‘Money Mondays’ – Financial Stress
Living with debt can be very stressful. Most of us are in debt in some form. Student loans. Bank loans. Reconsolidation loans. Credit cards. Payday loans. Sometimes the pressure of debt can get a bit too much. So here are some top tips on how to cope with financial stress arising from debt.
We contacted Stepchange who are the UK’s top debt agency, to offer their guidance on a number of topics to share with you all as part of our ‘Money Mondays’ series.
5 tips on how to cope with financial stress
Living with debt can be stressful. When you are stressed, this can affect your appetite, sleep, working life and also your relationships. Especially if you have started to borrow money from people. The only thing you can do is to take control of the situation. Create a budget. Look at what debt solution is right for you. The longer you leave it, the more damage you could potentially be doing over time.
Read our Top tips on how to manage debt.
1. Build a support network
Being in debt can feel quite isolating. You are constantly broke before payday. Your friends are fed up hearing about how broke you are or have stopped asking you out with them. The minimum payments on your cards are wiping out your money for the month and you are borrowing from your partner, friends or asking for advances at work. You are constantly worrying and the stress is getting too much.
It’s important you build a support network around you. Confide in someone close to you. Ask for professional help. Things may seem like they won’t get better, but they will.
2. Face your demons
When you are stressed, don’t bury your head in the sand. Turning to your vices for support will only make things worse. Drinking will exacerbate anxiety and depression; it also costs money too which will make things worse for yourself.
How many times have you lost sleep worrying about your debt? Don’t feel embarrassed about your situation. Facing up to your problems and getting help will alleviate stress and anxiety.
3. Make living on a budget fun
Creating and sticking to a budget might sound stressful. However, if it means you are working your way out of debt, then do it. Make a list of all of your debts and what you have left each month. Download a spending app today to track your spending. If you feel overwhelmed, then seek professional help. Try and make living on a budget fun. Ask your friends to support you right now. Avoid expensive nights out and look for things to do that are free in the city!
4. Look after yourself
You’re stressed. You are not sleeping. You are surviving on coffee and alcohol. Your concentration is shot to pieces and you are snapping at everyone around you. It’s really important to look after yourself right now. Don’t stay in bed worrying about everything. Go for a walk. Call a friend. Cook yourself a nice meal. Drink water. Rest. Have a long soak in a bubble bath. You need to be your best friend right now.
5. Get professional help
Don’t suffer alone. It’s easy to keep going, through pride or to bury your head in the sand hoping your problems will go away. If things seem hopeless, seek professional help. Once you start to get control over your finances, you will start to feel less stressed.