Do your money matters leave you feeling anxious?
You are not alone. More than half (52%) of people polled by DebtBusters indicated they feel stressed and anxious about running out of money before the end of the month.
Unlike the other surveys conducted by DebtBusters that usually gauge South African consumers’ financial stress through the lens of those considering debt counselling as a financial solution, the latest research – called the Money-Stress Tracker – was based on 14 000 people who are not part of any debt management programme.
of them felt financial stress affected their work life.
believed even their health started to suffer.
The study further indicated that women were more financially stressed.
Research highlights that the solution to financial stress is to have a healthy money-conscious mindset and to take action daily to manage your finances.
1. Review your budget
Write down all your income and expenses so you can start planning how to spend your money.
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.
5. Long-term savings
Speak to your bank or a financial advisor on how you can make long-term investments so that you are planning for the future.
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.
4. Managing your debt
A savings buddy can help you develop the discipline needed to continue the ractice of saving. A savings buddy can also be a sounding board when you are overwhelmed with financial stress.
Start taking the right steps towards taking control of your finances and mental health.
JOIN IN ON THIS MONTH’S FINANCIAL CHALLENGE AND SHARE WITH US HOW IT IMPACTS YOUR LIFE.
Make better money choices and join in on our financial challenge this month
Finding a financial solution and taking your financial health to the next level in 2023 is possible and while financial wellbeing is different for everyone, it is still attainable whether you want to save big or small.
Join in on this month’s financial wellness challenge and have fewer sleepless nights and more control of your money