Coping with Financial Stress

Are you having trouble coping with Financial Stress? Well you are not alone! Coping with Financial Stress can be extremely daunting and cause other mental disorders too.

Feeling overwhelmed by money worries? Whatever your circumstances, there are ways to get through these tough economic times, ease stress and anxiety, and regain control of your finances.

In the event that you’re stressed over cash, you’re in good company. A considerable lot of us, from everywhere in the world and from varying backgrounds, are managing monetary pressure and vulnerability at this troublesome time. Whether your concerns originate from a deficiency of work, heightening obligation, surprising costs, or a blend of variables, monetary concern is quite possibly of the most well-known stressor in present day life. Indeed, even before the worldwide Covid pandemic and coming about the financial aftermath, an investigation discovered that 72% of Canadians have a focused on outlook on cash at any rate a portion of the time. The new monetary challenges imply that significantly a greater amount of us are presently confronting monetary battles and difficulty.

Like any source of unbearable pressure, monetary issues can negatively affect your psychological and actual wellbeing, your connections, and your general personal satisfaction. Feeling controlled by cash stresses can unfavorably influence your rest, confidence, and energy levels. It can leave you feeling furious, embarrassed, or fearful, fuel tension and disagreements with those nearest to you, intensify pain and emotional episodes (mood swings) and even increment your chances of anxiety and depression.

You may resort to unhealthy coping mechanisms, such as drinking, abusing drugs, or gambling to try to escape your worries. In the worst circumstances, financial stress can even prompt suicidal thoughts or actions. But no matter how hopeless your situation seems, there is help available. By tackling your money problems head on, you can find a way through the financial quagmire, ease your stress levels, and regain control of your finances—and your life.

While we all know deep down there are many more important things in life than money, when you’re struggling financially fear and stress can take over your world. Not coping with Financial Stress can damage your self-esteem, make you feel flawed, and fill you with a sense of despair. When financial stress becomes overwhelming, your mind, body, and social life can pay a heavy price.. not the financial kind either.

Financial stress can lead to

  • Insomnia
  • Weight gain
  • Depression
  • Panic attacks
  • Anxiety
  • Relationship difficulties
  • Headaches
  • Gastrointestinal problems
  • Diabetes
  • High blood pressure
  • Unhealthy coping mechanisms

And the list continues ..

No matter how tough your situation may seem at the moment, there is a way out. These strategies can help you to break the cycle, ease the stress of money problems, and find stability again.

Talk about it

Keeping money worries to yourself only amplifies them until they seem insurmountable. The simple act of expressing your problems to someone you trust can make them seem far less intimidating.

Get Professional Advice

Depending on where you live, there are a number of organizations that offer free counseling on dealing with financial problems, whether it’s managing debt, creating and sticking to a budget, finding work, communicating with creditors, or claiming benefits or financial assistance.

Take inventory of your finances

The first step to devising a plan to solve your money problems is to detail your income, debt, and spending over the course of at least one month. There are plenty of budgeting tools free to use and some more helpful ones like these.

Obviously, some money problems are easier to solve than others, but by taking inventory of your finances you’ll have a much clearer idea of where you stand. And as daunting or painful as the process may seem, tracking your finances in detail can also help you start to regain a much-needed sense of control over your financial situation.

Get your money organized

Include every source of income. In addition to any salary, include bonuses, benefits, alimony, child support, or any interest you receive.

Keep track of ALL your spending. When you’re faced with a pile of past-due bills and mounting debt, buying a coffee on the way to work may seem like an irrelevant expense. Those SMALL EXPENSES can mount up over time, so keep track of everything. Understanding exactly how you spend your money is key to budgeting and devising a plan to address your financial problems.

List your debts. Include past-due bills, late fees, and list minimum payments due as well as any money you owe to your relatives or friends.

Identify spending patterns and triggers. Does boredom or a stressful day at work cause you to head to the mall or start online shopping? When the kids are acting out, do you keep them quiet with expensive restaurant or takeout meals, rather than cooking at home? Once you’re aware of your triggers you can find healthier ways of coping with them than resorting to “retail therapy”.

Look to make small changes. Spending money on things like a morning newspaper, lunchtime sandwich, or break-time cigarettes can add up to a significant monthly amounts. While it may be unreasonable to deny yourself every small pleasure, cutting down on nonessential spending and finding small ways to reduce your daily spending can really help to free up extra cash to pay off bills.

Eliminate impulse spending. Ever seen something online or in a shop window that you just had to buy? Impulsive buying can wreck your budget and max out your credit cards. To break the habit, try making a rule that you’ll wait a week before making any new purchase.

Go easy on yourself. As you review your debt and spending habits, remember that anyone can get into financial difficulties, especially at times like this. Don’t use this as an excuse to punish yourself for any perceived financial mistakes. Give yourself a break and focus on the aspects you can control as you look to move forward.

Now with some of these listed tips you can start to cope with your financial stress. Of course there are other financial factors as well, like when your money problems go beyond money.

For example, financial troubles can stem from problem gambling, fraud abuse, or a mental health issue, such as overspending during a bipolar manic episode. To prevent the same financial problems recurring, it is EXTREMELY IMPORTANT you address both the underlying issue and the money troubles it’s created in your life.

The plan to address your specific problem could be to live within a tighter budget, lower the interest rate on your credit card debt, curb your online spending, seek government benefits, declare bankruptcy, or to find a new job or additional source of income.

If you’ve taken inventory of your financial situation, eliminated discretionary and impulse spending, and your outgoings still exceed your current income, there are essentially only a few choices open to you

Increase your income
Lower your spending

Most of all, how you go about achieving these goals will require a PLAN and a plan that you FOLLOW THROUGH with.