Having trouble with financial stress? Stop the worrying about money!
Financial stress is a sense of suffering and uncomfortable state of a person, which is caused by money dissatisfaction. It is characterized by constant concern and anxiety about money. When any monetary issues cause negative emotions like anger, resentment, disappointment, envy or fear. How to cope with financial problems and the stress caused by them, read our article.
What financial problems provoke monetary stress?
First, an inability to manage money properly is the only reason for any financial issues. Many people think that they are in financial stress, due to the fact that they earn little. Though, this is not so! If money questions make you nervous when you are young or old, it's only because you are wrong with the money that you have.
However, there are categories of financial problems that are more obvious than other, namely:
- Lack of income. For example, if a person gets fired or stays unemployed for a good while.
- There is not enough money. You have the source of income, but the income is small, and it is not enough to cover all the necessary expenses.
- An urgent need to get a big sum of money.
Sooner or later financial problems inevitably lead to a stressful reaction, which can be very dangerous.
What should you avoid doing when financial problems arise?
When worries about financial issues accumulate, a person, who has an awareness of the issue, might act erroneously. In this case, it is better not to hurry and weigh your actions well. For example, in your crisis do not rush to do the following:
- Take desperate steps for the outcome. Such as transferring ownership to third parties beyond the reach of creditors. This step hinders the development of a scheme for debt restructuring.
- Forget that it's just about money.
- Harm your health and break up relationships with people because of financial difficulties.
- Fall discouraged, leave unprinted accounts or refuse to apply for help in monetary and debt counseling.
How to cope with financial stress?
A few simple decisions will help you cope with the depressed mood worries about financial difficulties more easily:
Keep track of expenses to find out how much you have spent and where your money has gone to.
It's easier to track large expenses. But it takes much more money for small expenses because we do not control them. Do not be lazy, try to keep records of what you are buying for at least 2-3 months. When you evaluate your monthly costs, you are likely to find out a lot of interesting, if not shocking, things about yourself. It shows the holes in the budget and ways and solutions of overlapping them. You will understand how much money you need to avoid frustration.
Write a list of monthly expenses, moving from more important to less important.
Refusing of unnecessary purchases (luxury goods) leads to finding a hidden source of money. As a result, you can spend more on urgent needs such as payment for housing, study, health insurance or simply deposit in reserve.
Pay all credit card debts.
Buying things on credit, you cherish the hope for future income. And when that does not happen, the fear of being insolvent and feeling hardships will ultimately cause a lot of stress to you. You only need to be disciplined, keep away from a change in society, and always pay in cash exclusively.
Make a plan to build reserve fund in the amount of 3-6 of your salaries in the bank.
It will help you calmly overcome the difficult times and reduce fears of remaining without funds. The main factor is discipline. You just need to abandon making optional purchases and those not of primary importance (for instance, eating out all the time, designer clothes too expensive present).
Discuss all questions regarding the expenses with your family openly.
Payment of debts, methods of reasonable economy should be worked out together. Agree on that and act together with support. Coordinate the fiscal goals of family members and analyze where your money goes. This is a very effective way to reduce financial stress.
Learn as much as possible about insurance.
If you have your own property or a car, do everything to protect that. Having your property and health coverage is a vital thing nowadays. When you get into trouble, or some disaster happens, you are likely to avoid overwhelming expenses and let an insurance company pay that for you. As a result, you will avoid unnecessary stress related to many unforeseen expenses.
Strive to earn more.
Only the desire to create more income and increase your money balances will help get rid of debts and have an untapped reserve for your retirement. In addition to the basic work, you can perform any one-off work to create additional funds and
Learn to set financial goals and planning for yourself and achieve them.
Imagine how you want to live how much money you want to have. Life itself will move towards your set goals and your financial desires will be satisfied.
Work on an ongoing basis significantly reduces the level of stress hormones.
If we compare routine job with regular sports training, a regular mode of work with a constant load will not generate more money, but it will reduce the level of anxiety and tension. At the same time, it will release energy to create sources of additional income.
An advice of a psychologist about financial stress.
The best emergency advice is to be more active, face your fears, and do not abuse alcohol. Try to see your friends more often. Keep your resume on hand. Do not ignore the bills and try to pay them in time. If you have more free time because of losing your job, you can go in for sports more often. Fitness can improve your mood and raise your self-esteem.
Understanding your fears means not avoiding what you think is difficult. For example, if financial stress is caused by loans, learn tips on how to prioritize your debts. When people feel anxious, they sometimes avoid talking to others and lose confidence. If this begins to happen, you should understand the real reason for that. Do everything possible to cope with those problems and challenges, and continue to live the usual life.
For some people, financial stress and depression may result in alcohol abuse. It is a known way to deal with financial stress or to hide your emotions, or just to fill the time. But alcohol will not help you cope with your problems and lead to bad consequences. Instead, it might cause additional issues to those you already have.
Books help to survive with your financial situation.
Another good solution is to read more books on finance management written by expert practitioners about savings, investments, laws of conservation, and augmentation of money. The overwhelming majority of the population is illiterate about budget-management, does not know the elementary things about money. As a result, they are not accustomed to count, monitor, and control their expenses.