I may be able to advise you on many areas of finance but I also know that money is not what ultimately brings true fulfilment in life. It's the positive connections we have friends, family and all the people that cross our paths including my valued clients. It's all about relationships.
Mental health is something that is close to my heart. Men in particular are dying too young and that’s why this month I'm taking part in Movember. You can DONATE HERE.
We all go through seasons of stress, no one is immune. For some of us it's a short period of time due to one of life's crazy curveballs. For others there is an underlying mental health battle that results in a long-term challenging journey.
A 2016 University of Southampton study found that symptoms of anxiety and alcohol dependence worsened over time for those who were struggling to pay the bills. Those who were more stressed about their debt had worsening levels of stress, anxiety and depression. Talk to me early if you feel you are or about to face financial stress. I may possibly be able to talk to the bank about restructuring your mortgage to suit your personal situation. My services are free so there is no need to wait!
Reduce future financial stress
Whether you are facing the best of times or the worst of times you should have a budget and live within your means. It’s called "acting your wage”.
If you think of a budget as actually permission to spend money rather something that restricts you from spending it’s all a little more digestible.
Some budgets itemise everything to the dollar. However many of us don’t have the capacity to monitor this so it can be easier to simply set aside a percentage of you take home pay to certain categories i.e. allocate 40% for household and fixed expenses and the rest for long term goals, holidays and retirement savings. You could have a bank account for each category and simply transfer the money on pay-day.
In time of a crisis, it's all about keeping things as simple as possible and not adding to a to-do list. Visit www.sorted.org.nz for more information on budgeting.
Do you have an emergency fund?
It’s also prudent to have an emergency fund to draw on in times of hardship. As part of your budget allocate a percentage of your take-home pay and transfer it into an account for those unexpected expenses. Even if your first goal is to hit $1000 that’s a start.
Many budgeting experts recommend a balance of a three months minimum income should be the goal. This account will certainly help with those surprise expenses.
And remember most importantly please reach out to friends, family and professional experts early if you are facing financial stress. There is no need to do life alone.
Where to get HELP
Keep searching until you find the right help for you!
Lifeline – 0800 543 354 or (09) 5222 999 within Auckland
Depression Helpline – 0800 111 757 or free text 4202 (to talk to a trained counsellor about how you are feeling or to ask any questions)
Anxiety Phone Line – 0800 269 4389 (0800 ANXIETY)