Tag: Money Advice

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Financial Wellness

 5 Good Money Habits Your Team Needs To Start Doing Now

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Is your team struggling with financial anxiety? The MindNation CareNow© Plan includes 24/7 teletherapy sessions with psychologists and WellBeing Coaches to help ease their stress and worries. Partner with MindNation to build happier, healthier, and more productive teams. Visit www.mindnation.com or email [email protected] now.  

When it comes to financial well-being, there is no better time to build good habits than today. With your guidance and help from MindNation WellBeing Coaches, your employees can commit to their money goals, budget better, and be happier, healthier, and more productive. Below are some healthy money habits they can start practicing:

  1. Track their finances regularly. Every month or every payday, remind your team to sit down and go over their cash flow. How much income came in and what are their expected expenses? Of the amount that they are able to save, how much will be allocated to the different funds?

“People tend to just go with the flow — ‘Oh, my expenses this month are high so I need to remember to spend less next month’ or ‘Wow, I was able to save a lot this month, I can spend more next month!’” explains financial coach Yani Moya. Yani is also the founder of Peridot Consulting, a financial consulting firm . “But this is a bad habit because money ends up controlling them, which can cause stress; a good habit is one where you control money.”

  1. Save before spending. “When people receive their salary, they spend it first on their needs and wants, and whatever is leftover is what they consider to be their savings,” Yani reveals. “But income is not the capacity to spend. So set aside money for savings first, then budget whatever is left for their different expenses,” she adds. 
  1. Set boundaries when giving money to family. It has become part of Filipino culture for an adult child to give a portion of their earnings to their parents as a way of repaying the years spent raising them. “There is nothing wrong with this if they are giving the money whole-heartedly,” Yani clairfies. “But if they are doing it because they feel obligated, this will lead to poor mental health. So remind them that if they must give, give only what they can.” 

Unpaid bills or outstanding loans are forms of negative money energy that contribute to stress, anxiety, and poor productivity.

Yani Moya, Personal Finance Coach
  1. Clear up negative money energy. Unpaid bills or outstanding loans are forms of negative money energy that contribute to stress, anxiety, and poor productivity. The only way to clear up negative money energy is to start paying them off, so help your employees make a plan to achieve this. “For example, this month’s focus will be on finishing off the remaining balance on Credit Card X; next month’s goal is to settle the loan they took out from Person A,” Yani explains. 
  1. Give back. If there is negative money energy, there is also good money energy. And when you give out good energy in the form of tithing and sharing, it will be returned to you, if not in the form of money then in terms of better opportunities, relationships, and even well-being.

“So just as much as your team member has to allocate money for their wants, they also need to build the habit of setting up a giving fund,” Yani advises. “The amount does not have to be big, it can be whatever they are comfortable with giving.”

By practicing these good money habits, your team will develop the skills and confidence needed to handle anything that comes to money. “How we are in one thing is how we are in everything,” Yani points out. “So if we want mental clarity, emotional peace, and good relationships, fixing your finances can be a big help.”

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Financial Wellness

The Emergency Fund: Help Your Team Build Theirs Even During A Pandemic

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When the COVID-19 pandemic struck in 2020, many employees learned the hard way how important having an emergency fund was. Having money tucked away in case of job loss, reduced income, or other large and unexpected expenses can help ease stress and create a financial buffer to keep one afloat during times of need without having to rely on credit cards or taking out a loan (both of which they might have difficulty paying off in the end).

“An emergency fund is a form of savings account. You keep it in the bank and only spend it on dire situations,” advises financial consultant Nicole Suarez. “Only when you have met your target amount can you explore putting the excess in investments.”

If your team is experiencing financial stress or need help building better budgeting habits, partner with MindNation to avail of 24/7 teletherapy sessions with WellBeing Coaches who can help ease their anxieties. Visit www.mindnation.com or email [email protected] now.

How much is needed?
“The general rule would be to set aside three to six months’ worth of living expenses,” Nicole suggests. But even then, she says that it also depends on one’s personal and financial circumstances. “Is the person a breadwinner? A parent? Or are they single and living with parents who provide for all their needs?” she enumerates. All these factors should be considered when computing how much money to set aside. For example, employees who are breadwinners will need to save even more, while those who are single can put small amounts into the emergency fund and just increase it over time. “The important thing is to build the habit,” she adds. 

How to build the fund during the pandemic

Replenishing an emergency fund on a reduced salary can be hard but it’s not impossible. Here are some suggestions you can offer your team members so that they can find extra money to set aside:

  1. Just start with what they can. Employees who are living paycheck to paycheck should not be expected to set aside an entire month’s salary right off the bat; it’s unrealistic and will set them up to fail. “Suggest that they set aside whatever they are comfortable with,” Nicole stresses. “When it comes to saving money, any amount will help.”
  2. Turn clutter into cash. “Look for things at home that they no longer need but can sell,” Nicole advises. These include pre-loved clothes, toys, and other household items. “Of course, they won’t be able to price them as high as they would want, but assure them that a small amount is better than nothing.”

“When it comes to saving money, any amount will help.”

