Kick-start your health journey by getting financially fit
Park Christmas Saving's deep dive into how our financial health affects our physical wellbeing.
Date:
5 January, 2023
Every new year, we all set resolutions to eat healthier, go to the gym, lose weight. While there are plenty of triumphs, some promises are forgotten by February or March.
Setting a goal that targets one of our biggest causes of stress could be the answer. We all know that there is a clear link between physical wellbeing and financial fitness. So, when our money is well-organised and secure, when we have savings, can pay the bills and, if we’re lucky, still afford little treats, it’s easier to focus on being more healthy in body and mind.
We’ve pulled together some top tips to help us all stay financially fit in 2023.
First off – what do we mean by financially fit?
There’s often a misplaced understanding that ‘financial health’ means that you know about things like stocks and shares, investments and interest rates. But actually, it’s about having a good relationship with our money.
Ideally, we should all know exactly what is coming in and what is going out – being honest with ourselves, as in any healthy relationship! For some, that may also mean having a level of freedom when it comes to spending. For others, it’s about how much they can put into their savings or plan for their future.
Whatever it means to you, money worries are absolutely everywhere. Show us someone who doesn’t have financial worries or concerns and we’ll show you someone who tells porkie pies. We all know money doesn’t buy happiness as such, (but I bet we all agree more of the stuff would help!), but understanding our finances has been proved to contribute to our overall wellbeing.
How can we help ourselves?
- Keep track of your finances. Recording what we spend helps us know where our money goes. You may have a spreadsheet on your phone or computer, or a notebook with incomings and outgoings. Find a way that works for you but be honest with your record. Mint is an online budget planner recommended by the likes of global business magazine, Forbes.
- Spend wisely. We can ask ourselves: ‘Do we really want this?’ Or, are we just buying for the sake of it. (And if so, what’s really driving the motivation to buy?)
- Don’t save card details. It makes spending easier, so avoid temptation by staying away from auto-fill.
- Speak to someone we trust if our worries are serious. Confiding in a loved one about our worries can validate how we feel, and a problem shared is a problem halved. (See resources later for a more professional way of seeking help.)
- Live within our means. If we can afford it, of course we are allowed a fancy treat, but we should be aware of the risks of not maintaining a realistic lifestyle.
- Save for the long-term. If we can put money aside just in case of an emergency – unexpected bills can sting.
- Make regular checks. When we keep an eye on our bank account(s) it keeps our relationship with our money healthy, which is one of the brilliant benefits to using our banks’ apps… so easy to look and go. And if necessary, do something there and then. Having contactless cards, for instance, can make spending too easy - bypassing any second thoughts.
Planning is the name of the game
Everyone has a different view of financial fitness and their ‘relationship’ with money, so it’s essential we factor that into our individual reasoning when it comes to understanding this better.
Like all things, when we have a plan, it gives us structure – something to stick to which prompts feelings of achievement when we succeed, motivating us to keep going. Knowing exactly where we’re at financially helps to manage stress levels better because we feel more in control.
As the new year approaches, now is the time to reflect on what we’ll do differently and what we want to achieve by this time next year. Giving ourselves a list of new year resolutions is a way to hold ourselves accountable –it sucks that there’s no angel to help us out, so we have to be our own angel and create a new habit for ourselves so we can stay on our game. Speaking to our friends and family helps build accountability, as their influence helps us stay true.
Mind, body and soul
Financial wellness affects how we feel physically, as research shows we’re twice as likely to have poor health if our attitude towards money is low. We’re more at risk at developing a medical condition if we’re emotionally spent, so improving our relationship with money is crucial in keeping us fit and healthy.
Take a breather
Practising yoga, listening to relaxing music and meditation are just a handful of the many amazing ways to manage stress. With the new year we are probably more open to trying new things so look up free guided classes on YouTube that can introduce you to each practice. There may also be relevant apps with free introductory offers, see our resource bank below.
Whatever makes us feel chilled, ‘me-time’ is an essential part of looking after our wellbeing. Making sure our thoughts are positive will help us get the most out of life, meaning anxious thoughts are kept at bay. Self-love goes a long way in rejuvenating us on a core level.
Resource bank
The following links offer guided support, but are not recommended in place of professional help.