How to Deal With Financial Stress – 7 Best Practices

Last updated on September 21st, 2024 at 10:28 am

 

You might be going through hard times, and also wondering how to deal with financial stress as part of what is tossing you around. Financial stress could be torturing your health psychologically, emotionally, and physically and it’s also backed by research that most people are really struggling.

I have been through the same and also others have battled with financial stress the same way. This indicates that whatever happens to you, there’s another going through it or maybe others who have gone through it but then you can also get out of it.

Let’s Understand What Financial Stress Is Really!

A survey that was done by northwestern mutual showed 44% of American citizens go through stressful times yet money is the central cause.

Another is by the American Psychological Association (APA) which also indicated 66% of adults report they are stressed with money issues in their lives say credit card debt and rent.

Could be tough what you’re going through now but just know that you can do well this is not the end of everything as you might assume though many give up early.

What could be making it worse is that you’re wondering why financial stress symptoms are happening to you alone but the truth is you don’t know what your friends are going through.

In fact, it’s not you alone battling with financial stress on earth with a lot of things happening to you, most people don’t know what to do next when times are hard and keep silent.

Your small salary might cause it, a credit card debt or a bear market, and here there’s no way you can’t skip worries when you don’t have a shoulder to lean on in today’s life.

Whenever a certain situation affects a large number of the population it indicates that many are going through hard times and struggling. Take the example of the coronavirus pandemic that brought about money struggles and now exposing many.

It becomes very hard to hide what you’re going through though some still chose to suffer in silence which is not good you must open up to get assistance.

There’re lots of other stress factors but managing financial stress is nowadays really a challenge for many people worldwide due to the increase in living expenses.

Financial stress is affecting people psychologically, physically, and emotionally which generally puts the lives of a big number at risk of losing loved ones, property, self-esteem, and others that matter.

When some families live such a life, they will lose control and then find themselves, for example, arguing, scared, or angry with each which never happened before. And definitely, you’ll be more depressed and nervous, can you guess what happens next?

When most people get into such a situation start adopting unhealthy practices to enable them to forget what they might be going through say drug abuse and gambling.

I won’t talk much about death here it’s not the solution even if times are hard but if you’re reading this blog then you’re strong enough to make things better, help is out there. Even though it’s really challenging what you’re going through but keep pushing that’s the only way to go.

Your financials will get better only if you keep looking for how best you can get in control of the situation, and the same time cool down the stress.

How Financial Stress Affects People’s Lives

We all know that you can’t compare your health to money, that’s why you give away money to have good health. During stressful times our health is much affected since we lose control while fighting the unfairness around us.

You may not know what it really is, but if you’re getting what I mean, then you have to know where you belong such that you can get to find betters solutions for yourself.

1. Relationships

People’s intimacy with their loved ones will in most cases fail just because of a poor money mindset change hence failure to over money problems.

Some families will even break up if one finds that the other can no longer afford the basic needs of the family. When many basic items are missing because of money, some people feel not enough or even worth a thing.

And if it comes to love they’re nowhere to be found say sex and in other pillars of love which is not healthy at all.

2. Adopting Unhealthy Behaviors

Many of us think intoxicants like alcohol can cool down the stress that we might be experiencing which is not true. And also switching to practices like gambling will make the condition worse and not help at all, rather you’ll continue getting mentally affected.

So, the moment one gets mentally overwhelmed with financial stress, negativity and unhealthy habits no longer working and can’t open any page might vulnerably opt for suicide as a way to end the pain.

3. Self-Isolation

This is not done because one wants to be alone but when one has a lot of financial worries at times gets thinking that he or she has nothing developmental to share.

The person will avoid most issues about money with people that are around hence keeping alone most times, yet the more you keep the stress with you the more you suffer health-wise.

4. Body Weight

It’s looked at as one of the most identifying factors whether you have money problems or not, though interpreted differently by the public among cultures Let me put it right, not everyone loses weight when he or she is going through a financial crisis.

The truth is many change their eating behaviors say eating a lot or skipping meals where they can no longer afford the usual.

5. Depression

Very few get hit by a financial crisis and then remain still strong to cope with the situation. We usually lose hope and feel sad during such stressful times in our lives and a lot of people are battling with it out there according to research.

How to Effectively Manage Financial Stress with Best Practices

If you’re still stressed with how to deal with financial problems, let the situation you’re going through shape you to become a better person that you’re going to be proud of at the end of all this, the solution is with you. In the lines underneath find what can enable you to wipe out the financial worries that you could be going through now.

1. Start Working On Budget

This can be a very good strategy with which you can manage your money either daily or monthly in that you spend within your limit while critically tracking your income and expenditure patterns.

Stuffing your budget with your daily expenses can be very helpful during the day since it’s when all the small money that adds up is dashed out unquestionably.

