There is no denying the connection between physical well-being and financial health. Poor financial stability has a devastating effect. Money issues are commonly associated with stress and anxiety that may result in physical symptoms. These symptoms include lack of sleep, increased blood pressure, and heart problems. This will have an effect not only on one person in a family but also on all their loved ones and may also flow into the workplace.
Here’s what you can do to help alleviate some of the stress associated with finances.
Learn the Basics of Money Management
Learning the key financial principles will help relieve tension and lead you to better money management decisions. Knowing how money works and how to budget in the long run will help you out. It’s not about how much you make, but how much you save and how much you’re spending.
Make it easier for you to keep simple records. To start your budget, write down your expenses for the past three months, including treats! Many people don’t have any understanding of their expenses, particularly when they don’t budget for it, and yet they know exactly how much comes in on payday.
If you want to learn more about the basics of money, take a look at RMLEFCU’s financial education center.
Avoid Autopilot Spending
What autopilot spending refers to is the use of credit cards, PayPal, etc. When you’re spending without knowing how much cash you have on hand, you’re in autopilot mode and you’re far more likely to spend too much.
For example, when you’re hungry, don’t do your food shopping and avoid browsing online when you’re tired or not focused. This will result in impulsive and sometimes expensive decision making. Keeping cash on hand or using a debit card instead of a credit card can help you be more mindful of your spending.
Bad Credit or No Credit?
If you are struggling with credit, take advantage of the RMLEFCU Credit Builder Loan. This unique financial product is designed to raise your credit score without any money down and with low monthly installment payments. As you pay the loan off, the money is available to you again making it a great savings tool as well! Watch the video below to learn more about this helpful way to build credit.
Ask a Professional for Help
Just as some people choose to hire a personal trainer to help them develop a health and fitness program, you can be helped by a financial planner. A financial planner can help identify your budget and financial criteria, monitor you and hold you accountable.
You can also turn to your financial institution for help by using our resources, like RMLEFCU’s financial education center.
Financial health impacts every aspect of our lives including attitudes, habits and emotional stability, all of which affect our physical health. Our sense of worth is often associated with feeling financially safe and secure. When it comes to our physical and emotional well-being, our financial safety should be a part of the conversation. If you have further questions on how to gain financial stability, contact RMLEFCU at 303-458-6660.