• Zoe Slater

Having a Financial Plan Will Decrease Your Stress

Updated: Mar 28

Living your life not feeling in control or on top of your finances and constantly worrying will increase in your stress levels beyond the realms of what’s considered healthy. In her blog this month ZOE SLATER, Counsellor and CEO of Freedom Choice Academy delves into how you can stop the unhealthy impact of financial stress and rid yourself of the constant worrying that often keeps you awake at night.

Yes, the latest research proves that having a financial plan does reduce your stress levels.

I recently attended an international wellness conference where a Financial Planning company presented some interesting research regarding Financial Stress.

The research revealed that

  • 50% of people were worried about their personal finance.

  • 26% said their financial stress kept them awake at night. We all know how important sleep is so if this lack of sleep continues and becomes chronic, the lack of sleep issue will increase your mortality fatality. Not to mention how it affects your clarity, your mood, your weight and your relationships.

The research also revealed

  • Employees whilst at work, spent 3 hours a week worrying about their financial stress.

Let’s have a broader view and consider if this is you?

If your financial stress is keeping you awake at night, it will build an accumulation of sleep deprivation, feeling brain fog exhaustion. Eventually struggling to get out of bed, to get to work, maybe a sickie here and there or late to work. Your mind productivity would have decreased, and your energy levels are fatiguing.

This all affects your KPI’s which then affects your job security, which then affects your cash flow and financial security. You could potentially lose your job thus really adding to your financial stress, clearly not the preferred outcome.

Guess what happened to the people who implemented a financial plan and took action!

  • 19% saw a decrease in financial stress.

  • 51% increase in their work performance. You might ask why the increase in work performance. Having a Financial Plan in place made them feel like they were more in control of their life and job security. They slept better, felt happier, were more energised and confident they were moving towards obtaining their dreams.

  • A 1 in 5 decrease in absenteeism related to financial stress. This creates a happier optimistic work environment for employees and the employers. Money flows in and out keeping your life buoyant including the business and the whole community gets to prosper from happier people letting the money flow.

Take action, gather information and make your financial plan happen.

  • Talk to a friend that’s financially savvy.

  • Your employer might have an employee benefits and recourse service.

  • Do your own budget.

  • Read some books – When I first realised I needed to become money savvy I read this little book called ‘The Richest Man In Babylon’. It awakened my finance mind and altered my financial mindset to self-accountability.

  • In essence no matter what someone offers you, it’s your responsibility to be informed enough to make a confident decision. I’m not saying be an expert, but I am saying be informed enough to know what you are saying Yes or No to.

Create a deliberate mindset of Money Success.

Is this how you would prefer to see yourself, feeling more in control of your life? YES!

The key points are;

  1. Decrease your financial stress by taking control of your financial world.

  2. Be informed – read some money books, Barefoot Investor, Rich Dad Poor Dad or The Richest Man In Babylon.

  3. If you are worrying about your finances whilst at work, what are you going to do about it, stay paralysed worrying about it or take action and be proud of yourself?

  4. Consider getting advice from a Financial Planner.

Deeper insights for you to think about and consider.

  1. Gain sleep and good health by understanding your financial world.

  2. Money is obedient, it goes where YOU put it. Be accountable.

  3. Gain self-respect know how to grow your wealth.

  4. If you decide to have children, they will watch your every move, including how you manage your financial world.

  5. One day your children will ask for advice and the best education is your demonstration.

MAKE A PACT TO ACT – Get clear on your dream and take the time to understand your WHY. Write it all down and keep it somewhere that you can see it every day.

It will be easier to take action on the right things to do when you know exactly what you’re striving for and WHY.

For help send me an email, call me on M: 0414 778 476 or visit me on Facebook @freedomchoiceacademy.

Zoe is the director of Zoe Slater Counselling and CEO Freedom Choice Academy. She studied at The Australian College of Applied Psychology, Sydney Campus and completed her Diploma of Counselling and Communication at the Brisbane Campus. Zoe is an Associate Member with the Queensland Counsellors Association Inc and a member with Australian Counsellors Association.

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