Does thinking about money leave you feeling stressed or depressed? You’re not alone. According to this year’s Sanlam Benchmark report, 80% of South Africans are experiencing financial stress that’s impacting their mental health. Constantly worrying about money can easily lead to anxiety and depression. So, in the spirit of October being Mental Health Awareness Month, let’s explore a few ways you can navigate financial challenges while safeguarding your mental health.

Let’s talk about it!

It's perfectly normal to feel anxious, overwhelmed or even ashamed when facing financial difficulties. Don't bottle up your emotions. Instead, talk to a trusted friend, or family member about it. Sharing your feelings can help you gain perspective and find support. You’ll also realise that most people are worried about their financial future, but these concerns won’t make it to the highlights reel on their social media.

Prioritise self-care

Regardless of what’s causing your stress, the things you can do to mitigate it are the same and can be summed up as taking good care of yourself. Make sure you're getting enough sleep, eating healthy foods, exercising and making time to for relaxing activities. A walk in nature or an hour spent listening to your favourite music doesn’t have to cost a thing but can be a priceless form of self-care.

Build an emergency fund

Having savings in the bank can reduce financial stress and give you peace of mind. If you’re in debt, getting out of it should be your priority and then you can focus on creating an emergency fund. Ideally, you should aim to save enough to cover at least three months of living expenses, but start small and build it up over time. Think of this money as a safety net for unexpected expenses like car repairs, medical bills, or even losing your job.

Consider life insurance for peace of mind

On the subject of safety nets, let’s talk about life insurance. While it may not seem like an obvious solution, buying life insurance can play a big role in alleviating financial stress. Knowing that your loved ones will be financially protected in the event of your passing can provide immense peace of mind. It can alleviate worries about leaving your family with debts or funeral expenses, allowing you to focus on enjoying the present moment.

MiWayLife makes life insurance simple

At MiWayLife, we like to keep things simple. For a monthly premium, you’ll be offered a set amount of coverage that’s paid out in a lump sum to your beneficiaries in the event of your passing. As an example, you could get R500 000 worth of life cover from MiWayLife from just R164 per month. Our 4-in-1 policy also includes an accelerated funeral benefit, terminal illness benefit and funeral cover for you and your family members - all for one premium! In short, if you’re looking for full peace of mind and minimal hassle, we’re right up your street.

Seek professional help

Last, but not least, if managing your money feels overwhelming or you're drowning in debt, reach out for professional help. A financial advisor or debt counsellor can offer guidance on how to get back on track. There are many organisations that offer free financial counselling. You’ll find a list of help-lines on the South African Depression and Anxiety Group’s (SADAG) website.

The bottom line

Financial stress is something we all deal with, but it doesn't have to take over your life. By taking charge of your finances, getting support and practicing a little self-care, you can protect your mental health and build a brighter future. Lastly, if you want maximum peace of mind, don’t underestimate the power of buying life insurance. Why not get a quick quote from MiWayLife today?  

Did you know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.