Coping With Financial Stress

Consolidated Credit shows you how to deal with financial stress

Money and stress go hand in hand. Whether you are rich or poor, employed or out of work, young or old, everybody has experienced financial stress at some point in their lives. This stress can lead to a variety of problems that can affect your quality of life: lack of sleep, irritability, depression and more.

However, it is possible to deal with financial stress in such a way that will limit its effects on your life. The following tips will help you deal with your issues and move on with your life –

Get help

Dealing with financial stress on your own is a difficult task. Sometimes, you are your own worst enemy as your financial worries start to accumulate in your mind. Thankfully, there are people who can help you through these tough times:

A friend: A good friend can lend an ear, offer a shoulder to lean on, and give a helping hand when you are feeling overwhelmed by a difficult financial situation. Seek out this trusted confidant and talk through your problems. You might just get some advice that will help you deal with your source of stress.

A trained professional: Psychologists, doctors, financial advisors and credit counsellors have lots of experience dealing with people in stressful situations. They are available to give their professional advice on how to overcome your problem. If you don’t reach out for help, it’ll be difficult to reach your goal of a stress-free life.

Make a plan

Without a plan of attack, it’s nearly impossible to overcome any problem in your life. Follow these two steps to relive your stress:

Know where you stand: Take the time to make a detailed budget and spreadsheet of your income and expenses. Additionally, organize all of your debts and bills so you know what needs to be paid and when. The longer you put this off, the longer it will be before you have a strong financial footing and, hopefully, less stress.

Keep it simple: Financial stress is a feeling of being overwhelmed. This often occurs because of the sheer volume of bills, debts, and purchases in our lives. Taking a step back; simplifying your life may help you relieve some of the stress. Stop using multiple credit cards and bank accounts that are tough to manage. Think about consolidating all of your debts into one simple, easy-to-manage payment. This will put your mind at ease and get rid of a major source of stress.

Set priorities and make changes

What is important to you? What do you need in life and how does that differ from what you want? Where does your source of stress fit in? Thinking about these questions is your first step to making changes in your life that will result in a decrease in stress. Here are a few ways to help you get started:

The important things you can change: This category includes things like your mortgage payment or grocery bills. These are clearly important in your life but they are changeable. If you are struggling to make your mortgage payment each month, talk to the bank and see what options may be available to reduce your payment. Or, think about downsizing your home so that your housing costs aren’t as much of a burden. As for groceries, shopping at discount stores will save you money and lessen your stress.

The unimportant things you can get rid of: Are your financial problems caused by a series of regrettable purchases? Well, don’t get stuck with the mindset that since you already have it, you can’t get rid of it. That motorcycle you rarely drive but pay for each month – sell it. The super cable package you wanted to have – downgrade it. There are a million things that contribute to your financial stress in your life that aren’t really important to your well-being. Find out what they are and get rid of them – along with your stress.

Stay positive

The best way to combat stress is with a positive attitude. Hold your head up high and look forward to the future. Each change you make and every dollar you save will bring you closer to achieving your goal of relieving stress. Celebrate that success-not necessarily with a night on the town, but rather, a smile on your face.