Is your bank account stressing you out? Finances are one of the major sources of daily stress, a financial expert said on Wednesday.
“October is Mental Health Awareness Month, and while we focus on therapy, mindfulness and rest, we often ignore a major source of daily stress: our finances. The constant worry about bills, debt and the future can be a heavy mental load,” said Atlas finance director Brett Caminsky.
He encouraged South Africans to “flip the script”.
“What if managing your money felt less like a burden and more like a deliberate act of self-care? Financial wellbeing and mental wellbeing are two sides of the same coin. When people feel in control of their money, they feel more in control of their lives. Financial education isn’t just about numbers; it’s about building the confidence to face the future with less anxiety.”
Here are his tips:
Face your finances by setting a money date
That feeling of dread before opening your banking app. Avoidance creates a monster of uncertainty in your mind, which is almost always scarier than the reality.
Small, regular reviews are easier to manage than one big panic. Budgeting is also a useful tool to help you keep track of your spending. Don’t check your finances but connect with them. Schedule a weekly 15-minute money date to calmly review your accounts. The goal isn’t judgement; it’s awareness. Knowing exactly where you stand reduces financial anxiety.
Stop comparing and start celebrating your own wins
Don’t compare your wallet to others. Scrolling through social media and feeling like everyone is on a perfect vacation while you’re packing your lunch. Comparing your financial chapter to someone else’s chapter is a recipe for feeling inadequate and unhappy.
Your financial journey is personal. Shift your focus from competing to completing your own goals. Paid off a small debt? Saved R100? That’s a win! Acknowledging your progress, no matter how small, builds momentum and powerful self-trust.
Swap retail therapy for a 24-hour pause
Impulsive buying or using spending as a quick fix for a bad day is never a good idea. This emotional spending provides a fleeting high, followed by a crash of guilt and more stress, creating a vicious cycle.
Do not convince yourself that a want is a need to justify the urge for retail therapy. Create a 24-hour cooling-off rule for all non-essential purchases. When you feel the urge to spend, ask yourself: “Am I buying this for the life I have, or for the life I wish I had?” This question separates real needs from emotional wants. Redirect that impulse money into a savings fund for an essential that brings lasting joy.
Plan for ‘what ifs’ for peace of mind
The constant, low-level “what if” anxiety — what if the car breaks down? What if I get sick? This mental “doom-scrolling” is exhausting and prevents you from feeling truly secure.
Start a dedicated emergency fund. Worrying about emergencies is exhausting. The goal isn’t to be a millionaire overnight; it’s to buy yourself peace of mind. Even R50 a week starts to build a buffer. This fund is your personal insurance policy against life’s inevitable little surprises, allowing you to breathe easier and sleep better.
Use credit wisely not fearfully
Master credit as a tool and not a trap. A blanket fear of all credit can lead to missed opportunities or panicked, last-minute decisions when an emergency does happen. This can sometimes lead to responding to loan scams online which seem too good to be true or in desperation borrowing from illegal lenders/mashonisas.
Reframe your thinking about borrowing. Responsible credit is a financial tool. It’s a planned safety net for larger expenses, allowing you to manage cash flow without derailing your life or taking smaller loans for unexpected expenses. The key is control. Only borrow what you know you can comfortably repay and always choose a reputable, transparent lender.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.