019. Are you avoiding thinking about rainy days?
Every issue of Moment comes with a question designed to gently nudge you towards working well: making your mental health part of your self-employed business plan.
019. Are you avoiding thinking about rainy days?
One of the most common (and probably most sensible) pieces of advice for anyone considering going freelance, is to starting putting some money aside before you take the leap. Not only does freelancing come with an irregularity of income, but it also doesn’t offer any protection against wanting to (holidays) or needing to (sickness, caring for others) take time off.
And then there was 2020.
It wasn’t anything anyone would have or could have planned for, disruption on the scale we’ve not seen in most of our lifetimes - and I'm sure many of us needed to dip into the savings or emergency funds, lean upon credit cards or loans, and significantly tighten belts, and plenty of people joining the self-employed workforce, not by choice, and without that all so important buffer.
There is a strong relationship between debt and mental health, with money problems being both a cause and a result of poor mental health. People experiencing financial difficulties are more likely to feel anxious, depressed and stressed, while those with an existing mental health problem find themselves more likely to get into debt. Research from the Money Advice service shows that of those who are currently in some form of debt, two fifths have felt anxious and 34% have suffered from stress, depression (29%) or mood swings (21%).
Being able to afford to save is not accessible to everyone, that’s a very hard reality - and having an emergency fund can feel like a luxury, but sometimes it’s thinking about it as a luxury or “buffer” which gets in the way - rather than seeing it as cost of business, and being a factor in our pricing strategy. When we set our day rates, ignoring the cost of putting emergency funds aside means we end up calculating what we need for when things are going well, not for when things are going badly.
It might not be the right time today to think about this, but it’s when we’re struggling that some forethought and ahead planning becomes the most valuable. That’s why this entry in your working wellbeing plan is so critical. So when you’re in a position to factor rebuilding your emergency funds, it’s a priority, rather than a luxury.
So, even if the answer is “I can’t do anything right now”, spend a Moment today thinking about your plans to build up your emergency reserves, and what things can you do to start considering to make sure you are well protected for the future.
Leave a comment below to share your reflections,
or visit Leapers to discuss the question further.
Things we read this week:
Yes, you can be an outgoing introvert
Why charging by the hour doesn’t make sense
Can pop-up holidays help workers de-stress?
ps.
The Film and TV Charity is conducting a new study on mental health and wellbeing in the film and TV industry. Their previous groundbreaking study led to genuine positive impact and change - so please, if you’re in this sector, add your voice, or forward to a friend who is. Take part here.