Balance Health & Wealth

Balance health & wealth

Wealth and health are often considered separate entities, but in reality, they are closely interconnected. The relationship between the two is that good health leads to a happy and fulfilling retirement. In contrast, poor health has far-reaching negative consequences, taking a toll on you and your family and eventually impacting your personal finances.

There may be situations when you feel like you are losing control of your health, wealth, or both. Situations when you have hit rock bottom. What do you do? Do you allow yourself to sink deep into the anxiety and stress of life, or do you bounce back and become strong enough to manage it for the betterment of yourself and your loved ones?

For you to gain control of the situation, commitment and responsibility are essential. If you fail to stay committed to your health and are not responsible enough to take care of yourself, there may be detrimental effects on you and your family in the future.

This reminds us of the wise words from the Dalai Lama who, when asked what surprised him most about humanity, said, "Man! Because he sacrifices his health in order to make money. Then he sacrifices money to recuperate his health. And then he is so anxious about the future that he does not enjoy the present, the result being that he does not live in the present or the future; he lives as if he is never going to die and then dies having never really lived.”

Being consumed by worries about the future, whether you will have enough money, assets, or investments to support ourselves, often leads to mental stress and other health issues. These problems can escalate further if there is a job loss, increasing debts, expected or unexpected expenses, or a combination of all. Handling financial complications alone can be overwhelming, taking a huge toll on your health and adversely impacting your sleep, self-esteem, weight, and energy levels, leaving you angry, anxious, depressed, and stressed. When this happens, it's easy to get caught up in false coping mechanisms like drinking, consuming drugs, gambling, or having suicidal thoughts or actions. It's essential to reach out for help during these moments, as you are in a vulnerable state.

No matter how difficult the situation may seem, there is always a way out. That's why our debt counselling team is in place to address your needs.

Please contact us at 600 576 361 from Mondays to Thursdays, 8:30 AM to 5:00 PM, and Fridays, 9:00 AM to 3:00 PM. Alternatively, you can also write to us at moneyassist@rakbank.ae and we will do our best to give you the guidance you need.

For now, here are some ways that can help you break out of this vicious and stressful cycle:

 

1. Talking to someone

Many suffer in silence rather than discuss our financial difficulties with others, especially job loss or health issues. It's easy to feel ashamed about sharing such problems as it may indicate professional or personal mistakes, and no one is comfortable disclosing their weaker side.

Given the current economy and market volatility, many people are struggling through no fault of their own. In these weak and helpless moments, you need to talk to someone, whether it's a family member or a friend. Reaching out to someone in distress can be a huge relief as it helps put things into perspective. The person you choose need not be someone who will fix your problems or offer financial help. Instead, they should be able to ease your burden by listening and giving you constructive feedback without judgment or criticism. This can lead to effective solutions you wouldn't be able to develop on your own.

If necessary, don't shy away from seeking financial advice from experts. There are organisations that offer free counselling advice on managing debts, creating wealth, and more. Reaching out isn't a sign of weakness, but rather, it takes courage to own up to your mistakes and wisdom to address and act upon them. Remember, we are available to offer the help you need.

 

2. Keep track of your finances

Ignoring your financial obligations will only make things worse. When creditors start chasing you for payments, the reality of your situation can feel overwhelming. To balance your money problems, you need to detail all sources of income versus your debts. Websites and apps can help you keep track of your finances, or you can easily create a spreadsheet in Excel to understand the debts that require your attention. It's important to prioritise your needs over wants. While this may seem tedious, tracking your finances in detail can help you regain much-needed control over your situation.

 

3. Keep track of all your spending

Keeping track of all your spending is essential for effective budgeting and addressing your financial problems. Even small daily expenses such as buying a newspaper, coffee, lunch, smoking during break time, going to the movies every week, or having dinners out can add to your monthly expenses. While it may be unreasonable to deny yourself every small pleasure, cutting down on non-essential spending and finding small ways to reduce your daily expenditure can help free up extra cash to pay bills and save.

 

4. Make a plan and stick to it

Managing your finances can be daunting, but creating a financial plan can help keep you on track and provide a roadmap for achieving your goals. Start by considering your current financial commitments and earnings, then develop strategies to help you achieve your objectives.

For example, if your goal is to retire in the next 20 years, a plan can help you determine how much you need to invest, such as in mutual funds, and how much you should allocate to them.

Without a plan, you may end up investing in products that don’t adequately cover risks or offer suboptimal returns. By assessing your earnings, expenses, savings, and liabilities, you can calculate your net worth as your savings minus your debt.

 

5. Manage overall stress

Managing overall stress is crucial for maintaining good physical and mental health. Stress, a physiological and psychological response to uncomfortable change or perceived threat, can manifest in the form of headaches, high heart rate, indigestion, or sleep deprivation. Prolonged or overwhelming stress can lead to adverse health effects such as high blood pressure, heart disease, anxiety disorders, depression, and gastrointestinal disorders.

To break free from the grip of stress and improve your wellbeing, it's important to manage stress effectively. Listen to your body signals and make time for activities that can help you cope, such as meditation, physical exercise, time with friends and family, or long walks. If necessary, seek professional help.

Taking steps to manage your stress can lead to a happier, healthier, and more productive life.

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