Manage Financial Stress
Welcome back, today I am going to be sharing tips on how to manage financial stress. We are currently living under so much pressure and we cannot deny that. There are a lot of things to do, a lot of commitments and the reality is the living expenses are seriously escalating . It can be really difficult especially because while living expenses are escalating, income and salaries are remaining the same and sometimes cut.
Today I am going to share few tips on how you can manage financial stress.
How To Manage Financial Stress?
The very first thing you can do for yourself is to stop worrying about money. I know it sounds unrealistic but the reality is no one has ever solved a problem by being worried. More than anything worry will bring you stress and that might result to you being depressed and having sleepless nights. Worry and stress will not help you enhance your journey to financial wellness instead it will derail you.
Here are tips to manage financial stress.
1.Understanding The Source Of Your Financial Stress
Money is mostly the main aspect of life and this aspect has branches. It is then important to understand which branch in your money is giving you the stress. What do I mean by that? I mean you can either be stressed by debt, less income or high expenses(necessary and unnecessary). As much as these can be related but identifying the main source will help you reduce or expand where necessary. Let me make an example: if you have too much debt, and that is where your financial stress stems from. It will then be easier to come up with techniques on how to reduce it, instead of you worrying about everything money. Choosing to look at your money like this will help you focus and give you clarity on where to improve as opposed to dressing all your money aspect with the same blanket.
2. Be Present With Your Money.
As a financial wellness coach, I have noticed that people switch off when dealing with their money. They choose to operate on auto-pilot instead of facing their money behavior. This leads them to repeat the same patterns over and over again which are not giving them any satisfactory results. Most of the time this is because one is not emotionally present when handling their money. They would rather ignore the behavior and stick to the story of “there is never enough money” just so they are not fully responsible for the current outcome. To show that most people are not fully present with their money, they struggle to even look or rather study their bank statement. When I was still employed by the bank, people would ask for their statements just to double check if their debit orders went through and that’s it. They never bothered to look and study their bank statements. They fail to be present and study their behaviors around money. In the long run this might lead to financial stress as you might later realize that some of the things could have been avoided if you were paying attention.
3.Focus On What You Can Control.
There is a quote/prayer that says “God grant me the serenity to accept the things I cannot change, the courage to change the things I can and the wisdom to know the difference”
We are in the middle of the pandemic (covid19), and the reality is; it has had a huge impact in most businesses. When the pandemic started the government introduced a lockdown which had a major impact on most businesses. This was at the time something that could not be changed. Those who had courage quickly transitioned their businesses to online or virtual businesses. DJ’s who were used to preforming for big crowds had to think fast and find ways to keep their audience. Companies moved from renting office space to allowing people to work from home.
Even in your case, learn to identify things that you cannot control and stop giving them 100% of your attention. For every financial stress ask yourself these very powerful questions: What can I do? How can I improve this situation? If you have no control, quickly get that thought out of your space and allow it to sort itself out. For example if the company has decided to cut off salaries, you really have little say on the matter. Complaining and dwelling on the matter will not influence the company to change their decision. Instead ask yourself what can I do to close this income gap. How else can I make more money?
4. Create A Plan And See It Through.
Sometimes our minds can magnify problems until we put them on paper and realize they are not that bad. Creating a spending plan and ensuring that you spend according to your plan can give you so much relief. The key to a plan is to see it through and make sure you have executed it. After execution come back to your plan and account. There is an amount of fulfillment and satisfaction one feels when they go back to their plan to tick off the things that they had planned to do. This will give you so much relief and will help you manage financial stress. I have also written a post about the mindset one needs to apply when creating a budget or a spending plan. You can read this post here.
5. Hire A Financial Coach
When you are in a financial stress you might think that hiring someone to help you with your money might do more harm to your finances. It is actually the opposite. The reality is that sometimes when you are in a hole it can be very difficult to see the way out. You are also very emotionally attached to the outcome and those emotions might cloud your judgment. A coach will help you clear the clutter because their main priority is to see you out of this hole. I personally paid for one hour coaching session with the very last money I had. It was that one coaching session birthed a lot of solutions including me becoming a financial wellness coach. I managed to heal my money story, wrote a book healing the wounds of debt and started to see progress in my financial life. It did not make financial sense at the time but I followed my gut and booked her and the results were amazing.
I personally recommend that you open the door to being coached and allow someone to help you out of that financial hole. Should you consider this option feel free to contact me on the details provided at the end of the post.
6 . Practice Gratitude
Anyone who knows me knows that I am a huge advocate of practicing gratitude. “A grateful heart is a magnet for miracles”. I do not know who came up with this quote but I know there is so much truth in it. I have personally experienced these miracles. When you are truly grateful for the things you have you will attract more of those things. It is the law of attraction. Whatever we focus on grows. If you focus on stressful events you will definitely attract more of these. Have you ever been in a week where you feel like it has been nothing but a roller-coaster ride of stressful events day after day. This is because we give them so much attention we then see nothing but more of them.
When you practice gratitude, you open you heart and your brain releases dopamine and serotonin hormones that help you feel lighter and happier inside. You can not be anxious and be grateful at the same time. To understand more about gratitude and money read the post about it here. I have also published a 365 day gratitude and appreciation journal that will help you elevate and grow when it comes to your personal finances. You can order the journal directly from me by contacting +27 74 931 1000