Budget your Financial Worries


Today is Budget Day. Most would be tuned into to listen to our finance minister Mr Arun Jaitley discuss taxes, economy and will affect the financial health of not just the country but your personal financial health. While financial health is important for good living, paying bills and giving education to children. Financial health also impacts a person’s health. And this is just not in case of medical emergencies. With medical insurance, one can protect themselves against huge expenses during medical emergencies. Bad financial health can affect other facets of life including personal and family health.

Financial stress can lead to anxiety and depression. Each one is a debilitating condition making it hard to focus on work, spend time with family, and keep up with the bills and other financial responsibilities. The stress might come from having too much credit card debt, home loan payments, or unexpected medical bills. These can weigh on a person and cause severe anxiety and depression. If you are behind financially and are feeling discouraged and hopeless or have feelings of constant worry and poor concentration, you may be seeing signs of one of these disorders. Let us help you with some suggestions as to how you can reduce this stress dues to finance and how to deal with the stress that you might still have

Get Medical Health Insurance

While medical health insurance is becoming more and more common, the penetration is still low and most people are not adequately covered. Make sure that you and your family are covered enough. As a thumb rule, you should have medical cover equal to 50% of your annual income. So if your annual income is Rs. 15 Lacs, you should get a cover of Rs 7.5 Lacs for you and your family, the premium if which should be around Rs. 1,800 per month or Rs. 21,600 annually. This might seem high, but you get tax benefits so this comes from what would otherwise go as taxes and it protects you and your family. Because even minor procedures in hospitals can rake up huge bills.
Plan ahead – separate account for leisure expenses
If you want to save up for a holiday or a new car or bike, plan ahead. Putting up small amounts of money every month is less stressful than trying to squeeze out large sums of money at one go. If you think you are going to spend Rs. 50,000 on your annual holiday, save Rs. 4,000 every month in a separate account. This is what I do. I have earmarked an account for such expenses. I transfer the monthly amount to that account and have actually hidden away the debit card and it’s pin so that I do not access that money. It would still be there in case of an emergency but if I get an urge to spend of something unnecessary and what it’s not intended for, I cannot access it on a whim. It works. Spending time on things you love.

Eat Healthy and Exercise Regularly

You would be surprised that why are we asking to eat healthy and exercise in what seems like a financial advisory. Eating healthy and living a healthy life is the best thing one can do for preventive health. If you eat healthy food, it keeps your vitals in check, regular exercise increases your metabolism, burns fat and all this leads to much lower chances of contacting non-communicable diseases. Eating healthy also boosts the immune system which means lower chances of getting sick and hence lower financial expenses. Eating healthy need not be expensive. Use less of saturated fat while cooking, reduce salt use, increase protein intake, eat about 2-3 hours before sleeping – just these simple steps can go a long way in improving your health. Reduce eating out as eating out not only has impact on your health but is also expensive.
Know it will be over – Focus on your goal
Always remember, these hard times will be over. Most successful and rich people have been through hard financial times. Billionaires of today used to crash on their friend’s couches because they could not afford rent. But they focussed on their dream. Their dream took wings with their dedication and they built multi-billion dollar enterprises. Here’s an old interview of Elon Musk of how they had one computer and used to sleep in office and showering at YMCA while building his first company – Paypal which he later sold for $400 Million. This interview (from way back in 1999) should inspire you

Remember, nothing is more important than your health. A Healthy Body and Healthy mind go hand in hand. Financial difficulties will be shortlived but health is eternal.

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