In life we encounter situations that evoke feelings of anxiety and affect our overall health. Money stress can also do that.
As we mark Mental Health Awareness Month, let’s delve into how money makes you feel. How does having debt make you feel?
What kind of emotions do you get when you think about bills and drafting a monthly budget? Are you worried about life after retirement?
Atlas finance director Brett Caminsky says we all have to pay more attention to our finances as they add to our daily stress. “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,” he says.
“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.”
Johan Werth, financial adviser and franchise principal at Consult by Momentum, says thinking about money triggers negative emotions for more than seven in 10 South Africans. “Money is more emotional than logical. Maybe you fear losing everything because you watched your parents struggle, or perhaps you overspend to reward yourself after stress,” he says.
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
— Atlas finance director Brett Caminsky
“Sharing these truths helps your adviser understand why you make certain financial choices. With this insight, they can design a plan that supports both your financial goals and your peace of mind. Acknowledging money anxiety isn’t weakness – it’s self-awareness, and it can change your entire relationship with wealth.”
Caminsky says one should face their financial situation. “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,” he says.
“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.”
Isn’t Caminsky right?
Now, pause and look back at times when you had no savings, and compare them to times when you had a few thousands in your account, and how that made you feel.
There was a sense of relief that you’d be able to do certain things, like put food on the table and buy clothes without worry, right?
Caminsky warns against “impulsive buying or using spending as a quick fix for a bad day”
He adds: It is never a good idea, as it is 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...
“Separate real needs from emotional wants. Redirect that impulse money into a savings fund for an essential that brings lasting joy.
“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 mashonisas [loan sharks].
“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.”
Werth says having difficult money conversations moves people closer to their financial goals. “The more clarity we as financial advisors have, the better we can work with you to co-create a financial plan designed around your needs, priorities, and circumstances.
“We’ve seen that over time, as we build a rapport and establish a relationship with our clients, we become a trusted confidant, partnering with our clients through every milestone, promotion, career changes, marriage, children, retirement, and even loss.”
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.