Take control of your financial and mental wellbeing

Loadshedding, interest rate hikes, rising cost of fuel and basic expenses – no wonder South Africa is the lowest ranked country based on mental well-being (Mental State of the World report 2021). According to the NCR (National Credit Regulator), nearly 6,5 million South Africans are blacklisted – confirming that there is a big need for financial wellness education to assist individuals to get their money matters back on track.

Financial stress can result in a downward spiral, impacting one’s mental health. Lize Jansen van Vuuren, Product Manager: Unsecured Lending at iMasFinance, advise consumers to manage their debt responsibly “There is nothing wrong with seeking financial help, especially in a tough economic climate. However, having too much debt can cause stress, anxiety and can even impact your physical health. Make sure you know how much you owe your credit providers, that you pay your accounts on time and if you are struggling to pay your debts, get in touch with reputable credit providers to seek advice.”

van Vuuren shares a few tips on how to avoid financial stress:

1. Limit your number of financial accounts and obligations. The lesser accounts you have the easier it will be to manage your expenses.
2. Automate your payments. You can alleviate the stress of remembering to pay bills by making payments automatic.
3. Track your spending and set a budget. Set limits for swiping daily and plan what you will spend in the month.
4. Manage your overall stress. Be sure to set time to pause and relax.
5. Ask for help, it’s okay to seek out advice. You can speak to an iMasFinance consultant or contact us to book a financial wellness workshop.

“At iMasFinance we understand that mental health is connected to financial health and we know how important it is to make the right financial decisions during difficult times. That is why we provide our clients with sound financial advice and empower them through financial wellness tools such as educational material and workshops.” concludes van Vuuren.

iMasFinance is a financial co-operative, offering affordable loan products including vehicle finance, pension-backed home loans, personal loans, a purchase card and insurance solutions through its wholly owned subsidiary, iMas Insurance Brokers. The Co-operative offers financial wellness workshops at companies that has an agreement with iMasFinance, at no cost to the company or its employees.

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