7 ways to boost your financial wellness and mental health

One of the many reasons behind poor mental health is the lack of financial wellness. Here are some tips to help you drop some of that burden and be on your way to a life of financial wellbeing and happiness.

Money may not buy happiness, but if you have debts, you know very well how the lack of money can dampen your spirit. A survey conducted recently concluded that nearly half the population of the country, aged 18 and older, lose sleep worrying about money. This includes half of America’s millennials.

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One of the many reasons behind poor mental health is the lack of financial wellness. Almost 1 in 3 people who are mentally unwell have reported a lack of financial wellness to be the cause of their depression. Moreover, one of the primary causes of money woes is student debt.

Wellness over wealth

Money borrowed has the worst mental health concerns, especially when it comes to repaying it. The fallout can take a toll on work and personal life balance. That’s why we have some tips to help you drop some of that burden.

Cutting down on your overall debt can alleviate stress and ease anxiety levels. This, in turn, can help give you better mental health standards. Here are seven ways you can reduce your biggest debts and bring mental wellness back into your life.

Fix a budget that suits your lifestyle

Get your basics right. This will make sure your money is going where you want it to go. Make a budget plan that is easy for you to maintain and synchronizes you’re your spending lifestyle. The obvious and most easy method is following the 50/30/20 rule.

Have an emergency fund

Life has a way of surprising us with the unexpected. Be prepared for those unforeseen expenses with an emergency fund. Be consistent about setting aside money, even if it’s $1. That will make a world of a difference when you need it the most.

Line has a way of helping out in case this doesn’t work out for you. Our subscription plan starts at just $1.97 and you can get emergency funds when you need them the most. Our simple three-step method of Subscribe. Get Cash Now. Pay Later. ensures you can live life uninterrupted.

Seek higher pay

If you are expecting a hike at work and your responsibilities at work have grown, it’s good to consider asking for a raise. There’s no harm in giving it a shot if your role has changed over time. Negotiate a salary that matches what someone in your role and experience will take home.

Pick up a side hustle

The gig economy is clearly a rising tide. Nearly 35 percent of American workers work in some part-time capacity. A side hustle, even if it’s temporary, can make the difference in paying off your debt well in advance. Imagine saying goodbye to loans, credit card dues and other debts months ahead of schedule.

Insure yourself

Insurance is key – especially when you need it the most. A policy can be lifesaving when we face unexpected situations in our lives. Our financial security plan should have health, life and disability insurances as top priorities.

Strategize your debt repayment

Negotiate with your debt managers. Seek easier payoffs where possible with less interest. Also, consult low-cost credit counsellors. The extra help can go a long way in bringing financial peace of mind to you with an efficient debt management strategy.

Seek student loan forgiveness

If you do qualify for the Public Service Loan Forgiveness (PSLF), you can get a waiver in your existing student loan balance. Several other federal, state and career-based options also allow you to have your loan amount forgiven.

Read Line’s blog to know more about financial wellness and hacks on money management so you can live life financially free.

This page is purely informational. Line does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

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