YOU’D BE HARDPRESSED to find anyone who enjoys talking about their finances and their relationship with money, despite its importance. It’s a difficult conversation that often results in concern and stress, which can damage your health, self-esteem, make you feel flawed, and fill you with a sense of despair. When financial stress becomes overwhelming, your mind, body and social life pay a heavy price.
Achieving financial wellness can help reduce stress levels and financial anxieties. But what is it, and why’s it important? Well, just as eating healthily and exercising makes you feel good about your body, positive money habits help you feel financially well. Like a fitness plan, financial wellness covers routines and behaviours that make you feel more satisfied with your financial situation.
If you earn above a certain income threshold, it’s assumed you’re financially fit. While it may be true you have buying power, that doesn’t mean your finances are healthy. Many people earn enough money to cover their bills, invest in their future, and progress in life without having to read the price tags on goods. But that sort of freedom could also be coupled with poor financial management, which could cause stress and anxiety. Financial wellness means having control over your money, regardless of how much or little you make, managing your financial stress, planning for future endeavours, and being prepared for unplanned costs. It also means being able to pay your debts on time, track and meet your financial goals, and build and maintain emergency savings.
If you’re not used to taking control of your finances, it might sound intimidating, but it’s never too late to learn positive habits to enhance your relationship with money.
This story is from the September - October 2021 edition of GQ South Africa.
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This story is from the September - October 2021 edition of GQ South Africa.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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