The top stress-related issues for people in Britain for many years has been Money and finances according to the Mental Health Foundation (MHF). Financial Stress impacts our well-being and health.
This coronavirus crisis has increased this. It is believed that around one in five (22 per cent) of UK adults previously reported not having enough money as their primary reason for stress. It is now believed that one in three people are now worrying about finances such as bill payments and debts.
Financial insecurity is on the rise due to the pandemic so I have come up with some points to consider.
Check where you are and ensure you have perspective on your financial problems
A good starting point in handling financial stress is by feeling, facing, and then freeing your worries. Begin to observe your worries by identifying the source of your financial stress: is it a lack of employment? Low income? Crippling debt? Health worries? Next, let them go by not engaging in negative thinking.
For example, just because statistics are pointing to a huge increase in unemployment does not mean that you will not be able to find an income opportunity. Just because you’re currently in a lot of debt does not mean that you’re doomed to remain in a lot of debt for the future.
Have a plan
In order to execute a financial plan, it must be realistic for your unique needs and goals. For example, spouses may agree on why they need to manage their finances, but they can be on an entirely different page when it comes down to how they should manage their finances.
Most goals in life require a compromise or trade-off. For couples, a sensible suggestion to lower financial stress is to generate a list of financial priorities and then put ticks next to those you both agree on and question marks next to items up for compromise.
Ensure your plan is flexible
The only constant in life is change, adapting to this can be game changing for your life. For example, if you want to optimise your future for a life of financial independence, the road to making that a reality begins with simplifying your lifestyle. Although it could mean making sacrifices on the journey towards a better financial life, at least you’ll be at peace knowing that you’ve chosen a purposeful path to a financially stress-free life in the future. All plans can change and evolve.
Be focused and clear- declutter your life
After identifying the source of stress over your financial situation, stay focused on what you can do to change it by listing all of your possible options. This type of thinking can be fun and positive, and I’d encourage doing this with someone you love and trust such as your partner or a good friend.
These are the beginnings of creating a plan, which would help you commit to a pathway to seeing some change. At worst, it would lead you to ask better-quality questions about how to solve your problems. Finally, put things in perspective by activating gratitude in your life: make a daily list of three things that you’re grateful for, as this can remind you that among the many burdens of life, there are also many blessings to celebrate.
Always ask for help
Financial assistance could come by way of your Independent Financial Advisor. They may be able to help with your mortgage, pensions or reduce the cost of protection plans. It’s certainly worth investigating.
The Mental Health Foundation says that those who have someone to turn to when they need emotional support reported lower stress levels and better outcomes than those without. Relationships represent the missing piece in the well-being puzzle.
It’s not uncommon to become overwhelmed when keeping up with bills and tackling debt, and this can result in a stress-induced spiral. So don’t go it alone: Trusted and experienced friends or family members, and charities, are useful resources for those who find it too stressful. Loved ones can discuss what worked for them or mistakes they might have made on the money journey, while organisations such as Step Change or Citizens Advice Bureau can provide expertise and can even talk directly to creditors such as credit-card firms to help you set up workable debt payment plans. If it’s all getting too much, my wife works for Shout who are a brilliant organisation who can help by using their texting service, contactable on 85258.
I hope you have found these tips helpful, and if you do have financial stress issues, please speak to someone as I can assure you it will help.
Please stay safe and stay well.
Ian Poysden
