Financial hardships can and will occur to all of us regardless of socioeconomic status. Joblessness, homelessness, debt, and other occurrences can weigh on anyone, whether they’re considered to be financially secure or not. The importance here is to remember – you are not alone.
Identify how money makes you feel
Often when money is in a surplus, our sentiments surrounding our finances are positive. When there’s more responsibilities piling up than money, this is where our emotions shift.
Ask yourself these questions periodically:
- How do I feel about where I am in my financial journey?
- What reasonable changes can I implement to improve?
- In what areas of my life do money cause me stress?
- What are things outside of my control?
Remember, no matter where you currently are, this isn’t your destination. Your finances can and will improve based on your commitment and patience.
Avoid financial overwhelm if possible
Try your best to focus on making one financial decision at a time. When there are multiple areas that require our attention, it often depletes our energy, causing us to not make the best financial decisions.
Identify your financial stressors and make a reasonable plan
Brainstorm ways that are practical and can save you money. Don’t stop yourself from writing down whatever comes to mind. After that’s complete, commit to a plan and implement reviewing it as often as possible. It may seem like this will bring you stress, but creating a plan actually results in more ease long-term.
Keep track of spending and avoid temptation
Use whatever method that works but be sure to keep record of where your money goes and when. Staying on top of this reduces surprise that can lead to financial anxiety. Due to stress, some people tend to spend impulsively on entertainment or emotional eating. Be mindful of how you cope with stressors and seek help from someone you trust to hold you accountable. Implement a cash method if you notice overspending is an area of weakness. Recognizing it is part of the battle, do your part and prevent future mistakes.
Get help and seek support
Consulting the help of a mental health professional should never be considered a weakness. In all honesty, it takes an enormous amount of strength to recognize something is wrong. If financial stressors or other life events are taking a toll on you; it’s best to seek professional help or tap into resources that can provide the assistance you need.
If you or someone you love is in crisis, call the National Suicide Prevention Lifeline at 1-800-273-TALK (8255) or contact the Crisis Text Line by texting TALK to 741-741.