We all deal with financial problems, stress and uncertainty during different stages of our lives. Financial problem could be due to loss of job, medical expenses or unexpected expenses, house repair, education fee, school donation etc. Such situations could cause struggle, hardship and stress in life.
Financial issues take toll on both mental and physical health, relationships and quality of life. Losing job can result in loss of self-esteem, not having enough balance to fulfill family needs can bring down energy levels. Sometimes if the life partner does not understand the situation, it could strain the relationship with everyday arguments and unhappiness. What is the solution for this? To ease stress levels, it is always better to tackle money problems head on.
What effects financial stress will have on health and life?
- Sleepless nights
- Unhappiness and anxiety
- Weight loss or weight gain
- Physical problems
- Withdrawal from social activities
- Drinking, drugs, gambling etc.
How to deal with financial crisis?
- Talk to a person who understands your situation – The person need not to lend money but be there with you, listen to you and able to understand your emotions and difficulties. The person might be able to come up with some suggestions or guide you what you should be doing.
- Talking to family – It is crucial to get family support. Often family members step in to help. It could be reducing the cost, for time being the other adult can take up a temporary job to support needs. Explaining to children about the situation in words that may help to understand why there are some restrictions on spending money.
- Spend time with family and friends – don’t stop spending time with families and friends. Find ways to entertain children in inexpensive ways. Go to park, take them for ice cream, play games -if friends invite visit them. This will relieve stress.
- Give attention to spending – list the debts and try to pay the dues as much as you can. Sometimes monthly installment payments are allowed – make use of it. Reduce spending on unnecessary items. Instead of going out for dining, consider preparing food at home. Start saving on things like drinking, smoking and nonessential spending like window shopping.
- Find out recruiters in the area or which company is hiring – get ready with resume, update resume, references and apply for jobs. Contacting recruiters and employment agencies helps to stand in a job. Develop network, talk to your ex-colleagues, friends, try to meet people who are working in your professional to show interest.
- Find a temporary job – if you have lost job or need another job look for a part time job that will help to fulfill your needs and brings additional money.
- Right time to work on budget – So far when you had job, you were spending. Now with financial issues, set up a monthly budget that helps to keep track of spending as well as gives you sense of control. Set up a spreadsheet for monthly and annual expenses. Include all everyday expenses, rent, utility bills, car payment, medical bills, school fees etc. in the budget. To avoid late fees, set up automatic bill payment. Regularly review the budget and spending.
- Get support from family – Inform about the budget and essential spending. Encourage them to have control on spending. Talk to them about what you want to achieve by setting up budget and what is your financial goal is.
- Manage stress by walking, watching TV, meditation, volunteering, meeting people, focusing on healthy eating, and keeping negative thoughts away.
Like any other situations, financial stress also is a temporary situation. Till the situation improves, one need to focus on health, how to overcome stress, keeping up hopes and positive attitude. Do not give up and do not get disappointed, there will be always something better will be waiting for you, you need to have patience and find ways to improve and come out from financial stress.
Author: Sumana Rao | Posted on: May 31, 2022