Nicole Suarez, Financial consultant
  1. Cut down on expenses. “Remind them to be mindful of how much takeout they order in a month and to resist impulse buying during payday sales,” Nicole says. “Ask them to review their monthly subscriptions, like meal services or streaming services — is it possible to downgrade the subscription or cancel it entirely?”
  1. Look for other sources of income. “If your employee is particularly skilled at something, encourage them to turn it into a side business,” she suggests. This article by Forbes lists the reasons you should let your team moonlight: it will boost their financial health, give them an outlet for pursuing their passion, improve their creativity, and make them happier overall — all characteristics of a good employee.
    But to make sure that their side hustle does not interfere with their work in the company, clearly communicate your rules and boundaries during you regular one-on-one sessions; having an honest and open conversation will benefit you both. 
  2. Don’t go into debt. “An emergency fund is something that is built over time; because there is no pressure to come up with the money right away, it does not make sense to borrow money to fill it,” Nicole explains. 

During these uncertain times, an emergency fund can go a long way to boosting your team’s financial and mental health.

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Financial Wellness

The Financial Accountability Partner: Your Buddy For Better Financial Health

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An accountability partner is a person who helps another person keep a commitment. You can have an accountability partner for the different areas of your life — someone who will hold you to your work deadlines, another person to remind you to do your exercises for the day, or even a loved one to remind you to set your boundaries or to unplug at the end of the work day. And if you are struggling in some areas of your financial life, having a financial accountability partner can be a big help. Specifically, they can:

  1. Help you set financial goals
  2. Brainstorm the steps you need to take in order to achieve those goals
  3. Make sure you stay on track

How to find the right financial accountability partner

“A financial accountability partner does not have to be a financial adviser or financial planner, it’s just a bonus if they are,” assures Enery Franklin Dy, a licensed financial adviser and founder of Financial Literacy PH, an online community that aims to spread financial literacy and where anyone can talk freely about savings, budgeting, insurance, and investments. “Friends, family members, or even team members can be good accountability partners if they are enthusiastic about money and investments and practice good money habits.” If your organization partners with MindNation, MindNation WellBeing Coaches are also available to help team members build better financial habits or have a better relationship with money.

Friends, family members, or even team members can be good accountability partners if they are enthusiastic about money and investments and practice good money habits

Enery Franklin Dy, Financial Adviser

That being sad, it’s also important that the person you choose to be your financial accountability partner posses the following traits:

  • Trustworthiness. “Money is a sensitive issue, and some matters like salaries should be kept confidential,” Enery reminds.
  • Honesty. “They should be able to give you constructive criticism and push you to achieve your goals,” he adds.
  • Diligent with record-keeping. This is important if you need help budgeting, although Enery admits this is not a deal-breaker since there are already many apps available to help you track your money’s movements. 

At the end of the day, what’s more important is you find someone who has the same financial goals as you, or who has faced similar financial struggles as you but emerged successful. 

  And if you absolutely cannot find anyone who fits the above bill, communities like Financial Literacy PH and other personal finance groups are available to anyone interested. 

How to work with an accountability partner
Enery says there are no set rules on how often or how long you should meet; it can be daily or weekly, as long as it is done regularly and there is ample time to go over progress and answer any questions that you may have. And even if you don’t have a goal due for completion, it’s still advisable to check-in on your partner so that you monitor your progress and build the habit. 

And speaking of building habits — remember that just like with eating healthy or setting boundaries, doing the work is your responsibility. At the end of the day, your success will depend on the efforts you exerted. The financial accountability partner’s job is to simply listen to your progress and provide helpful suggestions if they can. 


The MindNation CareNow Plan© includes teletherapy sessions with WellBeing Coaches (available 24/7) to help team members build better habits or advance in their careers. Email [email protected] to learn more about what WellBeing Coaches can do for your organization.

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Financial Wellness

Mariel Bitanga Of Simply Finance: 5 Rules For Better Financial Health

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Contrary to popular belief, good financial well-being is not achieved by simply having a lot of money in the bank. For Mariel Bitanga of Simply Finance, a boutique financial planning firm committed to empowering Filipino women, having adequate savings is a good start but it’s also important to regard personal finance holistically. This means saving and spending your money properly, borrowing wisely, and setting clear financial goals. “Good financial health is all about balancing each of these pillars,” she advises. 

Mariel provides more specific tips below:

  1. Have a savings plan. Saving your money is good, but don’t fall into the trap of  becoming an over-saver, or someone who constantly puts away money — and just leaves them there. While over-saving is an admirable practice on the surface and is better than over-spending, it’s better to invest your savings in money market accounts or mutual funds so that the money grows in value over time. 

Another way to maximize your savings is to split them up into different accounts, each with its own purpose. “By opening multiple savings accounts, it becomes easier for you to identify financial goals and make sure you are on track to achieving them,” she says. 

  1. Stick to a budget. The basic rule of managing your expenses is to make sure you are not spending more than you earn. This does not mean, however, that  you should forego buying your ‘wants,’ be they make-up, fashion, toys, travel, etc. “Buying these are fine on occasion,” Mariel assures. “Just make sure you spend more on the things that are important to you and less on items that are not as important.”
  1. Borrow wisely. “It’s perfectly okay to have debt, but don’t take out a loan to buy frivolous things or because you are in competition with someone else’s standard of living,” Mariel advises. “If you must borrow money, do it to purchase things that will increase in value over time, like a house loan or to further your education.” 

