Our financial health, physical health & mental health together define our overall well-being. But while there’s strong co-relation among the three, we often speak of our healths in isolation.
Our three healths are intertwined among each other. Our financial situations can cause stress and insecurity which can lead to anxiety, depression, and other mental and physical health problems. Chronic or serious physical issues can lead to mental stress, which can affect our careers and financial health. Mental health issues will come with its own set of effects on physical and financial health.
The right balance to manage all three health for our overall well-being through life.
Debt & Financial Health
Lack of money to meet current or forecasted expenses, and anxiety thereof, causes financial stress. Financial stress can arise from various sources, such as debt, unemployment, or unexpected expenses. This stress can lead to severe mental health problems, as well as physical symptoms such as headaches, stomach problems, and insomnia. It is very important to avoid debt traps, and constantly work on savings to improve our financial health.
It is imperative for us to budget well and spend within our means of payments. There’s still a possibility of things not going our way, hence having a clear Plan A and Plan B is necessary if things don’t work out as per plan. Ensure we are building our savings up with each income cycle. We should avoid going all-in, while taking risks, and take risks only with money we can comfortably afford to lose.
We should not let our greed get the better of us and our financial health.
Financial Freedom & Overall Well-Being
Freedom is what we all cherish, in some aspect or the other. Sense of financial security has a tremendous impact on our sense of freedom and control.
Most people feel bonded or trapped by the constant need to earn to meet their expenses. This leads to mental stress. Whether they like their jobs or not, they have no choice but to work given the constraints of financial insecurity.
An ongoing, stable income with regular, accumulated savings builds up our financial health that provides us a sense of security and control over our life. It helps enhance our quality of life and provides opportunities for personal growth and fulfillment.
If we have enough money in the bank to take care of our needs and basic wants, we become a master of our choice! We attain freedom to do what we please, when we please. We can follow our passions, travel, relax and follow other pursuits; live life king-size, enhance the quality of our living and overall well-being. It’s financial nirvana!
Maintaining good finance health can improve our overall well-being and quality of life, while financial stress and insecurity can have negative impacts on our mental and physical health. By managing our money wisely, saving for the future, and avoiding financial pitfalls and stress, we can enhance our finance health and improve our quality of life.
For our overall well-being, we need to work on our physical, mental and financial health till the very end of life. The Well-Being Triangle needs to be in balance.
And just like physical & mental health which require exercises & practice to prevent atrophy, financial health is built by discipline and practice that leads to financial smartness and wisdom. For a lack of financial health and financial atrophy can ruin lives.
Starting early is a good idea.
