Seven ways to grow your money and improve financial health
Breakfast with Martin Bester spoke to financial advisor Munya Shumba about ways to reduce financial stress, grow money, and improve your overall mental health.
November marks Men's Mental Health Month, and Jacaranda FM is creating a Safe Space to assist men on their mental health journey.
Martin Bester recently sat down with financial advisor Munya Shumba to shed light on the impact financial stress can have on mental health.
Munya identified seven key points on how men can improve their financial health and reduce the impact it has on mental well-being.
Here are seven tips to improve financial health:
1. Create an Emergency Fund:
Cultivate the habit of putting small amounts away regularly, which can accumulate over time and form a considerable safety net.
Utilising a tax-free investment account can be highly beneficial. Munya mentions that even a small monthly saving of R300 invested in a global equity fund can multiply significantly over the years.
2. Be Honest About Expenses:
Conduct a thorough review of your spending habits. People often underestimate their expenses. Examining monthly financial statements for a few months can reveal the true picture of your spending.
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Identify and cut down on non-essential expenditures like frequent dining out or buying coffee daily.
3. Communication About Finances:
Open communication within relationships about financial situations is crucial. Men often avoid these discussions, resulting in unresolved financial stress.
Regularly discuss finances with your partner to pre-empt financial burdens and work together on budgeting and saving plans.
4. Seek Professional Help:
Don’t hesitate to consult with a financial advisor. Professional advice can provide a clear roadmap out of financial difficulties and tailor a financial plan that suits your personal situation.
Financial advisors can help set realistic savings and investment goals.
5. Understand Expectations and Prepare for Changes:Adjust expectations to align with financial realities, especially during tough times.
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This involves accepting that you might have to make lifestyle changes temporarily (e.g., downsizing your car or home) for long-term financial health.
6. Start Saving, Regardless of Age:
It’s never too late to start saving or investing.
People often think they have missed the right time to begin, but even in one's 40s or 50s, starting to save can make a significant difference in financial stability later in life.
7. Prepare for Emergencies:
Understand that financial emergencies are common.
Munya notes that 41% of individuals face some kind of financial emergency annually. Planning in advance can mitigate the stress caused by such events.
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October Health, previously known as PANDA, is designed to empower individuals to take control of their mental health and well-being through proactive, long-term solutions.
By integrating performance psychology with cutting-edge technology, the platform helps users not only manage stress and anxiety, but also build mental resilience and unlock their full potential. With personalised tools, live sessions, and self-guided resources, October Health makes mental fitness an achievable and aspirational goal for everyone.
Use the code JACA24 on the October Health App to receive an extra 200 Luna credits and gain access to three premium AI coaching courses. By entering the promo code, you will unlock exclusive access to premium content, enabling you to fully benefit from everything October Health has to offer.
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