Financial stress is huge and nearly everyone has it or has experienced it. It can lead to stress, especially at this time of year when we might be struggling to get back on to an even keel after spending far too much over the holidays.
Money is something that most of us have worried about at some point in our lives. We fear that we don’t have enough to make ends meet. We worry that we can’t pay our bills, or that we don’t have enough for life’s luxuries. You might worry that you’ve got no options and that there’s no chance of your finances ever improving.
All of these worries lead to stress, and too much stress starts to have a negative impact on both our physical and mental health, as well as our quality of life.
//01 Explore All of Your Options
When things seem bad, we’re often guilty of thinking that we’ve got no options. We feel stuck, and so we assume that we are. But, most of us have got more options, such as guarantor loans from Buddy Loans, but loans aren’t always the answer. Sometimes they just make things worse so we just need to take our time to look for other options. Don’t just assume that all of your financial doors are closed, do some research, and explore all of your options before you start to panic.
//02 Understand Your Finances
So few of us understand our finances. We check our balances and hope for the best. We don’t take the time to understand our money. We don’t know what is coming in or going out. We don’t understand interest rates, or how moving our money could benefit us. Take some time to learn more about your current situation as well as exploring your options. Building a basic home budget spreadsheet can be a big help here. Keep it simple, add all of your income and outgoings by checking your bank statements and receipts, and make sure you update it regularly, adding any changes.
//03 Focus on Small Steps
When it comes to money, most of us want to make big changes. You might want to save a large amount or pay off all of your debts. It can be overwhelming, and small improvements to your financial situations might seem insignificant. But they aren’t. When it comes to money, small, regular savings or payments are often the most significant. Focus on small steps and goals, concentrating on saving whatever you can afford, and celebrating your successes, however small.
//04 Speak to Friends and Family
So few of us talk about money. We hide our worries and try to manage on our own. We’re often ashamed of our situations and scared to ask for help. It can be very lonely coping with financial stress. But, chances are, you aren’t alone at all. There’s a good chance that someone you know has been through something similar, or even worse. So confide in people, and ask for help.