Ever had money worries? Well, if you’re not a trust fund baby, I’m gonna guess that the answer is yes. Money stress is a killer – quite literally. Financial stress can take a horrible toll on your health. In fact, money worries can increase your risk of everything from heart disease to obesity.
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You’ve probably heard that disagreements about money can be a main factor in divorce. Money worries are powerful. So today we’re gonna go over some ways to protect your financial health.
Your financial health is essential for your overall health. This doesn’t mean you need to be rich. In fact, even rich people can have crippling money worries. You want to set up your life so that your money worries don’t keep you up at night or biting your fingernails all day.
Impossible you say? Well, let’s look at these great ways to improve your financial health. And this will do wonders for your mental and physical health too!
Stop trying to be someone you’re not
As corny as it sounds, lack of self-acceptance can destroy your financial health. Because when who you are is never enough, you’ll use your credit card to buy everything you feel you lack. Or you’ll buy distractions that soothe the void.
People who have an expensive car, a jaw-dropping wardrobe, or get their hair done at that super fancy salon aren’t necessarily rich. And they’re certainly not always happy. But society sees this as the representation of fulfillment. So you want what they have too.
But before you jump on that ‘spend, spend, spend’ bandwagon, stop and think. Do you need to empty your purse to find true joy? Or are you just trying to appear like that picture of ideal happiness you hold in your head?
Get a Roth IRA young and keep contributing
For sure take advantage of that 401K with the company match at work. I mean, your company match is totally free money! But don’t overlook the value of a Roth IRA.
What’s a Roth IRA? It’s an extra special retirement account. The reason it’s so amazing is that the withdrawals you make in retirement are tax exempt. That means all the interest on your account is tax-free even if it accrues over 30 years!
You want to start this one as young as possible. That way you accrue the most tax-free interest. This is a fantastic tool to ease your money worries. Because, when your future is uncertain, you feel stressed.
And when you feel stressed and uncertain, you’re likely to make bad money choices in the present. And this creates a vicious circle of more stress. And yes, this is totally bad for your mindset and your health.
Evaluate life insurance
Life insurance can be the antidote for money worries in a couple of ways. Let’s start with the obvious. You may find it a relief to know your family has protection if something were to happen to you. But that isn’t the only security life insurance provides.
Whole life insurance is a type of insurance that builds cash value. So it offers financial health in another way. You can sell it for a cash value that accrues over time. Or even borrow against it in times of financial stress.
So when money worries hit, you have three options:
- Sell whole life insurance policy
- Borrow and repay whole life insurance policy
- Keep it as protection in case something happens to you
In my opinion, having a multitude of options takes off a lot of stress. Keep this for emergencies only. But now you have a way out of a variety of disasters. And this can be a fabulous relief to your money worries.
Pay yourself first
I’ve had friends tell me that they can’t afford to pay off their debt or save for the future. But if you’re saying that, you’re looking at your financial health all wrong. You should be paying yourself first.
What does it mean to pay yourself first? It means you designate a portion of your income towards debt and savings before you spend a dime. What you have left is your spending money.
This is a powerful change in perspective that allows you to prioritize your financial future. It reshapes how you look at your spending money. And instead of giving priority to your daily latte, it gives priority to those things that will heal your money worries.
Find amazing bargains
Living in the internet age, you’re able to find bargains that were never before possible. And if you put in a little time and effort, you’re likely to find a better price on almost anything you need. The money really adds up.
Get to know the gas station in your neighborhood with the lowest price. And fill up when you’re in the area. Go to farmers markets right before they close to get discounted pricing. Download your local supermarket app and clip extra coupons and savings.
Sign up on websites like Ebates. Not only does Ebates give you money back on purchases you make both online and in-store. But if you download the extension to your browser, it will help you find the best price when shopping online.
The bottom line is that there are tons of discounts out there. You just need to look. And these can really help you budget and save.
Speaking of discounts and coffee, my nearby “$0.99 Only” Store sells 32-oz bottles of Starbucks Iced Coffee for $2 a pop – not bad, eh?
Wow – that would cost you about $8 or so if you bought that much in an actual coffee shop. Amazing deal!