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Face the Music
The first step to managing financial stress is having the courage to actually do something about the situation. Many are scared to look at their bank account balance, but we need to make an honest evaluation of the situation by doing the following:
- Make a list of your liabilities that's burdening you (car loans, investment loans, etc.,)
- Organize your financial accounts. If you don't have an online account for each of your banks, investments, or credit cards, make one for easier tracking
- Make time to assess your accounts and establish what needs to happen moving forward
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Create a Budget
Once you have organized your accounts into a notebook or an excel sheet, set aside the time to track your expenses so that you'd be able to identify where you spend the most should you need to cut back.
Being able to direct and redirect your money will ultimately lead you to a healthier financial and emotional place.
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Break Down Your Tasks
It's likely that from all the financial planning you'll eventually get overwhelmed and think about giving up. Should that scenario happen, allow yourself to take a break and self-soothe. Afterwards, list down everything that you need to do and divide them into manageable tasks then allocate a certain amount of time to accomplish each task.
The goal here is to make financial planning less complex and more motivated to tackle them.
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Let Yourself Feel
When feeling overwhelmed self-soothing is the best option anyone can take, however, make sure that your coping mechanisms won't negatively affect you.
Allow yourself to sit with the uncomfortable feeling and process it, possibly through journaling, exercise, or a hobby that relaxes you.
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Asking for Help with Debt
Debt is the main source of stress and frustration for many, and being constantly stressed can take a toll on our health. To help with this here's a suggestion that might help:
- Contact all of your lenders, bill providers, and bank services if they can assist you with reducing your monthly statements through any programs they might have like discounts you qualify for or deferment programs.
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Take Care of Your Wellbeing
Our mental health and financial situation overlap with each other. The Mental Health Policy Institute stated that when financial situations become troubling, the mental health of the individual worsens along with it.
With the right resources and availability of these resources, you may be able to reach out to therapists that can assist you to have a healthier relationship with your finances.
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