When financial advisors first meet a client, you might assume that everyone seeking their advice is in a sound financial position and looking for ways to invest, save, or plan for their retirement planning. Whilst many are, some are seeking help due to the financial mess they are in. Apart from their financial health being in decline, so too might their mental and physical health as a result of the severe stress and anxiety caused by their financial worries.
A financial advisor will most certainly be able to help a person get back on the path to financial stability, and often that plan is what turns a person’s health back toward a positive state thanks to the weight of money worries and financial concerns that had been pushing down on them.
if you too believe your health is at risk or is even suffering right now due to the stain you are under trying to balance your daily, weekly, or monthly finances, then there are some steps you can take to reverse that. Below we have outlined seven of those steps which you can take individually or as a complete pathway to end the downward spiral of poor health and instead to some degree peace of mind relating to your finances.
Create A Budget And Stick To It: A starting point for you is to create a budget based on what period suits you best, be that weekly or monthly, and then do everything in your power to stick to that budget. Most people are amazed when they do this how much extra money they have if they have better oversight of their budget.
Stop ‘Auto-Spending’: Auto-spending is a term to define spending money when you are at your most vulnerable. An example is food shopping when you are hungry meaning you buy more food than you need, or sitting up at night when tied browsing online shopping websites with your credit card at the ready.
Take On No More Bad Debt: Financial planning does not necessarily mean that you do not have any debt, but it most certainly does mean not taking on any more bad debt, Bad debt is that which charges an excessively high-interest rate and hefty admiration fees.
Reduce Your Debt: In an ideal scenario, when trying to fix your finances to reduce the stress it causes, you should be seeking to reduce your debts. This means avoiding spending with credit cards and where possible consolidating debts and paying lump sums to reduce balances and thus interest.
Start Saving: Having saving as a safety net is one of the most effective ways of reducing money worries and anxiety related to your finances. It means that you have funds available for unexpected expenses and emergencies such as your cooker suddenly needing to be replaced. Even small amounts saved each much soon accumulate as comp[out interest is added to your balance.
Invest For Your Future: Ask anyone over 60 how quickly the years go by, and they will say quicker than you think. This means it is never too early to start investing for your future, and by that, we mean sound retirement planning. It means that your retirement is an enjoyable period of your life rather than one riddled with stress and anxiety over money woes.
Get Professional Financial Planning Advice: Even if you follow all the above, we will still highly recommend that you speak to financial advisors regarding your finances. They can give you advice on everything we have discussed and can transform your finances with sound financial planning. As such, any health issues, be they physical or mental, should be alleviated due to the peace of mind which transpires.