FERNWOOD FITNESS - PULSE eMagazine - Issue#11 - Flipbook - Page 34
3. Create a
Debt Repayment
Plan
Debt can feel
overwhelming, but taking
ac琀椀on can reduce its emo琀椀onal
toll. The snowball method,
where you focus on paying o昀昀 your
smallest debt 昀椀rst while making minimum
payments on the rest, has been shown to
be e昀昀ec琀椀ve in keeping mo琀椀va琀椀on high. A 2022
global study by the Financial Wellness Ins琀椀tute
found that individuals using this strategy felt more in
control of their 昀椀nances and less stressed within the
昀椀rst three months of implementa琀椀on.
If you’re struggling with mul琀椀ple debts, consider reaching
out to a 昀椀nancial counsellor who can help you consolidate
your debts and create a realis琀椀c repayment plan.
2. Build an Emergency Fund
Financial uncertainty is one
of the biggest sources of
stress. Building an emergency
fund - a savings bu昀昀er to
cover unexpected expenses
- can provide peace of mind.
Research from the University
of Melbourne highlights that
having just three months’
worth of expenses saved
signi昀椀cantly reduces 昀椀nancial
anxiety. This cushion ensures
that life’s surprises, such as
medical bills or car repairs,
don’t derail your 昀椀nancial plans.
Start small if you need to
but make it a priority to
contribute to your emergency
fund regularly. Even saving
$20 a week can add up over
琀椀me and o昀昀er some muchneeded reassurance during
uncertain 琀椀mes.
4. Practice Mindful Spending
Mindful spending is all about being inten琀椀onal with
how you use your money. Before making a purchase,
ask yourself: “Do I really need this?” or “Will this bring
long-term value?” By pausing to evaluate your spending
choices, you’re more likely to make decisions that align
with your 昀椀nancial goals. Research by the Behavioural
Insights Team in the UK suggests that mindful spending
can reduce the impulse to buy items that o昀昀er only shortterm sa琀椀sfac琀椀on.