October is Mental Health Awareness Month, and it’s a great opportunity to reflect on how open-minded you are when it comes to talking about money, asking for help, or even becoming money mindful.

Know your risk appetite  

Risk appetite is not about whether you are willing to try a new flavour or taste; it’s about your comfort level, as well as your life stage and knowing how much financial risk you’re comfortable taking. Maybe you’re a thrill-seeker who loves the highs and lows of the stock market, or perhaps you’re more about the steady, reliable growth of bonds and fixed deposits. Knowing your risk appetite helps you make smarter investment choices that suit your lifestyle and financial goals. It’s important to consider where you are on your financial journey and align your goals to your investment and risk strategy before diving into higher-risk investments, simply because you enjoy the excitement and adventure of possible rewards.

Being financially open-minded can be a game-changer 

  • Diversify Your Investments: Don’t put all your eggs in one basket. Mix it up with stocks, bonds, and real estate – a diverse portfolio balances risk and reward.
  • Adapt and Thrive: Life is full of surprises. Stay flexible and adjust your financial habits to stay on track through changes.
  • Never Stop Learning: Financial markets, products and solutions evolve. Stay curious and learn continuously to be informed and open to new opportunities.

Be open to asking for help

Finances can be tricky, and there’s no shame in asking for help. Many people are afraid to ask for help or guidance, but just like you may rely on an app to give you quick directions to get you from point A to point B, similarly, financial advisors, coaches, tax advisors, wills specialists, or even financially savvy friends can provide valuable insights. It’s smarter to seek advice than to struggle alone.

Be open to having money conversations  

Money conversations don’t have to be awkward. Discussing finances with your partner, family, or friends can bring new insights and align goals. Plus, it’s a great way to stay motivated and accountable.

Mind your money habits 

Are you aware of the cost of your financial habits? Be open to the idea that you may need to change your habits or spending behaviour. Track your expenses, see where your money’s going, and make conscious choices about where to cut back and where to invest more.

Practice money mindfulness

Money mindfulness is being aware and intentional with your finances.

  • Check in regularly and be intentional by spending time reviewing your financial situation – checking your bank statements, payslip, investments, retirement plan and budget.
  • Check out your goals: Whether it’s saving for a home, planning for retirement, or building an emergency fund, clear goals keep you focused.
  • Spend intentionally: Before making a purchase, ask if it aligns with your values, budget and long-term goals.

Your money and your mental health  

Financial stress can seriously affect your mental health. Worrying about debt or a lack of savings can lead to anxiety and depression. On the flip side, financial stability brings peace of mind and boosts overall well-being.

De-stress by accessing financial coaching. Let your coach help you review your money habits and be open-minded about making changes.

Being open-minded financially means understanding your risk appetite, staying flexible, and continuously learning. It’s about recognising the costs of your financial habits and practising money mindfulness. Don’t be afraid to ask for help and have those money conversations.

Reach out for financial coaching for more tips on how to work towards financial wellness.

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