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Therapy can be expensive, here's how you can fund it

Therapy can be expensive, here's how you can fund it

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I started therapy when I was 19. Back then, it was relatively simple, I’d book a slot with the college therapist and have a session every two weeks. Later, I went to a Uni that had its own hospital. Since we were all insured and free to get any treatment, I booked a therapist from that hospital. 

Fast forward and I’m out of Unis, out on my own. My insurance doesn’t cover mental health because let’s face it - Mental health isn’t recognised as an actual health issue in India. 2021 was quite a challenging year for me. I had lots of adult stuff to figure out with practically no guidance. Somewhere in the middle of it all, therapy took a backseat. And well, it’s no surprise that my anxiety did a backflip and landed back into my life. 

For the first time ever, I actually had to pay for therapy. The first thing I did was see if it could fit my monthly budget. I made the classic mistake of trying to cut corners. Most of my monthly budget is focused on essential things. I couldn’t cut down on what I planned for going out with friends either, that would defeat the purpose of good mental health. So would cutting down on hobbies. 

I finally tried side hustles and having more streams of income. While side hustles work pretty well, if you’re stressed and overworked, you might want to think more before jumping in. The next best thing you can try then is creating a passive income model.

Photo by Tolga Ulkan on Unsplash

Yes, passive income does come in without any active work, but no, you can’t just start a passive income with low effort. You need some time to spare, money to risk, or both. With that, let’s have a look at five very-doable examples of creating passive income:

1. High dividend or the highway!

If you have some money to invest, try looking at high dividend stocks. You’ll have to look into what stocks have been consistently high dividends and which ones look promising in the upcoming months. It’s quite a bit of research though, so if you want (and have the resources) to get an app that can get the data for you, or invest in a personal portfolio manager, don’t hold back. 

2. Time to embrace the inner landlord 

Renting has to be one of the easiest ways to have a consistent passive income. But well, for me and those like me, in order to rent something out, we must own something. And for the lack of things we own, we’ve got to look at our second-best (and equally well paying) option - subleasing. 

If you have spare space in your rented apartment or are going for a long Workation, all you need to do is list your property online. Although, in India, it comes with certain legalities from your landlord, so don’t ignore that.

Alternatively, you could rent out your vehicle. This one can be more ludicrous if you’re based in a metro city. It’s far easier than renting a house and you could even invest in buying a scooter to rent it out and create a stream of income. 

3. Look into your wardrobe 

How often have you spent ridiculously on an outfit you’ve worn only a few times. Or how about buying a lipstick, skincare item, or perfume that just didn’t do it for you, and now lies in a dark corner of your closet? 

I know you’ve done one of those things at least once. Which is why this option is going to be super exciting for you. Multiple platforms are now open to renting clothes, accessories, high-end footwear, and jewellery out. Find a platform appropriate to you and rent out that outfit you wore at your cousin’s wedding and never again, or that dress which won’t fit you after two pandemic years. 

Photo by Burgess Milner on Unsplash

You can even sell samples of the products you own, but don’t use as often. There are thousands of people out there who want to test products out before they spend a lot on them. Find the right platform, and simply get started. 

4. Create, sell, make money, repeat 

Not going to lie, this one can take quite a bit of your time. And it requires some kind of a skillset. 

If you have the skills and time, create easy printables and sell them online. All you have to do is learn how to use Canva or basic Illustrator. Create easy art and put it up on sites like Etsy and Amazon. A one-time creation that can start a consistent stream of income.

Photo by Rebecca Grant on Unsplash

You can level this up by writing a short book or creating a course. The former can be listed on Amazon and the latter, on Udemy and other platforms. Of course, each takes quite some time and thought, but I guess it’s worth it when you’re paid for the rest of your life through them. 

5. Saving your way into an income stream

This one is by far among the easiest ways to start building passive income streams. All you need to do is convert your regular savings account into a high-interest one. Higher yield accounts offer higher interest than national standard ones, Of course, it has its downsides. You want to read the fine print and look into how easily you can transact money from these accounts, or what your fee will be to sustain these.

If you’re ready to take in some inconveniences, this option should work just fine for you. 

So wait, passive income isn’t all that… passive?

As much you might hate it, passive income does need skill, time, energy, and maybe even money to start with. It’s truly passive once it’s done and you’re in the routine of revamping and moving ahead with it. I know some of us can’t create printable art, or write a course, or a book, but the idea is to start and monetize something that can get you a regular income. 

That being said, who knows the things you do for your passive income might actually turn out to be therapeutic? The two birds one stone situation is ideal, but don’t worry if you don’t nail it on the first go.

And no, don’t think of reducing your therapy sessions. If you need it, take it. A bad mental health state is a bigger risk than anything out there.  If it’s mental health we’re talking about, learn to prioritise that before anything else. Everything else can grow a day at a time.

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