“Do not save what is left after spending, but spend what is left after saving”. This infamous quote by investing tycoon and philanthropist Warren Buffet summarises the criticality of managing your finances effectively and consistently. Financial wellness or financial well-being can be summarised as efficiently managing one’s economic life. It includes many factors such as rational and controlled spending, being well-equipped for financial emergencies, having adequate access to resources to manage and make feasible financial decisions, and planning for the future. Yoga is often known as a ‘physical exercise’, with different asanas and positions that require flexibility and practice. However, it is a discipline that results in mental as well as physical well-being, if done regularly and properly. On the occasion of World Yoga Day 2020, we explore the relationship with Yoga & Financial Wellness – which is both an enabler of both mental and physical harmony.
In our fast-paced world, mental health, in particular, has taken a back seat. This truth is out there for everyone to see:
- Mental illnesses affect over 19% of the adult population, but less than half of the affected people actually do something about it.
- The two most common mental illnesses are anxiety disorders and mood disorders. More than 18% of adults suffer each year from anxiety disorders such as obsessive-compulsive disorder, panic disorder, and general anxiety disorder.
- Mood disorders such as depression and bipolar depression affect nearly 10% of adults each year, and the numbers are rising.
Hence, it’s important to recognize mental health as essential as physical health. Yoga has proven to improve mental health significantly. After all, it increases body awareness, relieves stress, reduces muscle tension, inflammation, sharpens attention and concentration, and calms the nervous system.
Yoga and financial wellness have an unconventional relationship. Finances are one of the leading causes of stress, and to gain overall wellness, one’s mind, body, and money should be in order. Yoga is a well-known stress reliever, but that’s not all. Here are a few ways in which yoga can enhance and improve financial wellness:
Assessing and acknowledging difficult financial situations
The first step to financial well-being is acknowledging our existing problems and shortcomings, such as debts, unpaid loans, etc. and assessing the situation in order to have a broad idea about your overall financial standing. Yoga asanas such as Savaasna and Sukhasna aid you in relaxing and contemplating. Thinking about difficult financial situations can be stressful and overwhelming.
However, incorporating yoga can help in reducing stress, alleviate pressure, and has an important role in making sure that you are financially fit and thriving. At EarlySalary, we’ve long been keen on assisting professionals in evaluating and managing their finances to promote better productivity at work.
Formulating a financial plan
One of the many principles of Yoga is aligning the mind, the body, and the spirit. These three are essential to the overall well-being of a person. We can draw a parallel in the financial world by drawing a balance between return requirement, risk appetite, and liquidity needs. These are important for efficient financial management. Formulating a detailed and well-balanced financial plan that takes into account your existing assets and liabilities, and helps you being well-aligned to your short term and long term goals is key to financial well being. EarlySalary has partnered with more than 250 companies and assisted over 4 million employees in overcoming their financial worries.
Calming and relaxing the mind for rational thinking
Being calm and composed is imperative to making rational and sane financial decisions. Yoga has principles such as:
- Sattave, a state of harmony and
- Tamas, a state of inertia,
that help in relaxing the body and the mind to make room for reasonable, calculated contemplation and decision making.
Being able to take a step back and assessing your financial situation, along with taking a break from the daily stress of hectic work life can help take a huge burden off and make you more patient and mindful while managing your finances. Financial stress also leads to the issues of employee turnover and absenteeism on part of the employees. With partners such as Bajaj Allianz, Apollo Munich, and Coverfox, EarlySalary ensures that the premium of insurance plans is paid on time. It also assists employees in times of medical emergencies by providing emergency loans to cover hospital bills and to pay EMIs of previous loans.
Adopting a positive and optimistic mindset
“The positive thinker sees the invisible, feels the intangible, and achieves the impossible.” This quote by Winston Churchill summarises the importance of positive thinking and the power of an optimistic mindset. To stay on the right track, one needs to be focussed.
- Asanas such as Vrikshaasna and Bakasana help you improve your concentration and focus. These help you stay on track and regularly follow up with your overall plan.
- A positive mind is a healthy mind, and optimism empowers you and makes you confident enough to make major financial changes that you might have been avoiding.
Clearly, yoga contributes significantly in making you more optimistic and helps you make positive financial decisions.
Yoga Is As Essential As Financial Wellness
Financial wellness is closely connected to your physical and mental well-being. The overall purpose of yoga is to release one’s body and mind of stress and tension that might be a product of poor finances or a financial crisis. Yoga gives you the time and space to set your goals and be thankful for what you have, making it easier for you to point out your financial goals and map effective plans that equip you to manage your money well.