How to practice financial self-care

As the month of October shone a light on mental health, Police Bank looked at the relationship between money habits and wellbeing – and some tips to improve both.

Through policing work, many in our network have seen how a person’s money situation and their mental health can go hand in hand.

There’s a growing body of research that confirms the relationship between money and wellbeing. Recently, a study by Beyond Blue and the Australian Securities and Investments Commission showed those experiencing challenging financial times were twice as likely to suffer from mental health problems – and vice versa.[1]

Sadly, many different people experience financial challenges, which can filter through to relationships, healthcare, sleep and mood. In some cases, they can affect mental health to a great degree. (Help is always available – see numbers at the bottom of this article).

Given October brought World Mental Health Day, we thought it would be worth looking at some of the rituals that have been linked to improved financial wellbeing. Here are a few ideas.

Practicing financial self-care

1) Do a goal check

Setting goals and making progress towards them is one way to feel empowered. If you haven’t looked at any financial goals, now could be the time to start thinking about what you want in the future, including how you want to retire.

If you already have goals in place, checking in periodically to see how they’re tracking, then tweaking the budget to get closer to your aspirations, is another way to practice self-care.

2) Get organised

When things feel a bit out of control, making organisational improvements can go a long way. Examples include setting up a spending plan on a whiteboard or spreadsheet, arranging bank accounts for different purposes, including saving, and ensuring your retirement and insurance are set up as they should be.

3) Have a debt plan

Many of us accrue debt throughout our lives, whether it be through mortgages, car loans, student loans, personal loans or credit cards. For some, compounding debt can create a lot of stress.

There are various strategies that can help tackle debt-linked anxiety, including speaking to a financial professional – such as a financial planner – coming up with a new budget and payment plan, and talking to us, at Police Bank, if you’re having trouble repaying your loan.

4) Talk to loved ones

With the current cost-of-living situation, lots of people are feeling the pinch. Chances are, that includes at least some within your close network of friends, family and colleagues. They may be able to listen and help you come up with some strategies to ease your worries.

If you don’t feel comfortable speaking to someone you know, you can also call a financial counsellor (see National Debt Helpline number below) or a general counsellor or psychologist.

Where to find help if you need it

Lifeline: Speak to a Crisis Supporter on 13 11 14 (24 hours/7 days), text 0477 131 114 (24 hours a day, 7 days a week) or chat to Lifeline online at www.lifeline.org.au (24/7)
National Debt Helpline: 1800 007 007
Beyond Blue – Speak to a counsellor online at BeyondBlue.org.au or on the phone by calling 1300 22 4636

This article is general advice only and does not take into account your objectives, financial situation and needs. Before acting on the information, you should consider whether it is right for you. Before making any decision to acquire any product or service you should obtain and consider the relevant TMDs and Terms & Conditions available on our website or by calling 13 17 28

[1] https://www.beyondblue.org.au/docs/default-source/about-beyond-blue/20061-money-and-mental-health-research-final-report-220804.pdf?sfvrsn=fd5d30e5_2