Do you feel stressed out by your finances? You’re not alone! A lot of people are overwhelmed by worries relating to money. This could be due to outstanding debts, not earning enough money or due to the general rising costs of living.
This Mental Health Awareness Week, here are some tips to manage your financial stress and improve your mental health!
Take account of your current financial situation
Knowing how much money you have, what is going in and out each month, and when certain bills are due can assist in reducing your financial stress. Having an understanding of your financial situation will help you reduce your financial stress.
We understand money is touchy subject, but it never hurts to reach out for help from family and friends. Keeping your financial worries to yourself will only make you feel worse! You could even reach out to a certified financial planner or debt advice charity - you can find one at: https://worldfpday.org or reach out to the Money Advice Service or Step Change.
Create a Budget
The importance of budgeting is under looked. Creating a realistic budget, that accounts for even the little things such as Deliveroo, will help you keep track of exactly what’s going in and out and force you to make changes in areas where you are spending unnecessarily.
Have an Emergency Fund
Setting money aside for unexpected expenses such as, household repairs, can contribute to reducing financial stress. We understand it may seem daunting, but you don’t have to put aside a large amount of money, all that matters is you are putting away money regularly.
Control your overall stress levels
Solving financial worries typically involves taking little steps that you will benefit from over time. Your money worries are highly unlikely to disappear overnight, especially with the current economic situation, so dwelling on this will just increase your stress levels.
The best thing you can do is focus on what you can control and take active steps everyday to lift your spirits! This could be regular exercise, meditation (Headspace app) or even eating healthier foods. They say cleaner body = cleaner mind.
So try to incorporate these suggestions into your life and we’re sure you’ll benefit from them in the long run.
This article should not be read as personal financial advice. Individual investors should make their own decisions or seek independent advice.