The Link Between Financial Wellbeing and Mental Health

Worrying about money is a common problem. Not knowing if you have enough now, or if you will have enough in the future for things you’ll need is tough. Things like not being sure when you can afford to retire or what your retirement might look like can be scary. And is sending your kids to private school or investing in a holiday home really an option?

It is well known that there is a strong link between financial wellbeing and mental health, and it works both ways. Your mental health can affect how you deal with money, and money problems can impact your mental health. By protecting and understanding your financial wellbeing, you can positively impact your health and happiness.

How having a financial adviser can benefit your mental health

It’s often assumed we should just somehow ‘know’ how to manage our finances, but it’s not a simple process. Just managing a household budget can be challenging, especially if you have irregular incomings and outgoings. With the right expert advice, however, you get help on this journey. A financial adviser, or wealth coach, will help you make sure you have all the information you need to make the right decisions for you.

Everyone needs a wealth coach. A financial adviser can help you understand what you are dealing with and how to make decisions now that will also protect your financial future. With greater peace of mind comes less stress, better mental health, and an improved quality of life.

Reducing financial stress and boosting mental wellbeing

We’ve all been there and there’s nothing worse than waking up in the middle of the night, worrying about money. You might be planning for the future and not sure what you should be factoring in. You might have debts and are struggling to work out how you’ll manage to pay them off. Financial pressure can lead to terrible mental stress and strain. It can damage relationships and even lead to them breaking down.

Working with a financial adviser can help reduce the pressure in this major area of your life. A financial adviser will help you understand what money is available and what impact taking different courses of action might have. Together you can make a plan that’s based on facts rather than gut feeling, hope, or fear.

Feeling more in control of your financial situation

Working out what you have, knowing what you are aiming for, and creating a plan around your finances helps in various ways. It can help you feel more in control, less anxious, and more confident about the financial decisions you are taking. Having a professional there to guide you through complex decision-making processes is likely to help you sleep better at night. And better sleep gives you greater mental clarity – which in turn is likely to lead to better emotional health and greater resilience.

Planning for financial wellbeing and better mental health

Far from being an added expense, having professional help in making the right financial decisions at the right times can impact your lifestyle for the better. With better financial planning you are likely to be able to afford to enjoy more of life’s pleasures. Knowing what you can spend and save and the most tax-effective ways to do it will help you afford more. It might make a positive difference to where you can go on holiday, the home improvements you can make, or your retirement plan.

With a financial adviser, you could be adding more things that positively impact your mental health into your life at the same time as reducing the negatives.

Working with Paula Bicknell Wealth

At Paula Bicknell Wealth we help our clients with financial advice for a better life and mental wellbeing. We are committed to helping people understand and manage their finances better so they can make empowered, educated decisions. We help you reduce the stresses financial health can create and give you a better quality of life all round.

Together we can work to create a solid financial plan that doesn’t just bring greater financial security: it will improve your emotional and mental wellbeing too. Would you like to know more about working with Paula Bicknell Wealth? Your first meeting with a financial adviser is a no-obligation consultation. Get in touch now and you can start improving your financial and mental wellbeing today.

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