Financial Wellness – Beat Money Stress and Build Wealth 

The weight of unpaid credit cards and bills. The sleepless nights spent calculating and recalculating your budget. The knot in your stomach every time you check your bank balance. If this sounds familiar, you’re probably feeling financially stressed, and you’re far from alone.

Research shows that financial stress can adversely affect general health and psychological wellbeing. Indeed, following the Covid crisis, the Australian Psychological Society (APS) stated that its member practices had experienced a 50% increase in the number of clients in 2022-2023 seeking help for financial stress-related anxiety or depression. 

Constant financial stress can lead to all manner of health problems. A head-in-the-sand approach won’t improve the situation. As we’ll share, one of the most powerful steps you can take to address the problem is acknowledging it exists in the first place. 

ActOn Wealth’s financial advisors in Melbourne understand that true financial planning goes beyond numbers – it’s about restoring your peace of mind. We help clients develop practical strategies to reduce financial pressure through personalised planning, practical strategies, and non-judgmentmental financial guidance. We work with you to create a structured pathway toward greater financial stability. 

In this article, we explore the warning signs of financial stress and mental health deterioration and outline the practical steps we can  take together to restore finance wellness. 

What is Financial Wellbeing?

Financial wellbeing is having the freedom to make decisions about your money. Whether large or small, these choices impact your daily and future financial situation. 

Causes of Financial Stress 

There are many contributors to monetary stress and compromised general well-being. These include: 

• Debt burden 
• Low income 
• Few employment opportunities 
• High cost of living 
• Significant fees 
• Costly health problems not covered by Medicare 
• Lack of savings and emergency funds 
• Life changes, such as divorce, death in the family, birth of a child and sudden illness (physical, emotional or mental) 
• Economic downturns 
• Keeping up with the Joneses  
• Lack of financial awareness 
• Pressure to support family 

Effects of Financial Stress 

Financial stress and mental health are often very closely related. Whether you’re dealing with a growing and gradual financial malaise or you’ve been hit with something out of the blue that sends your reeling, stress can present itself in many ways. 

• Increased anxiety, anger or depression 
• Feeling ashamed, guilty or hopeless 
• Difficulty sleeping 
• Headaches, muscle tension, stomach discomfort, increased blood pressure  
• Poor nutrition (skipping meals, binge eating, consuming more fast food) 
• Strained relationships 
• Financial woes creeping into many conversations 
• Inability to concentrate 
• Unable to work at normal capacity – more frequent sick leave 

A Financial Plan Can Bring Hope

Never underestimate the effects of a financial plan. It’s not just a chance to pave a clear and considered way forward, it’s a pathway to hope and a map showing you the way out. We know that feeling of hope can be hugely beneficial to clients. They typically stop seeing the cloud and instead look further ahead, working daily to make small steps towards improved financial security. 

If you’re under significant financial stress, chances are you’ll need a mid- to long-term plan that not only gets your head above water, but gives you a chance to completely turn the situation around and actually build wealth. 

Realising you have the potential to move the dial so far in the other direction is incredibly empowering, and the sense of achievement can be euphoric for many clients. However, getting there is often a combination of incremental and major change. What do we mean by this? Well, if you’re in major debt, for example, we will likely suggest some significant changes to your lifestyle and spending behaviour, until we can get you on a more comfortable footing. 

Incremental change might come, for example, in improving your financial literacy (something we can help you with). Understanding how money works and how your approach to it affects your financial stress and health can lead to progressive but cathartic change over time. 

A Path to Improve Your Financial Wellbeing – How We Can Help

How can ActOn Wealth help you feel better about your finances? There are many ways we can assist. Depending on your circumstances, our services include: 

• Identifying any financial relief for which you might be eligible. 
• Establishing a health budget and cashflow
  • This includes developing savings strategies, improving spending habits and giving you an opportunity to really think about what is and is not essential.
• Develop a plan to manage debt. 
• Exploring ways to grow your wealth. 

Throughout, we aim to build your knowledge andconfidence with finances. A big part of this process is demystifying money. When you better understand any problem, you can begin to break it down and overcome it. Until then, it’s often just a big boogie man sitting on your shoulder and weighing you down. We provide guidance and practical strategies to help you manage financial stress more effectively.  

We want you sleeping better at night and freeing up your headspace so you’re no longer caught in a hamster wheel of rolling numbers. You can instead focus on other important and more positive areas of life, like spending time with family and friends, enjoying hobbies, sport, focusing on your career and more. 

We help get you to a place where you can make life choices based on your values, not financial fears. 

How to Reduce Financial Stress – What You Can Do

The ActOn Wealth team is here to help you. However, we’re financial specialists, so our expertise can only extend to your financial wellness. That said, the path to general wellbeing is not a one-way road. There are other things you might do to help yourself, including:

• Being kind to yourself. 
• Knowing that this situation is solvable and not permanent. 
• Recognising you’re not 100% and reaching out for help. 
• Doing something now, not tomorrow or the next day. 
• Understanding the links between money and stress (and vice-versa) and how these connections affect you personally. 
• Consider emotional counselling – visit reputable Australian resources such as Beyond Blue.

Contact ActOn Wealth About Reducing Financial Stress

Monetary stress can have a very negative impact on your health. Our experts can help you get your feet back on the ground financially. Every situation is different, and every person requires a bespoke plan. Contact us for a no-cost, no-obligation meeting so we can better understand your circumstances. 

Let’s get your feeling like yourself again. 

Non-Emergency Contact Numbers 

The following non-emergency financial stress help numbers could be useful to you:

• National Debt Helpline – 1800 007 007
• Lifeline is available 24/7 at 13 11 14
• Beyond Blue – 1300 224 636 

This article contains general information only and is not personal financial or medical advice. It does not consider your individual circumstances. Before making any decisions, seek professional advice from qualified professionals. For financial matters, consult a licensed financial adviser. For health concerns, including financial stress or mental health issues, contact your GP. ActOn Wealth is authorised to provide financial advice only and accepts no liability for decisions made based on this information.