If you’re in debt, not earning enough money, or lost your job due to the pandemic can lead
to financial stress.
Stress of any kind plays havoc with your emotional and physical well-being. If you can
reduce your financial stress, you’ll be able concentrate on other, important areas of your
life. You’ll gain peace of mind knowing that you have a plan in place to help you manage
your finances. Things to consider to help ease, and ultimately remove, financial stress:
1. Create a Budget
This is often mentioned, and with good reason. You may feel that you have too many
financial obligations to create a budget, but this is untrue. With a budget in place, you
will know exactly when and how you are going to spend your money. A budget enables
you to cover your immediate expenses, and help you towards your savings goals. It may
be tricky at first, but you’ll find that with time, it is a fantastic money-managing tool to
have. You will also see the many benefits of having a budget in place, and sticking to it.
2. Ask for Help
If you find that it’s more challenging than you think you can cope with, find outside help.
You could speak to a financial planner for advice and guidance. Speak to your bank. If
you find that you’re overwhelmed by debt, consider debt counselling. Debt counselling
can assist you if you are over indebted. A debt counsellor will speak to your creditors on
your behalf, and help negotiate a structured repayment plan. Asking for help shows
responsibility and a willingness to change.
3. Keep Track of Your Progress
While this may not sound like a solution to a financial problem, it can make a huge
difference to the amount of stress you experience. Find positive aspects of your financial
plan, acknowledge that you have a plan, and remember to give yourself a little praise for
making an effort.
Looking for more information on how to alleviate financial stress? Speak to One Debt today
for advice and suggestions.