Most of the money issues that strain us result from poor daily money habits like buying more groceries than we can use and luxury spending. With a strict budget, you’ll focus on things that matter most like food, house rent, bills, loan payments, and savings.

It then implies that there will also be more room for early planning for annual expenditures like taxes and emergencies like medical with savings.

And to be more efficient you can also make arrangements with your bank for standing orders to make payments on your behalf on certain dates. It will cut your fines for not paying on time in case of loans.

With a budget on you, the saving culture will be sustainable in that the things that don’t value much in life will be eliminated to put more in a savings account.

But to be successful make sure that you’re not into this alone involve your family members in case you have them it’s the best way you can go about it.

2. Don’t Do Many Things At Once

Make good use of the little you have by focusing on the basic financial concerns at a time than assigning yourself many things that don’t fit within your limits.

It will enable you to have control of your money the right way and easily fulfill your money goals within time. Commitment is very vital such that you don’t lose track to again divert to other things that are not part of the task at hand.

Have a timeline set in relation to your goal to act as motivation in hitting your target. A lot could be waiting for you but you don’t need to rush with money issues you may mess up and get stressed more.

Therefore, it would be wise to focus on those financial goals that you feel are manageable, it will enable you to have a reasonable approach toward your goals.

3. Seek Advice From Other People

Don’t be in this alone you need to talk to people about what your financial challenges are to help you out if possible.

If you fear and can’t share your situation then it will be very hard for you to find the right person to give you the advice that you deserve.

You’ll successfully get rid of your financial stress if you involve other people in your life and they must be people that you believe can be there for you.

Everyone at least has that one person he or she trusts in life and doesn’t have to be a financial expert but could have a life-changing effect.

This person can be the starting point before you go deep into looking for other resources and a financial coach or maybe a financial advisor, these are totally different people.

4. Look For Alternative Ways To Earn More Money

Finding ways in which you can increase your earnings is an option in difficult times, it will enable you to manage.

When one is struggling financially sometimes may need extra and it mayn’t be easy to get but if it’s the only way out then you have to respond to effect change at the moment.

Talk about working for more hours with your supervisor to see whether he or she can make an arrangement for you at the workplace.

But for some reason, if this doesn’t work for you, please chose other ways that can get you more money say online teaching for kids and starting a blog.

Many parents are out there very busy at their workplace they have no time to do revision with their kids it’s an opportunity.

And also blogging is a trending side hustle where you write about a topic or some topics that you’re interested in and get paid through adverts and affiliate commissions passively.

You then can’t fail to find one where you can fit because there’re very many alternatives out there that can help you get some more income to help you ease the stress.

5. Set Targets That You Can Achieve

As a way to enable you to ease your stress, it’s better you commit yourself to achievable targets in your money goals.

Most of us fail not because we don’t know what to do, it’s just because of being unrealistic about the targets we set, it spoils the motivation then fail to perform.

Don’t think in terms of big goals that will take so long to mature depending on your current status and if you do, it may bore you and then fail along the way that is start a project that won’t take so long to mature.

It’s your right to decide what you are going for but ensure that it’s achievable in time to give you the motivation to push harder next time.

In my experience whenever I set targets and hit them in my financials, it’s one of the best times in my life that I enjoy, in fact, I celebrate an achievement even if it’s very small.

Assuming you have financial worries now, you can focus on the easily achievable short-term financial goals first but later on, you can also do long term which will ease your stress.

6. Put Yourself In The Know About Financial Stress

It’s hard to tell at first what really is happening but if reality reveals itself that you must do a thing about your money problems, then face it.

With best practice, you put yourself in a position whereby you can understand very well how best you can handle this with ease and competence.

The act of turning to intoxicants like alcohol and activities like gambling isn’t good but just puts our lives in more danger affecting us mentally, physically, and emotionally.

The worst about the acts mentioned is that you will totally forget about being positive in that even your set plans before, are dropped and never think about any way out like taking financial literacy programs.

However, after realizing that you’re losing control it’s better you connect with people that can help you out such that you can get ways to deal with it.

7. Work On Temptations

Some people when they get to marketplaces where there’re things to spend on it’s just very easy for them to spend anyhow which isn’t good.

But when you realize that you’re that kind of person stop frequenting there it can help you, only go there if it’s necessary and on budget.

I have a friend who told me that he never goes for groceries it’s the wife that does the shopping, says that women are too selective compared to men which I also believe now.

My credit card and debit card I live them at home in order to avoid impulsive spending and this saves since i also turn to be selective with the little money is move with.

Bottom Line

Your wishes will only come true if you put in the work no matter where you’re right now, though some of your expectations may delay you should know that it can’t all happen at once. Appreciate your effort every day to keep you motivated and accept challenges when they surface other than avoiding them if you’re to overcome financial struggles.