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.
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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 insurance 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 counselors. 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 on your existing student loan balance. Several other federal, state and career-based options also allow you to have your loan amount forgiven.
Read Beem’s blog to know more about financial wellness and hacks on money management so you can live life financially free.
