Protecting what matters requires careful maintenance of the three pillars of a good quality of life. More than looking after your physical health, it is also about enhancing your mental and financial wellbeing.
Money and mental health
Money worries are very common, and don’t just affect people who are short of money or in debt. In fact, these worries can affect anyone and impact their mental health.
Below are a few of the common behaviours that indicate an unhealthy relationship with money:
You spend money when you shouldn’t in order to make yourself feel better.
You feel anxious whenever you spend money, even if it’s on essential, everyday items.
You are suffering from sleeplessness because you're worrying about money.
You continually reassess what income or savings you need to give yourself peace of mind.
You avoid answering the phone or opening your mail, in case you’re being chased for money.
If money worries are affecting your health, you should seek help from a doctor. You can also try some of these practices designed to protect your wellbeing:
Facing your challenges Get help to face up to money problems. Seek advice from your bank, lender, or financial adviser to help you prioritise your debts.
Staying active Physical activity can improve your mood, and there are plenty of forms of exercise you can do without spending any money.
Keeping up your social life Trusted friends and family can help, so do stay in touch.
Talking about money Talking about money may help you manage your stress. It’s good for your mental health and relationships, and can help you plan your finances more effectively.
Mindfulness is the practice of “focusing on one's awareness in the present moment”, and it's increasingly used to treat common mental health problems, such as stress, anxiety and depression.
Mindful spending, meanwhile, is about consciously thinking about your spending habits and how they are connected to your emotions. The idea is that if you question the motivation behind each purchase you make, you'll save money, and benefit your lifestyle and wellbeing.
If you want to give it a try, ask yourself these questions each time you're about to make a purchase:
What is my reason for making this purchase?
What do I hope to get or achieve from buying it?
Is this purchase making up for something lacking in my life?
Why do I want to buy an expensive item when there’s a cheaper alternative available?
Mindful spending is a great habit to get into and can help you to improve your relationship with money and become financially fit.
There are insurance policies that can protect your health. Although insurance policies differ widely, they can cover the costs of hospitalisation, surgery, in-patient and out-patient treatment, appointments with specialists and consultants as well as diagnostic and other tests.
Some medical insurance policies also cover other medical expenses including those for dental care, eye care, physiotherapy, and pregnancy or maternity services.