How Prioritizing Self-Care Can Protect Your Well-Being and Financial Future
Balance in mind and wealth—nurture your well-being, both mentally and financially.
Written by Karlisle Morocco
As a working mum of two toddlers in a male-dominated industry, where the structure and culture are often built around different expectations for men and women, I understand first-hand the challenges of balancing career, family, fitness, and personal well-being. However, unlike many, I have been lucky enough to find an employer who understands home demands and prioritises family as well. Being far from extended family support while working adds another layer of complexity. Many people in similar situations find themselves juggling multiple roles, striving to excel in their professional lives, maintain a happy marriage, and raise their children—all while taking care of themselves physically and emotionally.
It’s easy to feel overwhelmed with the constant pull between work and home responsibilities, and often, the pressures can lead to burnout. Unfortunately, this imbalance not only affects your mental and physical well-being, but it also affects your professional success and financial stability. While there are undoubtedly differences in how men and women experience work-life balance—particularly in industries that may be less flexible or where expectations are skewed towards a male model of working—this doesn’t diminish the importance of recognizing the need for self-care.
In this blog, I want to dive into why prioritizing self-care is more than just a personal luxury—it’s an essential investment in both your mental and financial health. We all know that taking care of ourselves makes us more resilient, productive, and better equipped to handle the pressures of life. But when it comes to balancing multiple roles, particularly in a challenging work environment, it’s important to understand the financial benefits of maintaining our well-being. Self-care, for many people in demanding industries, is a crucial strategy not only for career growth but also for long-term financial and emotional stability.
What is Burnout?
Burnout is a state of physical, emotional, and mental exhaustion caused by prolonged stress, overwork, and lack of balance. It affects workers across all industries and often leads to reduced productivity, disengagement, and inferior performance. According to the Australian Institute of Health and Welfare, work-related stress has become one of the leading causes of long-term sickness and absenteeism in Australian workplaces.
The Financial Toll of Burnout
Burnout can have significant financial consequences. Beyond the $14 billion annual economic toll from burnout and stress-related absenteeism, individuals face personal financial setbacks. Burnout often results in missed deadlines, costly mistakes, and decreased job performance, which can hinder career progression and lead to missed opportunities for raises, promotions, and other financial advancements.
From a personal standpoint, burnout can lead to lost income through sick leave or, in extreme cases, an inability to work at all. This can cause financial instability, affecting your ability to save for the future. Additionally, the emotional and physical toll of burnout can result in higher healthcare costs due to stress-related conditions, further worsening long-term financial challenges.
The ripple effect of burnout extends to businesses as well, with turnover costs reaching as high as $20,000 per employee in certain industries. These costs cover recruitment, training, and lost productivity, which not only harms the company’s bottom line but also stifles the individual’s career prospects.
Interestingly, the financial costs of burnout contrast sharply with the relatively small investment required to maintain physical and mental well-being. For instance, the average cost of maintaining a healthy lifestyle, such as a gym membership or an exercise program, is between $600-$1,000 per year. On the other hand, the costs associated with burnout—lost income, medical bills, and career setbacks—can far exceed that amount. In fact, research shows that individuals who engage in regular physical activity experience a 30% reduction in work-related stress and a 25% decrease in absenteeism, ultimately leading to greater long-term financial stability.
Recognizing and addressing burnout is key to preserving both personal and financial health. Prioritizing self-care can help manage stress, protect your career, and safeguard financial security for the future.
The Financial Benefits of Self-Care
Prioritizing self-care—physically, mentally, and emotionally—can yield benefits that extend beyond personal well-being. When individuals make self-care a priority, it positively affects both their professional and financial lives.
Improved Productivity and Performance
It’s easy to assume that working harder and longer hours will lead to greater success. However, research shows that taking regular breaks and investing in self-care can improve productivity. A McKinsey Global Institute report revealed that employees who prioritize their physical and mental health are 21% more productive than those who neglect self-care. Well-rested and mentally refreshed individuals perform tasks more efficiently, make clearer decisions, and focus better.
Reduced Stress and Absenteeism
Stress is an inevitable part of life, but when left unchecked, it can lead to burnout. In Australia, stress-related absenteeism costs businesses an estimated $300 billion annually. This figure includes both direct costs, like medical treatment, and indirect costs due to lost productivity when employees take time off to recover from stress-related conditions.
Improved Mental and Emotional Health
Good mental and emotional health is crucial for making sound financial decisions. When under stress, individuals are more prone to making impulsive financial decisions or avoiding financial choices altogether. This can result in poor spending habits, unwise investments, or neglected long-term financial goals.
Better Long-Term Health and Lower Healthcare Costs
One of the most important financial benefits of self-care is its impact on long-term health. Chronic health conditions such as heart disease, diabetes, and mental health disorders can lead to expensive medical bills that burden personal finances. With rising healthcare costs in Australia, individuals who neglect their physical and mental health are more likely to incur substantial medical expenses.
Practical Steps to Prioritize Self-Care
Incorporating self-care into your financial plan is a crucial step toward maintaining both personal well-being and long-term financial health. Just as you budget for essentials like housing, savings, and retirement, it's essential to allocate resources for activities that support your physical and mental health. This could include funds for a gym membership, therapy sessions, or health-related activities like yoga or stress management workshops. By prioritizing self-care, you're investing not just in your health but also in your ability to remain productive, make sound financial decisions, and avoid costly burnout.
Here are some practical tips to help you prioritize your well-being while maintaining financial success:
Set Boundaries Between Work and Personal Life
Establish clear boundaries between work and personal time. Communicate these boundaries to colleagues and supervisors to ensure you have dedicated time to recharge, preventing burnout and improving your overall performance.Schedule Regular Breaks and Downtime
Taking regular breaks throughout the day can boost productivity and reduce stress. Small moments to stretch, walk outside, or practice deep breathing can reset your mind and body. Don’t forget to schedule downtime away from work to focus on family, hobbies, or relaxation.Exercise and Stay Active
Physical activity is one of the most effective ways to manage stress and improve both mental and physical health. Aim for at least 30 minutes of moderate exercise several times a week to increase energy and productivity.Practice Mindfulness or Meditation
Mindfulness practices like meditation or deep breathing help reduce anxiety, improve emotional resilience, and enhance focus. Spending 5-10 minutes daily on mindfulness can help reduce stress and improve your ability to concentrate on important tasks.Seek Help When Needed
Self-care means knowing when to ask for help. Whether it’s delegating tasks at home or seeking professional mental health support, reaching out for help is vital to maintaining balance and preventing burnout.
Self-care is not only important for personal health, but it’s also crucial for financial well-being. By investing in self-care, you can improve productivity, reduce stress, and make better financial decisions, ultimately contributing to long-term financial success. For working mums, like me, prioritizing self-care is essential for maintaining balance and achieving success in both our personal and professional lives.
Recognizing the personal and financial benefits of self-care empowers you to make better choices, protect your financial future, and enjoy a healthier, more fulfilling life. Don’t wait for burnout to take over—invest in yourself today for a stronger tomorrow.
Click here to book a 15-minute Good Fit Chat
The information in this article is general information and does not take into account any person’s individual situation. You should always do your own research, or seek professional advice to assist you in making an informed decision about what suits your needs.