Australia is a stressed nation. Mortgages, employment, student loans – it can seem sometimes like everything is intentionally designed to make your life as anxiety-inducing as possible. But what can you do to help battle the stress demons and save your mental wellbeing?
Feeling the strain?
A recent survey from the Australian Psychological Society (APS) found that over a quarter of us have moderate to extreme levels of stress, and 2015 saw the highest levels of anxiety ever recorded in Australia. Evidently, something somewhere is taking a stab at our mental health as a nation.
And that something is probably your finances.
The APS survey revealed that the most significant cause of stress in Australia was people’s finances, with almost half of every single respondent indicating this is the root of their distress. Family issues also cropped up, as well as concerns about health both personal and of those around us.
Launching a distress signal
So are you feeling worried about your finances? Looking for a way to beat back the stress demons? There are plenty of ways to take the stress out of your finances, and most of them are really very simple. Even something like starting a savings plan could be enough to remove some of the strain, according to MoneySmart Senior Executive Leader Miles Larbey.
“Pay yourself first – get savings deducted from your pay/benefits automatically. Most people don’t miss what they don’t see,” he said to news.com.au in a July 17 article.
“Keep a separate savings account … add in your windfalls, try to save any pay rises, bonuses or tax refunds.”
The key is to ensure that your savings come before any extra costs – the additional feeling of control you get from a well-funded savings account will eliminate a lot of your worries. You will thank yourself later when you have a financial security net.
Always look on the bright side
It may seem very doom and gloom to see that so many of us are worried about our capital. But it’s also important to remember that we are steadily improving in our money habits. The latest Financial Behaviour Tracker from the Australian Securities and Investments Commission revealed that almost three in five of us have enough liquid capital to deal with a sudden loss of income, while only 5 per cent of people had no method to deal with such a crisis.
For more information on how to take the stress out of your finances, get in touch with us here at Border Bank. Whether it’s financial planning, personal loans or savings accounts, we’ve got you covered.