wellbeing GROWER

We work hard for our money; therefore, it is important to know where it goes and how we can manage it, invest it, plan for retirement or a rainy day. As the saying goes, “Money without financial intelligence is money soon gone”.

Supplied by Regional Men’s Health Initiative

SCAMS, get rich schemes and a dodgy email from that international prospective partner, are ways other people will try to fleece us out of our money. As with many things in life, if it sounds too good to be true then it probably is. We need to be vigilant and not share any of our personal and banking details with third parties until we have verified, they are who they say they are.

Before making any big financial decisions, don’t rush into anything, do your own research and ensure you talk to all those who will be impacted by these decisions. Seeking sound financial advice from a charted accountant or registered financial advisor is a good way to get an independent professional point of view and allow you to make an informed decision.

Just as we should get a yearly check-up with a GP, it’s important to have a yearly financial check-up with your accountant, financial advisor or bank manager.

Prepare for the meeting with your questions written down so all your personal and business financial concerns are addressed. This is an opportunity to look at interest rates, refinancing options, new products and tax concessions to make sure you are getting the best “bang for your buck” or the best deal.

Communication is key for so many things in life, so remember to talk to your partner about any personal money decisions if you have joint accounts, credit cards or loans.

Uncommunicated expectations are often the main cause of interpersonal conflict.

It is also vital to talk to your business partners about financial decisions and their potential impacts both in terms of financial viability and how they will emotionally affect the business relationship. Failure to do so will have potentially long-term negative effects on your relationship with your business partners as well as your physical and mental wellbeing.

If you are struggling to repay loans, be open and honest and talk to those in your circle including the bank manager. They can’t help you if they don’t know what’s going on.

Financial hardship and other general money worries, if not addressed can negatively impact our wellbeing and contribute to our situational distress and lead to other problems in our life.

Some signs that financial stress is affecting your health and relationships include:

• Arguing with the people closest to you about money.

• Feeling angry fearful or experiencing mood swings.

• Withdrawing from others.

• Feeling guilty when you spend money.

• Delaying health care you need, due to the cost.

We encourage a holistic way to look after yourself. Looking at your diet, exercise and time spent on self-reflection are all ways to improve your general health and help manage your wellbeing and money.