Slowing down and resting is precisely what the doctor ordered. For as long as there have been healers and traditions for fighting fevers, rest and good eating have been high up on the prescription.
When life and expectations become too overwhelming, our minds are clouded, and our good health is diminished. These ailments are often the first messengers that we need to slow down and rest, but the reality is that with technology and the communication culture in which we currently live, it’s hard to truly slow down and take a proper break. The reason for this is that when we allow our bodies to rest, our minds continue to race with all the decisions that we feel still need to be made.
We don’t only need to put our feed up; we need to put our minds at ease. Peace of mind is crucial to having a healthy, rejuvenating break. Many studies have demonstrated a clear link between financial worries and mental health problems such as depression and anxiety – with higher rates of mental health issues appearing in those who have financial stress. This stress is not conducive to slowing down and resting.
This is why, at SFP Advice, we make financial planning easier with seamless and integrated services that are swift and uncomplicated to execute, leveraging leading technology and paperless processes to help you have financial peace of mind.
If you’re tired of feeling financially overwhelmed, here are a few ways to curb the stress after the holidays.
Create healthy boundaries when loaning money to friends and family
When friends and family owe us money, we can easily become resentful or frustrated, especially if the repayments are delayed, or several are missed. Unfortunately, this is the reality of lending money to those close to us. It’s easy to question their spending habits and resolve to pay us back; this is often unfair to both parties. It helps to have good boundaries in place and accept that you may not receive the money back in the way you expected.
It’s amazing to be able to help those who are struggling, especially family, and it’s better to see this money as a potential gift rather than an investment that will be paid back. This way, when it is paid back, you can receive it with the same love with which it was given.
Make sure your will is up to date
Over the holidays, with more time to reflect, it’s easy to worry about what might happen if the worst happened. With a last will and testament that is up to date and correctly set up, a vestige of peaceful resolve will help to stay off any financial stress.
Building up cash reserves
The bottom line for building up cash reserves relies on two things: earning an income and tracking where your money is going. Cash reserves rely heavily on good planning because no amount of income alone will ensure solid liquidity. Money is super slippery, and it’s easy to spend it as soon as it’s available. Building up cash reserves helps build financial peace of mind, knowing that it’s available if you need to draw on it, but it also bolsters healthy financial habits. Finding that balance between saving and spending, enjoying your wealth now whilst still having enough for tomorrow requires regular and open conversations with your financial advisors.
Whilst it’s beneficial to think about these things around the holiday season, it’s really helpful to consider them through your journey of building financial independence. These pointers help you manage your money well, but they also help you manage your expectations and relationship to money. When you have a healthy relationship with money, you will be able to have healthy relationships with those