housing and family related costs should be taken into consideration here.

  • Know the Benefits

Knowing and understanding the benefits of the chosen investment plan is vital for several reasons. Ensure the plan offers a number of benefits in addition to the return on investment.

HNB Assurance’ MyLife plan is a special youth insurance policy to help individuals make their youthful dreams a reality. This special policy allows you to withdraw a sum of the total amount even before maturity. A sum of the total investment could be withdrawn for each of the following situations whether they are planned or unplanned:

  • Your Marriage
  • Child Birth
  • Child’s School Admission
  • Purchase of Vehicle
  • Higher Education
  • Emergency Hospitalization
  • Accident Cover (Self/Spouse/Child)
  • Loss of Employment
  • Foreign Travel
  • Repair of House

‘MyLife’ secure both you and your loved ones by offering several benefits. In case of the unfortunate situation of death, your loved ones will be protected as the policy will pay double the sum assured to your loved ones. The profits of the life fund will be shared as a bonus with policy holders and the life cover would continue for a period of further 5 years after maturity.

For further details and benefits of this policy contact: 011 2 384 384

Make your youthful dreams a reality with ‘MyLife’

Lost Your Important Documents During the Flood/Landslide Season? Here’s What You Should Do!

The Disaster Management Center has reportedly estimated that around 250 individuals are still living in temporary camps and a reported 61,859 individuals have been displaced as a result of the recent season of landslide and flood.

Following these two major natural disasters, many individuals have lost their valuable belongings including valuable identification documents. In case you’re a victim and you’ve lost such valuable documents here’s what you can do:

  • National Identity Card:

In case you’ve lost or misplaced you NIC during the flood and landslide season, immediately obtain an application form from the ID office or Divisional Secretariat. The completed form should be certified by the Divisional Secretariat. Make sure to lodge a police complaint stating details of the lost NIC. A letter should be obtained from the Grama Sevaka confirming your address and other relevant information.

The Department has stated that NIC’s obtained prior to 1st of September 2014, is unlike to contain information on the database and citizens are required to hand over the completed form and the other two documents in order to avoid any delays. If you’ve obtained your NIC after the above mentioned date and have lost or misplaced it during the recent landslide or flood season, you’re requested to produce a document confirming your personal details. This could be your passport, birth certificate or even your marriage certificate.

  • Passport:

In case you’ve lost your passport, immediately lodge an entry with the nearest police station, soon as possible.  Make sure you clearly state every important detail regarding this and try to recall as much as information which was included in your lost passport.

Once you lodge the complaint, provide a copy of this to the Department of Immigration and Emigration and officials will guide you with the process further. In case, your passport was drenched, make sure you produce it to the Department in order to obtain a new one. There will be no penalty charged if the  drenched passport is produced to obtain a new one.

  • Certificates – Birth/Death/Marriage:

In case you’ve lost a birth certificate or a death certificate during the recent flood/landslide season, make sure you provide details as much as possible, as most of the details related to these are stored in a database and could be recovered in a shorter time. The fee to obtain this would be Rs. 100.

In case you’ve lost your marriage certificate, you’ll be able to obtain it from the place which you initially obtained it from, as an example; if you initially obtained it from Colombo or Galle, you’ll be able to recover this document from the Colombo DS or the Galle DS.

  • Deeds:

In case you’ve lost your title deeds or other property related documents, you’ll be able to recover them from the Land Registrar. There are 45 Land Registries for this specific purpose.

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