One of the most prevalent and enduring types of stress is financial stress. Managing money has been especially difficult with the relentless constraints over the last couple of years: the beginning of a recession, which is on,y going to get worse before it gets better. And then the supply shortages along with the cost of gas. We are at the highest inflation rate in 40 years. But, I’m sure many are reminded of this every time we go to the grocery store or the gas station..
With every one struggling I thought I would share a few tips for coping. While I can’t guarantee it will cure your stress. It may help a bit.
- Try to create some extra sources of income. I have began to sell a few things around the house for a few extra bucks. Maybe if you are physically able help out someone with yard work etc…
I have to drive 75 miles to see a specialist, which puts a strain on my gas budget.
- Try decluttering your budget. What can to do without? To add a few extra dollars to your budget.
- Manage stress by exercising, mediation, walking, aromatherapy, expressing gratitude for the things you do have, and guided imagery. I use this technique often to just get my mind off things for a while. Another good one is massages, my husband and I give each other massages. Not only does it help to get relaxed, it can bring you closer.
- Understand the debt cycle. One study found that you can pay off your debt quicker by paying off one account at a time, and starting with the lowest debts first. And pay the one with the highest interest first. I know it’s tough not to just grab for the credit cards (especially when we’re struggling) but the fact is we will be worse off if we do this,
It might be impossible to fix your financial problems overnight, but you can start planning for success right away. Remember, the stress you experience isn’t only a result of your financial situation- you can ease some of your anxiety by taking care of your.
Take Stock Of Your Finances:
Make a list of your financial struggles that most concern you. Take baby steps to tackle each problem one by one so you don’t overwhelm yourself.
Write down what you can start doing today or this week that can get you on track to financial stability. Try making a budget plan, one spending on the necessities for a week or a month.
You can start tracking your spending by keeping a daily or weekly list of what to spend your money on, and see where you can spend less.
If you are unable to pay your bills, try calling your bank, utility company, credit card company and explain your situation- oftentimes, they can set up a payment plan that works for you. Also, some banks for vehicle loans will allow you to do a skip a pay for a month. You will have to pay the interest on the loan but it will allow you save money for a month. Please remember the amount of the skip a pay will be added to your amount do. There is nothing free in this life. Everything has consequences.
Stay positive about your finances. always have hope, things will get better. Without hope we don’t have anything to live for.
May God Bless You