posted in: Coronavirus

Investing in your own wellbeing and mental health is never a waste of money

Now that we’re nearly six months deep into the pandemic, many of us are doing our best to remain stoic and adapt to the ‘new normal’. We remind ourselves that compared to other parts of the world, Australia has fared much better on the health and economic front. For those outside of Victoria, lockdown restrictions have largely been lifted. Many are still employed. So we should feel lucky, right?

While it doesn’t hurt to be grateful, I don’t think we should minimise the loss, sadness or flatness that many of us are feeling at the moment. Almost all of us have experienced a loss in this period. Even if it may seem less significant than what others are experiencing, it’s a loss all the same. 

The loss may be the forced distance from loved ones interstate or overseas. It may be the loss of something to look forward to, with holidays cancelled and events postponed. It may be the loss of job security with future prospects uncertain or hours being cut. It may be the loss that comes with interacting with people differently – socially distanced, not touching or through a screen. 

It’s no wonder many people are reporting that their wellbeing and mental health has been affected throughout this time. 

What has wealth got to do with mental health?

My view has always been that when you talk about building wealth, what you’re really talking about is designing the life that you want to live and making it happen. 

In my view being a financial planner is almost like being a counselor. We get to know our clients’ ambitions, dreams and struggles. If we’re doing our job correctly we won’t simply advise clients to chase wealth at all costs. 

There will be decisions you can make in your life that will earn you more money, but won’t earn you more happiness. Likewise there will be spending decisions you can make that may impact your ability to achieve your wealth goals, but may better support your mental health. It’s all well and good to spend as little as possible in order to build wealth, but it’s just as important to remember that the benefit of building wealth is that it allows you to spend on the things and experiences that you value most.

Spending isn’t the enemy 

Often people think that spending money, by definition, isn’t financially savvy. If you like to save and don’t ever feel like you’re missing out by doing so, then all the power to you. But for the rest of us, spending on the things that matter is acceptable and often actually a good thing. 

Investing in your own wellbeing financially and emotionally is important. Let’s say work has been a grind for months. You had an overseas holiday planned which would finally give you a chance to relax, but now you’ve had to cancel it. Rather than simply losing that chance to relax and recuperate, it makes sense to invest in other ways to relax and reward yourself. Whether that be going on a holiday locally, having a nice dinner, or simply getting a spa treatment, finding ways to feel good in this time is important. 

For some people, installing a pool at home will create a bit more fun for the family when self-isolating, for others undertaking that renovation they’ve always wanted to do will give them more space in their home in which to relax. These investments may support your wellbeing and bring you closer to how you want to live your life. 

Of course consumerism isn’t the answer to happiness. I’m not advocating for a spending spree on things you don’t need. That will almost always make you feel worse and take you further away from achieving your financial goals. But sometimes even a small investment in yourself can go a long way. And if you don’t have the money to spend, find other ways to invest in yourself by carving out time for some self-care or embracing sharing, trading or repurposing items to give yourself the excitement of receiving something “new” without the price tag. 

Investing in your own wellbeing and mental health is never a waste of your money or time. So what will you do next to prioritise your wellbeing and mental health?

If you would like to speak to the team at Montara Wealth regarding any of your financial questions , please click here

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