Are your finances affecting your health?

One thing people rarely expect when working with a Health & Wellness Coach is to have a conversation around their finances. It’s an unusual topic at first but when you consider the affect finance and being in financial difficulty has on our physical and mental health it starts to become clearer.

My coaching incorporates 12 areas of holistic health and finance is an important one. Talking about money can lead to conversations about future plans, hopes and dreams. It can also open up ideas about new careers or even new businesses for example. 

Money problems on the other hand can really affect your mental health in a negative way and certain situations like opening bills or seeing a huge overdraft on your account can be fraught with anxiety. Worrying about money can lead to sleep problems and this in turn will effect others areas like relationships. 

If you are having financial difficulty you might not be able to afford the things you need to stay well or even look after your family the way you would like to. 

Our world these days is more and more expensive with bills rising almost by the day and situations which are playing out around the globe are constantly squeezing our purse strings.

When discussing finances with clients we look at areas where planning for the future can be done. So for example there is a simple formula which is followed by many that is an easy plan to put away money every month. 

If you are in a secure role and are able to save some money each month, perhaps consider the 50/30/20 rule. 

The 50/30/20 rule is an easy budgeting method that can help you to manage your money effectively, simply and sustainably. The basic rule of thumb is to divide your monthly after-tax income into three spending categories: 50% for needs, 30% for wants and 20% for savings or paying off debt.

So the 50% would be for rent or mortgage, bills, food and travel to and from work. This is absolutely for all areas that are integral to normal daily life. After this there is the 20% to pay off debt as quickly as possible or save for the future. 30% then is for things that you would like clothes for example, birthdays, days out with the kids etc. 

This makes budgeting more simple and allows savings to be easily put away once all of the important things are taken care of. 

Further areas to consider are making a financial plan for the future which includes when you would like to be debt free, a retirement plan, holiday savings, investments and even paying off your mortgage early. 

If you are suffering with inancial difficulties there are people that can help, free advice is available. 

https://ukcitizensdebtadvice.org or the Money Advice Service 0800 138 7777