Could healthy spending habits be the answer to reducing stress on the home and work front?

Devan Moonsamy

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The month of February sees businesses closing and balancing their books as financial year end draws near. It can also be a good time for individuals to look at their own finances and the impact their spending might have in their life. However, the start of the year has not been one with positivity for consumers.?

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From fluctuating fuel price hikes to potential increases in the electricity tariffs, the finances of South Africans may not be looking hopeful. Infact an article online quoted labour federation Cosatu and financial experts having forecast that the year 2023 will be a difficult one for consumers.?

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BankservAfrica published data online showing that the average salary that is taken home by a South African declined by almost 5% in December 2022. At the same time the start of the year has done little to improve the situation for already strained South Africans with the constant load shedding, increase in the price of food and the recent interest rate hike.?

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As the cost-of-living increases, the stress from managing finances builds as well. There becomes a need to reassess the way spending is done, as well as to revaluate how budgets are drawn in order to prevent unnecessary spending. The stress from financial challenges on an individual can be felt not just by the family but at work as well. If there are aspects about finances weighing on a person, they will be less productive.?

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It can be difficult to determine what to spend on. classifying what a need and want is can be challenging especially when consumers can only focus on what they need now due to the high cost of living. Curbing our spending might be a solution to managing our finances better. If we are able to use a system of perhaps looking at the best value when buying our supplies to even cutting down on the unnecessary cost, we might be making small changes that will go a long way in our financial wellness.?

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During our communication and conflict management sessions at the ICHAF training institute, we address topics that might be contributing to the lack of productivity. One common topic that sets a person back and causes some of the communication issues in the workplace and the home front are finances.?

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In our sessions we delve into the concept of mental clutter. This is the process in which we focus on the many issues that an individual might have which will prevent them from giving their best at work and at home. The management of mental clutter can be a great way to refocus and reorganise the chaos in our mind which inevitably helps with the management of stress.?

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Sorting the mental clutter might one way of managing stress but there a few more ways that we can look at:?

·?????????Work on a budget. The key to getting our finances in order is by writing down and spending within our means. Taking a loan might be so tempting, but the after effects is the increase in repayments as the interest builds. Try to ensure you are managing your finances by drawing up budgets and sticking to them. At the same time try to calculate more accurately on what you are spending.?

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·????????Make a goal to not live from one salary to another. How often do we speak to our friends or co-workers who are living from month to month? If we reassess our spending, we might be better able to stretch out our finances. Try to avoid a splurge weekend. What often happens is that we tend to have a spoil weekend and the rest of the weekends we are broke. This is not good for our mental health. Rather look at activities to do in the city that will not cost a fortune. When drawing your budget ensure you allocate funds under entertainment.?

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·????????Manage your finances with your partner. If you speak and engage with your partner around spending you will limit the fights around money at home. This might also help reduce the tension at home. Financial discussions in a relationship are useful in ensuring the that you and your partner are on the same page.?

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·????????Track your spending and ensure that you pay your debt on time. It can be so easy to miss a payment btu the interest after will cause stress and frustration. Ensure you are paying your debt on time. Avoid having debit orders going of unpaid. This will just cause a pile up of debt and it will cause more stress.?

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Devan Moonsamy is the CEO of?ICHAF Training Institute, a South African Corporate Training Provider & National Learning Institute. He?is the author of?Racism, Classism, Sexism, And The Other ISMs That Divide Us, AND My Leadership Legacy Journal available from the ICHAF Training Institute.?He has also graduated with his Bachelor of Applied Social Science (Majoring in Psychology and Counselling) Practice/Registration Number: CO30161 – Devan is a CCSA Registered Counsellor, Executive Coach and Psychological Safety Wellness Consultant.

The ICHAF Training Institute offers SETA-approved training in business skills, computer use, and soft skills. Devan specialises in conflict and diversity management, and regularly conducts seminars on these issues for corporates. To book a seminar with Devan or for other training courses, please use the contact details below.

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Tel: 011 262 2461 | 083?303 9159 |?

Email:?[email protected]?[email protected]?|?

Website:?www.ichaftraining.co.za?|??www.devan-moonsamy.com

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References:?

1.?????Post on mental clutter –?https://www.the-coaching-academy.com

2.?????The ICHAF Institutes Conflict Management Manual – Unit standard 114226

3.?????The ICHAF Institutes Stress Management Manual?