There are varying degrees on how to manage financial stress. For instance, consider the feelings of anxiety in these statements:
- “How will we pay for the trip to Hawaii this year?”
- “We don’t have enough money to go out to Rocco’s, but we can have Pizza Hut deliver.”
- “This month we can cover the electric bill or the gas bill, but we can’t pay both. If I remember correctly, the bank said we’d lose our car if we don’t make at least one payment before the end of this month.”
Fortunately, getting out of a financial crisis is indeed possible. You will need a collected mind and establish a plan to work your way through this emergency and overcome financial stress.
How To Manage Financial Stress
- Gather Data. Get a precise picture of your financial circumstance. Try not to allow yourself to get agitated or upset with the information you gather. Make sure that you have a full and factual representation of your income and debt obligation including where and on what you spend your money.
- How much money are you bringing in monthly?
- What are your total monthly bill payments?
- How much total debt obligation do you have?
- What financial assistance resources are available to you?
- Solutions Should Be Your Top Focus. Commit yourself to have to make changes to reduce financial stress. Implement these simple solutions listed below. You will need to move out of your comfort zone when it comes to finances. If you do nothing, nothing good is going to happen and you will never find financial stability. Avoid getting distracted by TV shows or Netflix. Spend most of your time searching for solutions on how to deal with financial stress and crisis.
- You can relax at night before going to bed so you can get a good night’s sleep.
- Find and Eliminate Those Unnecessary Expenses. You probably are like other people who have monthly expenses that provide zero value. Expenses like a gym membership that you never use is a great way on how to manage financial stress effectively. Cell phone plans with higher data plans than you are actually using. Premium cable subscriptions for stations that you never watch, or you can get free or cheaper if you cut the cord. What about those magazine subscriptions? Go to the library until you have your finances under control.
- Cancel every “luxury” expense that you truly do not need. Priority expenses include your housing, utilities, food, medicine, and insurance bills. Every other bill or expense is probably not a necessary expense. Remember the comfort conversation?
- If You Don’t Have Any Control – Don’t Spend Time Fretting About It. It is normal to worry about things we cannot control when dealing with financial stress. It is truly little you can control other than your thoughts, attitude, and reactions. Everything else is out of your control. Focus on what you can impact or influence and stop worrying over the rest.
- Watch and Track How Every Penny Is Spent. When your financial stress is mounting and money is extremely tight, it is critical to know where every money outlay is going every month. How to manage financial stress means tracking everything, every single penny!
- Create A Plan To Boost Or Supplement Your Income. If you had a hefty cash flow you probably would not be experiencing financial stress. If you do have a hefty monthly cash flow and have money problems, stop buying things and you will overcome financial stress quickly! If you are committed, options for finding more cash flow are available.
- Consider getting a second job or a side hustle temporarily, or as a life habit change. You can look for a better-paying job or even start a part-time online business as an affiliate.
- Create A Budget. Do you have a family financial budget? Too many people do not and they are the ones that have trouble managing financial stress. Create a plan on where your money should be spent and how much is allocated to food, fun, clothes, etc. before you spend it. Make a family budget and stick to it.
- Find Free or Inexpensive Ways To Relax. The best solution to overcome financial stress is to remove the source of stress. Which is spending more money than you have coming in. Rent a movie instead of going to the movies. Go camping instead of the beach. Barbeque instead of going out to eat. All can provide ample relaxation if you scale down your comfort or luxury expectations. Too much stress will affect your happiness and ability to function socially.
- Worry about your “status” or what your neighbors will think later. Other stress-reducing activities that do not cost money include relaxing to your favorite tunes, taking a warm bubble bath, playing board games or outdoor with your kids, go for a walk, or hike.
- Don’t Be Ashamed To Ask For Help. You can discover financial assistance from utility companies and even your creditors. Most credit card companies will work with you, even your bank. Friends and family can all be a source of financial assistance when facing financial challenges.
Divorce, suicide, and health ailments are all bad consequences of not dealing with financial stress. Please do not let your financial issues fester until they become too overwhelming. Work with accurate income and debt information, scale back on unnecessary expenses, find a way to supplement your income, and make a family budget. If you feel that there is no way out, ask for help.
Financial freedom is possible if you know how to handle financial stress!
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