In this fast paced world where there are many reasons to be stressed, money stress can be one of the worst worries that can make you lose your happiness, sleep, focus and a lot more. When you have dues of all sorts from education fee to mortgage loans and credit card loans, with seemingly no source to honor your financial commitments, it is not uncommon to be stressed. To save yourself from stress that your poor finance gives, here are the best 10 recommendations that not only relieve stress but also improve your financial health.
1) Know Why
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Yes, you are stressed because of your money worries. However, to overcome stress, you need to know which of the money concerns worries you. For example, let us assume you are earning enough to cover your bills and save some money but not enough for emergency funds and retirement plans and your neighbor just about survives. Both of you may not have the same type of financial stress, right? Hence, knowing helps in solving. Here are some aspects to consider:
- Unable to meet monthly household expenses
- Defaulting on monthly loan repayments
- Unable to save money
- Forthcoming major expense like educational fee but unable to fund
- Owing money to financial institutions and individuals
- No plan for secure retirement
Once you identify the stress trigger, you can start planning for a better tomorrow.
2) Have A Budget
Whatever the above-cited reasons that have caused you money stress, the underlying fact is that you are short of funds regardless of your earnings. And the most common reason for the same is spending more than what you earn. This is where budgeting comes to help.
One of the most often offered financial advice is to have a budget. Without a budget, you will never know how all your earnings are spent and you will also never know how much of the hard-earned money is wasted every day. Creating a monthly budget helps to control how you spend, improves your saving habits, increases your investment and reduces your loan.
3) Reduce or Clear Loans
Not owing money to anyone can be one of the best financial stress relievers. Once you plan a budget and start saving money, set goals to reduce or clear loans. Owing money aggravates stress and even if it is a smaller amount, the stress level remains higher. Once you start paying back your debts, your confidence level will increase and stress decrease. Start with the smaller loans as they were comparatively easier to close, your productivity level increases.
4) Increase Your Income
Cutting down your expenses and increasing your income simultaneously work faster to relieve your from financial worries. Whether you are in business or employed elsewhere start from within to look for ways to increase your earnings. If you are in employment you can ask for a hike or look out for opportunities that offer higher pay. If you are in business, diversify your services and take in more clients if you don’t want to increase your service charges. Once you earn more you will be in a better position to close your loans and increase your savings.
5) Have Realistic Approach
Once you are deep down in debts, there is really no point in pondering over how you lost or any or every wrong financial move you had made. Neither does it help to hope without plans to clear your debts. Think of ways to come out of financial stress and start working on them. If you intend to seek help from family, friends or relatives do so. Whatever is offered reduces your loan and stress. Set achievable financial goals so that you are not disappointed. Having a realistic approach helps to assess how long will it take to come out of the financial mess and work productively towards achieving the goal.
6) Track Your Progress
You may not make a great progress in the initial months but knowing you are progressing, even if slowly, boosts your confidence. You now have your budget and goals, both short-term and long-term. By tracking your progress, you will know how far you have come towards reaching your goals. If you are looking to close a debt that has been stressing you, let the date before which you intend to repay be written along with how you intend to save for the repayment. Once you have these written down, work to plan, and track periodically to assess your progress. Knowing you are on the right track will relieve your stress and boost your confidence. Tracking also helps to spot unwanted expenses so that you can reduce such expenses to save more.
7) Stop Feeling Insecure
The national economy may not present a healthy picture but that does not necessarily mean that you will be out of a job. Even assuming you are about to be relieved from your job or you are contemplating winding off your business; it is not the end of the world. Life is full of opportunities to those who seek. Fearing the worst stresses you so much that you fail to recognize brighter prospects. The more insecure you feel lesser becomes your confidence level and chances of succeeding. Feel safe, be hopeful, work hard and be successful.
8) Have A Healthy Social Life
A trait that goes with being financially stressed is the inclination to remain in isolation. Being away from the company is one of the worst stress triggers. When you are financially small, trust your family and close friends to confide in them. Even if they are unable to bail you out, you will have their moral support to come out of money worries. Mingle with people; enjoy company as you would do if you were without money stress. After all, life is not all about money, and everything and everyone that is valuable is not measured with money.
One of the first things to be recommended for a healthy life is exercise. It is also one of the few healthy things that can be practiced without spending much. Whether you enroll in a gym or you are all on your own, exercising can be a great stress buster. Start exercising regularly not only for relieving stress but also for your health. Having exercise partner keeps you motivated to perform. Yoga is a great stress reliever. Regular practice of yoga promotes your physical and mental health. Enroll in yoga sessions for professional guidance.
10) Practice The Art of Being Positive
It is easy to remain positive when the tide is in your favor. It needs the right mental frame of mind to have a positive attitude when things look bad. Believe in yourself; believe in your ability to succeed. Never allow negative thoughts to occupy your mind. Never engage in presenting a pathetic picture of yourself. Even if you are not doing well, never discuss the same with others. Every negative thought that is repeated produces nothing but negative results. When you feel down, recall all your achievements and are inspired because if you had done it once, you could always do it again and again. The more positive you are, the better are your chances of succeeding.