Many people have experienced financial distress due to job losses, layoffs, and unemployment. Money problems and stress can lead to a vicious circle: Financial problems can cause stress that can spread to other areas of your life, increase anxiety, sap your mood and impact your ability and willingness to engage in everyday activities. There are ways to get out of difficult financial times.
Financial worries are a constant source of anxiety that affects more than one person. However, worrying more than necessary does not solve the problem, but wondering how to overcome them may help.
According to the Central Reserve Bank, 19% of the population is in debt with three or more financial institutions and the average debt amounts to ten times the salary (average salary of S / 2,500).
It is for this reason that this problem must be assimilated with care since financial stress can trigger serious symptoms of depression, anxiety, and other health problems regardless of age or socioeconomic status.
Face your fears
It’s normal to try to avoid worrying situations. It can be difficult to manage money problems such as debt. You can take control of your finances and reduce stress by tackling them in phases.
- Take a moment to look around at all the useful resources available. Not everyone has to deal with financial difficulties or debt.
- Let us know what you think. Talk to a friend, loved one, or reach out to an employee assistance program counselor.
- Establish a plan. There are proven methods to resolve even the most severe debt problems.
- You can set small, progressive goals to get closer to your goal. This is an exposure therapy technique that can help you gain confidence when you are repeatedly faced with situations that cause distress. Which situations are troubling you? Open correspondence? Keep everything in one place. To feel in control of your finances, you must start by focusing on one thing at a given time.
Organize your finances
These are the principles of debt settlement:
- Recognize the problem
- Stop buying credit.
- Establish a budget
- Plan to reduce your debt systematically.
Online tools and apps are available to help you organize and manage your debt. Instead of using credit, pay cash and set a monthly budget. Avoid excessive expenses and keep your bank balance in check.
Money and emotions
Pay attention to how your mood impacts your financial behavior. You can spend money to feel happy. Spending money can help you feel better. If you’re happy, you might be more inclined to spend.
You should be aware of any inappropriate behavior that you might resort to in order to get out of your problems. Understanding your patterns and triggers can help you take control of your finances and reduce stress in your other areas.
Mental wellness is the main focus
Stress from money problems can lead to depression and anxiety. This can have a negative impact on your sleep, social life, interpersonal relationships, and feelings of isolation. Even more complicated can be the uncertainty and fear caused by the COVID-19 pandemic.
To manage debt-related stress, it is important to take concrete steps to improve your mental health. You can build your resilience by exercising, eating well, getting enough sleep, and connecting with your environment. This will help you stay positive and focused on your work. It is constructive.
Relaxation techniques may be able to reduce stress and anxiety symptoms. Meditation, deep breathing, and progressive muscle relaxation are some of the options.
Identify the root cause of stress.
Recognize the root cause of your anxiety. It is important to recognize the causes of your anxiety and be able to pinpoint them. Overspending on unnecessary things or investing in them may be the root cause of your problems.
Positive attitude.
Change your outlook can help you remain motivated to solve your financial problems. Instead of believing that debt will never run out, it’s time to think positively and visualize how stress decreases as the debt becomes smaller.
Plan and be realistic
You can organize your life better by setting goals and being realistic about your budget. It is essential to first find out all your debts and divide them between expenses. This will help you avoid having to deal with headaches each month.
Find ways to make more money.
It’s better to concentrate on the solutions than the problems. You can take advantage of the current economic crisis to generate extra income. This is a great opportunity to be creative and clear your mind.
Reduce your expenses and pay on-time
It is recommended to list all amounts that must be paid monthly. To avoid interest increases, it is important to pay the debt in installments on a monthly basis. You can amortize your debts by using dollar savings. It is best to exchange dollars at a rate that is close to the interbank (lowest exchange rate on the market) through virtual platforms. This saves money and is safer than going to the bank.
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