As a financial coach and holistic wellness advocate, I have learnt that there is relationship between our financial and mental health. The quality of our decisions or how we use money is largely influenced by the state of our mental health.
Finances if not managed well can contribute negatively to our mental health. For example, the high cost of living and stagnant salaries can lead to many issues such as stress, lack of sleep, poor eating or bad spending habits, high levels of anxiety and deteriorating health because Basotho are worried about making ends meet. Taking care of our finances and mental health is therefore important.
How can you take care of your financial and mental health?
a) Break the silence and taboo
Mental health, like money conversations remain a taboo for most in Lesotho. When we avoid open and honest conversations about mental and financial health, we perpetuate the stigma and deny people to access help. The theme for the World Mental Health Day 2023, celebrated on Tuesday 10 October was ‘Mental health is a universal human right’ where the World Health Organisation encouraged communities to improve their knowledge, raise awareness and protect people’s mental health. We can take care of our mental health by breaking the silence, having dialogues, and assisting loved ones to access help if needed.
b) Managing our finances
As aforementioned, how you manage or mismanage your finances can also contribute to your mental health negatively. For instance, high indebtedness, low or poor savings for emergencies, inadequate retirement savings or not having financial boundaries can lead to stress or anxiety. Hence it is vital to take note of days like the World Financial Planning Day (WFPD) which was commemorated on 4 October 2023, with an aim to raise awareness about the importance of financial planning.
To improve your financial health, working with a professional financial advisor or planner to develop a customised financial plan is important. A financial plan is a road map that helps you allocate resources (money) correctly and systematically to ensure you have money to achieve your financial goals.
c) Allocate money towards mental health initiatives
It is often said that ‘prevention is better than cure,’ I believe the same applies to taking care of our mental health. Allocating money and resources towards improving and taking care of your mental health is important. As part of your monthly budget, allocate money towards activities like sports, books, conferences, and courses that can contribute to improving your mental health. It is also important to allocate money and resources towards mental health initiatives or consultations with qualified psychologists. Do not seek help when things are bad, make mental health care part of your lifestyle.
As Basotho, it is important to remember that our mental health is just as important as our career, education, or finances. If you need help, please consult a health centre or a qualified professional. Let’s break the silence about financial and mental health and invest resources to improve our overall wellbeing. Likhomo!
