Maintaining Me Week 5 >>>

Financial Health

Welcome to Week 5 of Maintaining Me where the focus is on Financial Health.

Hopefully Week 4 went well and you’re continuing with your new activities and developing new healthy habits. For the remaining weeks, we hope you can keep the effort up and finish the programme with better habits than when you started.

For Week 5 we’re looking at our finances and how we can make improvements in how we manage our money. Having good financial management is increasingly important in light of rising inflation and the surging cost of living.

Being financially healthy means being economically secure enough to handle both expected and unexpected expenses. Someone who is financially healthy can afford to pay essential bills, has sufficient savings to cover emergencies and can afford any debt they have.

Positive financial wellbeing leads to greater feelings of security and confidence about their overall financial situation, and has a positive effect on mental health.

Financial struggles can have real repercussions for our mental health. When we experience financial difficulties we often end up being stressed, worried and anxious. When our mental health deteriorates it can also mean we’re less able to deal with our finances which can make the problems worse.   

As part of our Minding Me programme, for Week 5 we’d like you to commit to attending an online talk about budgeting which takes place over Teams on Tuesday October 11th at 1pm. No matter what stage we are in life, whether we’re starting out on our careers or getting close to retirement, advice on budgeting and how to manage our finances is relevant to us all. The talk will be given by a personal finance expert from Bank of Ireland and should only take about 30-40 minutes.

If you’re dealing with financial difficulties, the HSE advises the following:
 

Stay Active. Keep seeing your friends and try to keep paying the bills. If you have more time because you’re not at work, take up some form of exercise. It can improve your mood if you’re feeling low.

Face up to the situation. If it looks like you’re getting into debt, get advice on how to prioritise your debts. When people feel anxious, they sometimes avoid talking to others. Some people can lose their confidence about driving or travelling. If this starts to happen, facing up to these situations will generally make them easier.

Don’t drink too much alcohol. For some people with money worries, alcohol can become a problem. You may drink more than usual as a way of dealing with your emotions or to fill time. But alcohol won’t help you deal with your problems and could add to your stress.

Don’t lose your daily routine. Get up at your normal time and stick to your routine. If you lose your routine, it can also affect your eating. You may miss breakfast because you’re still in bed or eat snacks instead of having proper meals.

Get help if you need it. If you are struggling, the Money Advice and Budgeting Service (MABS) has lots of information to help with debt. If you’re feeling worried, anxious or low for a few weeks talk to your GP about options that can help.  

 

IMPORTANT: It’s always advisable to check with your GP before starting any new fitness activities. Depending on your fitness levels you may need to start slowly. Please take care and avoid injuries.

Remember to always check that any advice you come across online or in podcasts or books comes from qualified reputable sources before you follow it. Just because it’s online or in print doesn’t mean it’s true.

Some podcasts that may be useful:

Prosperous Financial

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Eoin McGee is a best-selling author and presenter of RTE’s ‘How To Be Good With’ Money. He’s a qualified financial advisor and the founder of Prosperous Finance. The Prosperous Finance website has short videos on everything from managing debt to retirement planning and mortgage and investment advice.  

The Money Talks Podcast

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AskPaul was started by Paul Merriman with a just a Facebook page and a camera to provide short videos to educate people on their finances. His straight-talking
no-nonsense approach to money and business led to a large following and media appearances. The Money Talks podcast is a series of small bitesize 5 minute podcast episodes about all things to do with money: budgeting, savings, debt, investing, mortgages, protecting your income, the dreaded pensions & financial planning.

Financial Planning Podcast

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Started in 2016, the Informed Decisions podcast claims to be Ireland’s very first personal finance and financial planning podcast. Based in Bettystown Co Meath, Informed Decisions is an independent financial advice company set up by Paddy Delaney.

Money Guide Ireland

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The website Money Guide Ireland contains advice and money-saving about everything from investments to budgeting and the cost of living.

Money for the Rest of Us Podcast

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Saving is what you do when you want to put aside money that you think you may need in the near term. Investing is what you do when you want your money to grow over the long term, as you can earn a better rate of return than a savings account can offer. If you’re not an investing pro yet and you don’t know a stock from a bond, you might need some podcast guidance in making sense of the market and where to put your money. David Stein, a former chief investment strategist, created the “Money for the Rest of Us” podcast for investors who want to carve a path in the market while keeping their risk tolerance and goals in sight. The podcast combines personal stories with academic research to explain key concepts such as portfolio balancing, how market cycles move, and how to invest with small amounts of money.