How Financial Planning Can Improve Your Mental Health

How Financial Planning Can Improve Your Mental Health

When you’re concerned and stressed about your financial well-being, you tend to neglect your physical and mental well-being in the process. Some effects of this stress are depression, anxiety, and social withdrawal.

The 2019 PWC Employee Financial Wellness Survey found that 71 percent of employees use financial wellness benefits to:

  • Prepare for retirement
  • Getspending under control
  • Pay off debt
  • Save more for major goals
  • Better manage investments/asset allocation
  • Better manage healthcare expenses/save for future healthcare expenses

This study shows the tip of the iceberg for what healthy financial planning and mental health look like. To stay on top of your mental health, you’ll want to ensure you have a firm financial plan– If you are interested in optimizing your physical health, you would do well to pay attention to your financial health.

When you’re planning for things like your retirement, erasing debt, and savings accounts- most people tend to feel satisfied about these things because they’re on a track to stabilizing their future.

Even having a budget and tracking expenses makes a huge difference because when you save those few dollars on some purchases, those few dollars add up each month. Once you realize that you’re on track to a better financial future, even if it starts with saving 5 dollars extra a month, your mental health is set for success. And when your mental health is happy, your physical well-being is easier to take care of!

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More about the author: Harry Sherdil

As a fiduciary financial advisor at an independent firm, Harry strives to offer the same resources, tools, and research as bigger firms while serving new and existing clients' best interests.