Mental Health Awareness Month is an annual opportunity to discuss mental health and promote wellbeing from every angle—including finance. What’s the connection between mental health and financial health, and how can we reduce our financial stress to increase our mental wellness? This May, celebrate Mental Health Awareness Month with a few tips from Harvard FCU on how to care for both your mind and your money.
If you’re struggling with mental wellbeing, it’s always a good idea to speak to someone—and the same goes for financial struggles. From credit questions to savings tips to support recovering from debt, a financial counselor can provide information, insight, and must-needed support. Harvard FCU members get free access to the GreenPath Financial Wellness Program, which includes debt counseling, student loan counseling and more. And remember: it’s okay if you don’t know what specific questions to ask. Make an appointment and start the conversation, so you don’t have to face financial challenges alone.
The more you know, the more empowered and confident you’ll feel dealing with the world of finance. But beware: it can be stressful to try and learn everything at once. Instead, commit to an hour or two of financial education per week. You can hop onto the Harvard FCU blog for budgeting tips, retirement advice, credit score info and a whole lot more, or head to @harvardfcu on YouTube to check out past webinars on topics like buying a home, debt repayment strategies and online banking.
Catastrophic thinking often accompanies anxiety and depression. When you’re under stress, it’s easy to believe the worst possible outcome may occur. But, mental health professionals say fixating on the negative will only worsen mental health—and the same goes for financial health. One helpful option may be to focus on what positive actions you can take today. For example, if you’re imagining a future in which you can’t ever afford a home, use a platform like SavvyMoney to track your credit score and get personalized tips on raising your score, so that when it’s the right time to buy a home, you’ll be more ready.
Fraud, and worrying about fraud, can be a major cause of financial stress. Visit the Harvard FCU blog to keep up to date with common scams and get tips to protect yourself. In general, don’t open emails from unknown senders, don’t download attachments you weren’t expecting to receive, and don’t share any personal or banking details if you didn’t initiate the conversation. Remember: scammers want you to be scared and act fast, so always pause and confirm the situation before taking any next steps, even if it seems like an emergency.
When seeking more peace of mind around financial matters, it helps to know your home, your vehicle and the people you love are protected. Finding simple, straightforward and budget-friendly insurance is key. Harvard FCU offers a number of options, including life insurance, home insurance, auto insurance and renters insurance. In addition Harvard FCU is now partnering with Gentreo to give members access to an award-winning estate planning solution, with convenient tools to help plan for the future.
Tackling financial challenges feels a lot less stressful when you’re doing so with a trustworthy partner at your side. As a credit union, Harvard FCU exists to serve members rather than to maximize corporate profits. For members, that means better rates, fewer fees, and financial products which are specifically designed to help members build a stronger, healthier, and happier financial future.