“One in six South Africans will suffer from anxiety, depression or substance use problems during their lifetime, and these are just the ones who reach out for help,” Visagie said.
According to Oberholzer, the solution to financial stress is to have a healthy money-conscious mindset and take action daily to manage your finances.
“Ultimately, it can help you return to financial freedom while indirectly motivating you to lower your anxiety – ensuring that you keep your overall health and wellbeing intact,” Oberholzer said.
So, how can you ‘respect’ your overall health, and what can you do behaviour-wise to be more ‘money-conscious’ during your daily doings or activities?
Dhashni Naidoo, FNB’s consumer education programme manager, shares five tips to help you with your financial anxiety:
1. Review your budget: Write down all your income and expenses so you can start planning how to spend your money.
2. Managing your debt: Manage your debts by paying a little more towards your debt on a monthly basis, and paying off debts with higher interest rates sooner.
3. Emergency fund: An emergency fund can be useful for a rainy day or loss of income. It is advisable to save between one to three months of your monthly expenses.
4. Saving buddy: A savings buddy can help you develop the discipline needed to continue the practice of saving. A savings buddy can also be a sounding board when you are overwhelmed with financial stress.
5. Long-term savings: Speak to your bank or a financial adviser on how you can make long-term investments so you are planning for the future.
“Mental Health Awareness Month is the perfect opportunity to consider and promote kindness, overall health consciousness, and when it comes to your financial-related situations encouragement to get the professional help you need when things are too much to bear alone,” Oberholzer said.
