April 21, 2021 @ 12:00am

Tips for a Healthy Wallet and a Healthy Head

BRMH CFO helps ease your mind about your finances

Do you ever feel stressed out and anxious even though you are taking care of your mental health? Black River Memorial Hospital CFO Kyle Kovacevich believes finances can contribute to poor mental health in a big way. He says, “If you have tons of anxiety about your financial situation, all the self-care in the world isn’t going to help.”

Here are Kovacevich’s financial tips for better mental health:

BUDGET

Track and categorize each purchase you make for a couple of months to figure out what your spending habits are. We get anxious when we don’t know where our money is going. Having a budget and keeping track of your spending will help reduce anxiety by making the unknown known.

CURB YOUR IMPULSE PURCHASES

When tempted to make an impulse buy, hold off. Instead, add it to a wish list and wait 10 days. If you still want it, buy it. “Basically, what you’re doing is reducing it from an impulse buy to a thought-out buy,” Kovacevich says.

You can do your yoga and have your meditation, and at the end of the day, you’re still worried about money.

ASK FOR HELP

Many people have financial struggles, and it’s important to seek help when needed. Most hospitals, including BRMH, offer financial assistance programs.  The state Department of Workforce Development can answer questions about unemployment insurance.

BONUS TIPS

  • Kovacevich advises you not to pay for financial advisory services as there are plenty of people who will do it for no cost.
  • The Personal Capital app is great for tracking your investments, retirement, and finances.
  • Keep a list of recurring expenses to learn what it costs to live for a month.

Financial assistance is available from BRMH for help paying your medical bills.

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