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123rf (123RF\/GAJUS) <\/p>\nWe\u2019re fast approaching that time of the year when our spending habits increase. <\/p>\n
From family gatherings to spending time outdoors with friends to our broke little friends who think we\u2019re rich, we tend to engage in a lot of things that require us to spend. <\/p>\n
Money problems impact our mental health, and the best way I deal with it is not to get anything I did not budget for. <\/p>\n
Want that expensive bag? Budget for it. Want those sneakers? Save up for them. <\/p>\n
We often put ourselves under unnecessary pressure and with the festive season just a few weeks away, Fynbos Money founder Adrian Hope-Bailie says this period is crunch time for many. <\/p>\n
\u201c[This is] a period that decides whether January feels calm or chaotic. This is the perfect moment to take small steps that can make a big difference in the months ahead. It\u2019s tempting to think we\u2019ll deal with budgeting after December, but that\u2019s how the financial hangover starts,\u201d says Hope-Bailie. <\/p>\n
\u201cWith planning and a few smart moves now, before the festive chaos begins, you\u2019re less likely to be dealing with \u2018Janu-worry\u2019. Treat your future self like a priority expense. That could mean automatically moving a portion of your next salary into a festive spending fund, setting aside money for January school fees, or even topping up a long-term savings product.\u201d <\/p>\n
Momentum financial adviser JJ van Wyk says, \u201cThe basic act of organising day-to-day finances, managing debt and building a savings buffer is one of the most underemphasised components of comprehensive financial planning, despite having a disproportionate impact on mental health. This narrative needs to shift.\u201d <\/p>\n
Van Wyk says there\u2019s a significant link between our financial situations and our mental well-being. <\/p>\n
\u201cIndividuals experiencing debt problems are more likely also to report mental health difficulties,\u201d he says. <\/p>\n
\u201cFinancial difficulty can trigger stress and anxiety, which may lead to or worsen mental health issues. These difficulties can then make it harder to manage money, maintain income, and seek assistance, potentially creating a cycle that intensifies the financial strain. <\/p>\n
\u201cWhen financial behaviours are positive, the benefits extend far beyond your bank account. For instance, basic acts such as regular saving and paying credit card balances on time are significantly linked to improved mental health. Having a financial cushion reduces the constant background hum of worry, leading to less stress and greater peace of mind.\u201d <\/p>\n
He warns that the \u201cpresence of persistent unsecured debt creates a crushing psychological burden\u201d. <\/p>\n
\u201cIt is associated with a higher incidence of depression, anxiety, and even suicide. Individuals struggling with debt are up to three times more likely to experience a mental health condition,\u201d he says. <\/p>\n
\u201cThe stress of debt can affect sleep, concentration and relationships, creating a vicious cycle where poor mental health makes sound financial decisions even more challenging. <\/p>\n
\u201cThe reality is that you can\u2019t build a secure future on a shaky foundation. Recognising that financial well-being is a prerequisite for mental well-being is crucial. Taking control of your finances is a powerful way to reclaim your mental peace.\u201d <\/p>\n
123rf (123RF\/GAJUS) <\/p>\n
Van Wyk shares tips to reduce money-related stress and anxiety: <\/p>\n
Create a simple budget: Start with a basic understanding of where your money goes. Use the 50\/30\/20 rule as a guideline: 50% for needs (rent, utilities, groceries), 30% for wants, and 20% for savings and debt repayment. Engaging the services of a financial adviser can help you understand where you stand financially to instantly reduce ambiguity and anxiety. <\/p>\n
Build a small emergency fund: Start with a modest goal, such as one month\u2019s expenses. This buffer is primarily a mental health tool. It ensures that a small, unexpected expense (like a car repair or medical payment) doesn\u2019t derail your stability and trigger a panic spiral. <\/p>\n
Tackle high-interest debt: Focus on paying down unsecured debt (like credit cards or short-term loans). Use the snowball method (pay off the smallest debt first for a quick win) or the avalanche method (pay off the highest interest rate first to save money). Eliminating high-cost debt frees up cash flow and reduces the mental burden. <\/p>\n
Automate good habits: Set up automatic transfers for your savings and debt payments. Removing the need for constant decision-making makes good behaviour habitual and reduces the mental energy you spend on finances. <\/p>\n
Schedule a money date: Dedicate 15-30 minutes once a week to review your bank accounts, pay a bill or check your savings goal. Approach this with curiosity, not judgment. This practice prevents financial anxiety from festering in the dark and keeps you proactively in control. <\/p>\n
Use the services of a financial adviser to avoid financial burnout: A financial adviser provides objective expertise, acting as an important support system and partner to help you navigate sometimes complex financial decision-making and tracking. This reduces the mental fatigue associated with financial planning. <\/p>\n","protected":false},"excerpt":{"rendered":"We\u2019re fast approaching that time of the year when our spending habits increase. From family gatherings to spending…\n","protected":false},"author":2,"featured_media":280603,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[14],"tags":[3409,45,49,48,5427,127844,133,4612,22732,93741,127845,134,131,132,5551,127846,13171],"class_list":{"0":"post-280602","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-budget","9":"tag-business","10":"tag-ca","11":"tag-canada","12":"tag-debt","13":"tag-festive-season","14":"tag-finance","15":"tag-finances","16":"tag-financial-adviser","17":"tag-financial-education","18":"tag-janu-worry","19":"tag-money","20":"tag-personal-finance","21":"tag-personalfinance","22":"tag-savings","23":"tag-savings-plan","24":"tag-spending-habits"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/280602","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/comments?post=280602"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/posts\/280602\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media\/280603"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/media?parent=280602"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/categories?post=280602"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ca\/wp-json\/wp\/v2\/tags?post=280602"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}