Tammie Richter, Director of Foundation, Southwest Health
The increase in gas, food, and other essential items has altered many aspects of everyday life, making people question if they really need to take that vacation, if they should push off retirement, or lower their savings contribution. People are budgeting with the hope they can spread their current resources thin enough and ensure the hard work and sacrifices they make can provide for themselves and their families. The current economy has everyone asking questions and making sacrifices that they feel will make the biggest impact.
Your health may feel the effects when you’re stressed about finances or cutting corners. Research shows financial health issues, and mental health struggles can accompany each other. The American Psychology Today found that stress about money is the highest since 2015, with 61% of respondents saying money is a significant source of stress. When stress goes unregulated, it can affect your physical wellness in the form of headaches, sleep issues, and a lowered immune response.
There are ways to combat the effects of stressing about money. The first step is to get involved with your finances. You can’t solve a problem if you don’t know what it is. So if you’ve been putting off opening that credit card bill or looking at your accumulated interest on a loan, sit down with your bills and make a plan. If you’re about to make a big financial decision like the ones listed below, understanding your current finances can help elevate stress and set you up to make better choices.
Buying a House. For many adults starting in life, purchasing a home and increasing interest rates weigh heavily on the minds of those wanting to be homeowners.
Considering Retirement. You may be questioning the best time to retire. Inflation and turbulent times can be an even more significant challenge for individuals living on a fixed income. At the start of 2022, 64% of the U.S. population was living paycheck to paycheck, up from 61% in December and just shy of the high of 65% in 2020, according to a LendingClub report.
Planning Your Estate. Just like any other significant economic occurrence, the current circumstances are one more reminder of the importance of establishing an estate plan. A diversified plan can address many of people’s most common concerns regarding expenses, your obligations, and the legacy you hope to leave. You can explore options like giving to your family, scholarship, educational institute, or healthcare facility.
The most important thing to remember during fluctuating economy, don’t panic. Continue having conversations to discuss financial decisions with trusted professionals. Before implementing any strategy that may impact your financial circumstance, please consult your trusted financial, tax, and legal professional. If you would like to talk with someone about including Southwest Health in your Estate Plans, reach out by contacting Tammie Richter 608.342.4704 or emailing richtert@southwesthealth.org.
