Money worries keep many of us up at night and some studies have shown that over 40% of people cite finances to be their main cause of stress.
And this number will undoubtedly rise during times of a global crisis.
Feeling and being financially stable is important. For the obvious reasons of being able to purchase the things you need and want, but also from the perspective of mental health.
When you feel stressed about money, it can just feel like an ongoing spiral that just won't end. But the good news is that there are some steps we can take, even during the most challenging times, that can alleviate the stress.
Financial stress can create an illusion that we have no control whatsoever over our situation. And in most cases, that is simply not true. There are things within our power that we can do in order to start feeling in control and reducing the stress we feel.
Here are a few steps you can start taking across the next few days:
- Take stock of where you are - As scary as it may initially feel, begin to take a look at your incomings and outgoings properly. Where are you spending unnecessarily? Start to notice what you can reduce without impacting the super essentials. Understanding where you are will put you in a position of power to get creative on changes you can make.
- Reduce the unnecessary - After assessing where you are, start canceling any subscriptions that aren't essential, find cheaper alternatives to phone providers/utilities. Shaving off even a little of your expenses by swapping and eliminating can start easing the burden.
- Create a budget - As much as the word ‘budget’ has a bad rep, creating one gives you back the power and confidence that you are keeping your financial situation stable whilst you begin to build it back up. Whether it’s a weekly or monthly budget, I would recommend keeping track of your outgoings.
Talk it through
Sometimes, the easiest way to feel better about something is to share what is on your mind. Keeping the stress to yourself could potentially be making it worse as you feel like a pressure cooker and try to deal with everything alone.
Money is a sensitive topic, so it is one we tend to be adverse in speaking to others about. But during times of challenge, it may be just what we need to feel that stress release. Talking to somebody else may also be a great way to brainstorm solutions for your situation.
Just remember that there is no shame in experiencing financial worries and getting support from friends or family can be a great source of reassurance.
Take small steps to future proof your finances
Putting things into place that will make you feel more financially secure in the upcoming months ahead is also a great way to regain your power and calm.
You could start thinking about how you may be able to earn from a side income stream to boost your finances and begin learning about it.
You could also start taking important steps to protect your money from contactless fraud by simply swapping over to a contactless card scam blocking wallet. Scammers who found a loophole to swipe money off cards without being noticed stole £1.18 million off of contactless cards within 10months alone. It has now become increasingly important to protect our money from these scammers to avoid unnecessary financial stress.
Taking just one of these steps outlined above can help you start making steps towards reducing financial stress. Just remember that it’s possible to get through financially stressful times and you will too!
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