“It’s perfectly okay to have debt, but don’t take out a loan to buy frivolous things or because you are in competition with someone else’s standard of living.”

Mariel Bitanga of Simply Finance

Furthermore, don’t forget to scrutinize the terms of the loan carefully before finalizing the deal. “Read the fine print, because some companies charge a higher interest rate after a certain number of years,” Mariel says. “Also check if the monthly repayments fit your budget or if they will bleed you dry. Lastly, make sure that the person or institution that you are borrowing from is licensed and legitimate so that you do not get scammed.” 

  1. Plan for the future. “Setting financial goals does not have to be intricate,” Mariel assures. “You can plan for as short as six months to as long as five years, although I recommend that you review your plan every year or even every quarter so that you can adjust accordingly.” For those who are wary of making plans because of the pandemic, Mariel counters that today’s uncertain times make financial planning even more important. “The more you don’t know what’s going to happen, the more you should have a roadmap that shows you where you see your money going, how you can optimize it, or even how you can attack debt, so that in case the situation worsens you at least have something to guide you.”
  2. Talk about personal finance with as many people as possible. Exchange personal best practices with peers and family members, not just with a financial adviser or financial planner. And rest assured that you do not have to be a financial expert to broach the topic with others. “The concepts about personal finance — such as saving and spending — are all very basic, simple, and what many of us already know to a certain extent,” Mariel shares. “Conversations about financial health need to be normalized. The less the topic is taboo, the more people can help each other to make smarter decisions about money.”

MindNation WellBeing Coaches can help you build better money management habits so that you can save, spend, borrow, and plan your money wisely. Message https://bit.ly/mn-chat  so you can book a teletherapy session now.

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Financial Wellness

10 Ways Financial Stress Impacts Employee Productivity

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In a survey of more than 6,000 full-time employees in the Philippines, financial pressure was ranked as the second source of stress during the COVID-19 pandemic (the first one being fears of the COVID-19 virus).
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Organizations that fail to address financial stress are more likely to encounter poor work performance. This is because a team member who is overwhelmed by money worries will most likely experience a decline in physical and mental health and productivity, specifically:

  1. Physical ailments such as headaches, gastrointestinal problems, diabetes, high blood pressure, and heart disease. In countries without free healthcare, money worries may also cause a person to delay or skip seeing a doctor for fear of incurring additional expenses.
  2. Insomnia or sleep difficulties due to worrying about unpaid bills or loss of income.
  3. Weight gain or loss. A person may resort to overeating to cope with financial stress, or may even skip meals to save money.
  4. Depression. People who struggle with debt are three times more likely to feel down and hopeless, and struggle to concentrate or make decisions.
  5. Anxiety. Uncertainties about one’s financial situation may leave the person feeling vulnerable and distressed. Also, constantly worrying about unpaid bills or loss of income can trigger anxiety symptoms such as a pounding heartbeat, sweating, shaking, and even panic attacks.
  6. Relationship difficulties.  Money is often cited as the one of most common issues couples argue about. Left unchecked, financial stress can make one angry and irritable, cause a loss of interest in sex, and destroy the relationship if differences cannot be worked out in a constructive way.
  7. Social withdrawal. Financial stress can cause an individual to withdraw from friends, curtail their social life, and retreat into their shell — which will only aggravate stress.
  8. Unhealthy coping methods. Money stress can lead to drinking too much, abusing prescription drugs, taking illegal drugs, gambling, overeating, or suicidal ideations and self-harm. 
  9. Increase in absenteeism. Absenteeism is defined as the practice of regularly staying away from work without good reason. According to the 2020 Financial Stress Survey conducted by John Hancock, a U.S-based insurance company, the average number of work days missed due to financial stress more than doubled from 2019 to 2020. 
  10. Reduced productivity. This is because even if employees are not missing work, they are bringing the worry to work, which has an impact on productivity and related cost to employers. Nearly 6 in 10 workers say they worry about personal finances at least once a week at work, and in terms of lost productivity, the John Hancock survey said that the amount of time spent brooding over personal finances at work equates to over 47 hours per year (equivalent to six working days) .

“The average number of work days missed due to financial stress more than doubled from 2019 to 2020.” 

John Hancock 2020 Financial Stress Survey



Additionally, there is a cyclical link between financial stress and mental health problems:

  • The decline in mental health makes it even harder to manage money because the person may find it harder to concentrate or lack the energy at work to tackle a mounting pile of bills. Or they may lose income by taking time off work due to anxiety or depression.
  • These difficulties managing money lead to more financial problems and worsening mental health problems.

When employees receive help and support for their financial stress, they become more focused at work and experience improved overall well-being. Download our free Achieving Financial Wellbeing toolkit https://bit.ly/MN_financialtoolkit to learn how you can help your employees increase their financial health, meet their short-term and long-term financial goals, and balance today’s challenges with tomorrow’s needs.