By Zuko Komisa
There is a big connection between the mind and money, and it is very important to understand both.
It gets harder and harder to stay within the parameters of our budget and maintain control over our spending in a world where we are under increasing financial strain.
South Africans’ finances have taken a hit from rising interest rates, inflation, and surging fuel prices, which has resulted in an increase in debt as more and more people rely on credit to get by.
Kaya Biz with Gugulethu Mfuphi spoke to Litha September, Debt Counsellor at National Debt Advisors on understanding how debt can hurt your mental health.
LISTEN TO THE FULL CONVERSATION HERE:
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Despite broad consumer mood indicating a reduction in spending, new credit activity increased in the first quarter of 2022, with credit card spending and the creation of new accounts rising by an astounding 37.9% year over year, according to TransUnion Q2 2022 Industry Insights Report.
Stress, which is frequently brought on by financial difficulties, and mental health are interwoven.
ITonline.co.za shared some important tips on ways to avoid or limit financial anxiety:
• Have a budget in place: Writing down your income and your expenses helps account for where you spend your money.
• Save for a rainy day: Not having savings in place results in having to take out a loan when there is an urgent need for money, often leading to stress.
• Debt management: Paying off your debts in manageable monthly instalments and using any extra cash towards settling your debts will help ease financial stress.
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