How to Deal with Financial Problems?
The world is currently facing a few significant economic challenges, with many countries experiencing a range of financial problems that are impacting individuals, businesses, and governments.
Some of the key issues contributing to the current economic crisis include rising levels of debt, inflation, and unemployment, as well as the ongoing COVID-19 pandemic and its associated impacts on global trade and supply chains. As a result of these and other factors, many people are struggling to make ends meet, while businesses are facing unprecedented challenges and many governments are struggling to balance their budgets.
Like any source of overwhelming stress, financial problems can take a huge toll on your mental and physical health, your relationships, and your work life. Feeling beaten down by money worries can adversely impact your sleep, self-esteem, and energy levels.
But no matter how hopeless your situation seems, help is available. By tackling your money problems head on, you can find a way through these challenging times, ease your stress levels, and regain control of your finances—and your life.
If you’re struggling with money problems, you might be…
- Feeling guilty for spending money.
- Anxious or even afraid to speak to your bank
- Avoiding checking your account balance(s)
- Feeling too ashamed to reach out for money advice.
- Stressed, especially if you’re struggling with additional caring responsibilities, such as children.
- Borrowing money to meet day-to-day costs
- Struggling to save for the future.
- Someone who’s experienced financial abuse earlier on…
Tips to Stay Mentally Sane and Better Cope with Financial Problems
Don’t compare your situation to others
It might seem like money is all that matters – particularly in your friendship group and especially on social media – but this is a great time to remember that people’s lives are very different than what they show on their social media accounts. Focus on yourself.
Face your fears
When people feel anxious, they sometimes avoid talking to others. Some people can lose their confidence about driving or travelling. If this starts to happen, facing these situations will generally make them easier. But where do you start? A good place to do that is to begin by assessing your financial situation. Take an honest look at your income, expenses, and debt. You might be feeling overwhelmed by strong emotions that don’t compare or exaggerate the size of your financial difficulty. Meaning, it might not be as bad as it looks.
Do not give up your daily routine
Sticking to your routines keeps you grounded. I like to remind my clients that routines are a sure way to stay mentally balanced and are more needed in times of distress. That means continue to get up at your normal time, complete your morning or daily routines as usual. Failing to do that might affect your eating for example – you may stop cooking, miss breakfast because you’re still in bed, or eat snacks instead of having proper meals.
Draw up a budget, write down a summary of your finances and work out how much money you need to cover your costs. Putting aside some money for bills, creating an emergency fund and paying for essentials first can all help ease the stress. You may need to limit your spending for a while by cutting unnecessary expenses. Consider prioritizing your debts, or negotiating with creditors.
Speak to a friend or loved one about your worries
Avoid keeping your feelings bottled up. A great principle used in Rapid Transformational Therapy that I like to remind my clients of is ‘any feeling that does not find its way out through venting such as talking or crying will cause another organ to weep’. In other words, speak out! Opening up to someone you trust about your financial difficulties and how you’re feeling can really help. They’ll be able to offer you emotional support, a fresh outlook and may suggest solutions for managing money that you hadn’t thought of.
Brainstorm for potential additional sources of income
If you’re stressed financially, you probably need more money inflow to your budget. Stay open to new ventures. This might be a great time to come out of your shell, and trial a few things you hadn’t previously dared to. You can take on little projects and run your own side business if you’ve got a special talent or hidden passion like pressed flowers, art designs, even cooking ready-to-sell meals… Freelancing is an appropriate option to consider.
Be kind to yourself & Know you’re Not Alone
Be open-minded, empathetic, and receptive to whatever arises as you learn how to manage your money. Avoid letting mistakes, unanticipated costs, or other roadblocks demotivate you.
Don’t be afraid to ask for help
Often, we find that the way we handle or interact with money boils down to (again!) how we’ve been conditioned earlier in our life. Previous beliefs such as ‘I’m a horrible spender’ or ‘I never knew how to save money’ can be direct results of earlier programming that shaped us all through. In my years as a therapist, I’ve seen people who were unable to keep a cent in their pocket, even if they tried to. Sometimes, all we need to do is address those money blocks or defective programming with proper therapy. Managing financial concerns becomes easier when you learn to remove negative emotions and beliefs from the equation. Dr. Carla Kesrouani can help you overcome them. Set up a time to talk.