During these challenging economic times, it is not unusual to find yourself dealing with financial stress. It can be an exceptionally difficult time. However, you shouldn’t allow the stress to take over your life. I know!! It’s easier said than done. Watching the bills piling up while figuring out a plan of action can be challenging. Do not be discouraged. There are some steps you can take to reduce your stress and your debts.
Having a plan of action and sticking to it is one of the most important steps for dealing with financial stress. A plan gives you a sense of direction, organization and order. This alone relieves the sense that your financial life is spinning out of control. With a plan, it will be clear which areas you need to reduce or eliminate as you reorganize your finances. If you need help with this plan, it would be in your best interest to seek out a financial planner.
Here are a few tips that can help you on your way:
1. Don’t spend money to relieve your stress.
“Shopping therapy” is discouraged when you are reorganizing your finances. Keep in mind that one of the contributing factors to your financial stress may have been caused by purchasing stuff you can not afford. It’s often tempting to reduce stress by going out for meals, entertainment, and other activities. This is clearly counterproductive. Instead, use some free stress relievers such as a warm bath, a good book, or a social event with friends at home.
2. Accept reality.
The unwillingness to accept your current situation can increase your stress. Be honest to yourself and start planning a way out of the unpleasant situation. You can only fix what you acknowledge.
3. Investment style.
Evaluate your risk tolerance level. If you have investments that may be on the risky side, it may be time to switch them to more conservative investments. This security alone may ease your financial stress.
4. Open up to family.
If you have a spouse, make sure you keep the lines of communication open. Many marriages suffer during times of financial stress, but with honest communication and careful planning, you can keep your marriage and family happy. Family can be an excellent support system, this a lone can relieve the financial stress.
5. Stay Organized.
Make lists and keep a calendar. It’s important to schedule time for relaxation, too. You’ll need sometime where you can enjoy yourself without worrying about anything – especially your financial troubles.
Have a Plan
As I mentioned earlier, simply having a plan to improve your financial problems can reduce your stress level. Plans and goals will help you keep things in perspective and show you that you’re making progress towards a better life.
You don’t need to do this alone. There are many professionals available to help you create a successful financial plan, even in your current situation.
Here are some items you may want to review before forming your plan:
* If you find that you’re spending more than you’re making, find ways to cut expenses.
* See if you can pick up a part-time job or implement other ways to add to your income.
* Look into refinancing options for your current loans.
* Start using your debit card instead of a credit card.
Nurture Your Spiritual Muscle
Make sure you are involved in a bible based church and you are surrounding yourself with like-minded people. Those who are planted in his house will grow and flourish. By giving back and helping other, you will be spiritually enriched and you will be energized to deal with your own financial stresses let alone get support.
Increase Your Exercise
People often forget how important it is to maintain good health. When your body is dealing with any kind of stress, it can take a toll on you physically.
Next time you feel exceptionally stressed out, become aware of the state of your body. You’ll likely notice that all of your muscles are tense. Take a few moments to relax your muscles and take a few deep breaths. Taking a walk at a park, around your neighborhood can change your mood tremendously and also contribute to your overall physical health.
While you may not have control of your financial situation, you do have control over how you feel about it. Focus on whatever is of good rep-our and take action to do what you can to improve your situation and know that your best days are ahead.