Say Goodbye To Financial Stress
Billions around the world are battling with the overwhelming feelings of stress and anxiety as they face the harsh reality of a global economic fallout, due to the Coronavirus. According to a recent survey by the National Foundation of Credit Counselling, nearly 70% of Americans, ages 18 and over, have reported financial worries that are closely correlated with joblessness (Counselling). In fact, in a report by The International Labor Organization, global working hours are expected to decrease by a whopping 10.5%, equivalent to 305 million jobs worldwide (Organization, 2020). These factors alone can cause depression with feelings of hopelessness. In order for you to decrease your money worries, you must acknowledge that you and only you have the power to do so, by putting yourself in control of your financial thoughts and actions.
Here are some ways that you can control your money stress:
1. Focus On The Positives
Thinking positively can calm your nerves and fears, in fact, your anxiety may be linked to things that are totally out of your control. It’s important to look at life in a positive light, for example, every day that you are alive is a chance to rectify your financial worries. Also, focus on your financial strengths (like your ability to save or reduce expenses) this will help you to find a solution. Even when things are tight or money is causing you anxiety, taking a second to focus on the positives can help you stay calm and clear-headed.
2. Re-Create or Retool Your Budget
Review your bills, to ensure that the billings are accurate and it matches up with your budget.
Overview and reduce your nonessential costs to ensure you’re in the “black” (good financial shape) each month, since going into debt is the main cause of our financial stress.
Create a debt payment plan and stick to it, so that you can be aware of the time frame needed to pay off credit card balances, student loans, or even car payments.
3. Get Rid Of Financial Shame
Poor past financial management can create a feeling of shame, whether it’s insufficient funds, incorrect budgeting, or simply being ignorant of proper financial practices. When you’re feeling ashamed of your finances, remember that taking the time to educate yourself, financially, can create a healthier path for your future.
4. Seek Out A Financial Advisor
Wouldn’t it feel great to know that you can “treat” or receive an intervention for your financial stress before it negatively impacts your health? Well, this is what a financial advisor would do for you. If you’re not confident in tackling your financial stress head-on, speak with a financial advisor, so they can help to ease your financial worries.
5. Stop Comparing Yourself To Others
Sleepless nights and worrying about finances will not make your cash increase or erase your debt. Instead, learning how to calm your fears and build your confidence is a matter of financial education, action, and optimism. As you come across other ways to strengthen your finances, you must acknowledge that you and only you have the power to control your financial thoughts and actions.
Bibliography
Counselling, N. F. (n.d.). Retrieved from https://www.nfcc.org/wp-content/themes/foundation/assets/files/NFCC_Discover_2020_FLS_Datasheet%20With%20Key%20Findings_Clean.pdf
Organization, I. L. (2020, April). https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/briefingnote/wcms_743146.pdf. Retrieved from COVID-19 and the world work: https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/briefingnote/wcms_743146.pdf
