Today’s article is being contributed by Rebecca Robertson from Evolution Financial Planning. With over 22 years’ experience in the financial services industry, Rebecca is the woman to go to if you need financial advice. Rebecca understands the financial difficulties specifically faced by women, including the stress that managing finances can cause. So I’m sure you’ll love this article and find some useful knowledge to carry with you.
Staying in control of your finances and managing financial stress
We all experience at least some level of stress in our day to day lives. But the added pressure of financial stress on top of whatever else you have going on can really make things hard to bear. Trust me, it doesn’t have to be this way. Obviously I could never have a full understanding of your financial situation without meeting you. However I am willing to bet there are some things you could start doing that will help you to get in control of your finances and start worrying a bit less about money!
If you feel like you need to discuss your financial situation in detail, talk to a seasoned expert and get the in-depth financial advice you deserve, here.
Understanding financial stress and its effects on your life
People who are under the most amounts of financial stress tend to be either unemployed or working low income jobs. These are difficult situations and I would never try to belittle anyone else’s personal struggle. However there are also a lot of people under financial stress whose situations are not as dire as they might think. Wherever you lie on this stress spectrum, I am here to tell you that there are actions you can take TODAY that will give you more control of your finances. But first, let me tell you why you should do it TODAY.
While it is normal for most people to occasionally stress about money, it becomes a serious problem when you can’t enjoy your life due to constantly having money on your mind. Financial stress left unchecked could develop into more severe mental health issues that will impact your quality of life. Bad mental health can lead to bad physical health and that is why it is so important for you to get in control of your finances as soon as possible. Don’t let it go that far if you can help it.
Financial stress and unhealthy coping mechanisms
People who are dealing with a lot of financial stress also often develop unhealthy coping mechanisms. If you are someone who is struggling with some bad habits then maybe you should think about whether or not these coping mechanisms/habits are rooted in financial stress. Unhealthy coping mechanisms caused by financial stress can range from over eating all the way to drug abuse. But the way to combat bad habits is with good habits and fortunately for you, we specialise in developing good financial habits and maintaining them.
How to budget to control your finances and manage financial stress
Life can be unpredictable and that is why budgeting is such an important financial skill to develop for anyone. If you can work out exactly how much money you need to get by each month and then set that aside this will reduce the financial stress you experience significantly.
Ultimately if you want to be in control of your finances, you have to take control. So I would strongly advise you to de-clutter your budget. Find out exactly how much money is coming in each month, then set aside however much of that you need to pay bills, buy food etc. Then work out exactly how much money is leaving your account each month and try to whittle this down until your outgoings are only spent on absolute essentials. The more you learn to control where your money goes, the less stressed out you will be about it.
Taking control of your finances one step at a time
Being affected by financial stress does not necessarily mean that you are struggling to afford basic necessities. Some people have enough money to get by each month but they are running out of time to save for something that is important to them. Wherever you are with your finances, it never hurts to start with a list.
Make a list of everything that is stressing you out financially. Get everything down on paper no matter how small. Then choose the one that is most important to you now and start inching towards a solution. Stay focused on this one thing until it is dealt with and then move onto the next biggest thing on the list. This way you can avoid feeling overwhelmed and hopeless.
Even if you cannot tackle the list on your own, at the very least you have a roadmap of how you are going to take control of your finances. If you need assistance you can take this list/roadmap of your finances to an expert and they will be able to see exactly where and what you need help with.
If you are feeling financially stressed you are not alone and you can get help
I hope I have given you an idea of how to cope with financial stress and how you can start re-taking control of your finances in this article. Financial stress does not discriminate and I guarantee you will know or have known someone who is or has been struggling financially. So if you need help, reach out to experts and start taking steps towards being financially stress free today.
If you want advice on anything from insurance to investments, get in touch with a seasoned financial advisor today.
If you are struggling with your mental health, please do speak out: you could talk to your GP, a friend, family member or colleague, or book an appointment with a counsellor.