R U OK? Day on Thursday, 12 September is a powerful reminder to check in with those around us. It’s about encouraging meaningful conversations that can make a real difference.
With the rising cost of living, more people are feeling the weight of financial pressure, leading to increased anxiety, depression and feelings of isolation.
Practical Steps to Regain Financial Control
Money coach Melissa Meagher from Talking Money said that financial stress was often a source of shame and embarrassment, and just because somebody looked successful on the outside didn’t mean they had the tools or skills to manage their money or their finances.
“One of my favourite sayings in my business is: money is the effect, not the cause,” Melissa said. “We need to unpack what is causing the money issues and this comes back to our mindset and our relationship with money. It’s often about our self-worth.”
If you’re experiencing financial strain, there are practical but simple steps you can take to regain control. Melissa offered the following tips to improve your financial wellbeing:
- Check your bank account
Avoiding your bank accounts might feel easier when you’re in financial difficulty, but the numbers are just information. Understanding your current situation without judgement is the first step towards change.
- Find out how much you owe and how much you own
Take stock of your situation. Knowing where you stand helps you create a plan to move forward.
- Review what is coming in and going out
Compare your income to your outgoings. Identifying spending habits can help you make informed choices and make adjustments.
- Know your financial commitments
Review your bills and see if there are opportunities to reduce costs by shopping around. Plan for your upcoming expenses to avoid surprises.
Financial stress can have a significant impact on our wellbeing and mental health and it’s more common than you might realise.
This R U OK? Day, consider the impact that financial strain might be having on those around you. A simple conversation could be the first step in helping someone regain control of their finances and their peace of mind.
You can learn more about Melissa Meagher and how she can help you transform your relationship with money at melissameagher.com.au
Read more stories from the Sandgate Guide print magazine here:
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- Run, Cycle, Swim for a Cause
- School’s Out On The Green Gets Spooky This September
- Why Students Need Extracurriculars
Photos taken by Jodie Morphett
