Financial stress can happen to anyone – even those who manage their money well.
If you can reduce your money worries, you’ll be able to relax and focus knowing you have a plan that can help you handle your financial situation.
Here are 6 tips for coping with financial stress:
1. Don’t try to ignore it
Often the way people deal with stress is to try and put it out of their minds. But ignoring it isn’t going to make it go away.
Stress can be managed when we are willing to accept our situation and commit to taking the steps necessary to get back in control. If left unmanaged, stress can compound and cause lasting impact on our health, mental and emotional wellbeing.
2. Take back control
Often feelings of stress occur when we feel like we are not in control of a situation. So to reduce stress, take back control of your situation by determining what you can change.
Financial stress is usually caused by an income or a spending issue or a combo of the two. So take a look at both of these areas of your finances and see where you can make changes to improve your situation and reduce stress.
Read more: 5 ways to prepare your finances when starting a business
3. focus on the positive
Often what compounds financial stress is a feeling of hopelessness. But by focussing on the positive in your life it can make a big difference in the amount of stress that you feel.
Take a stocktake of all the things in your life that you are grateful for and consider tracking and rewarding your progress towards your financial goals.
4. Practice Self-Care
Regular exercise and self-care can reduce your overall stress and enable you to better focus on your problems, which in turn will help you find a solution.
When you look after yourself, you’re more likely to feel empowered and positive about making changes to your financial situation. Problems are much easier to face if you’re not worried and afraid all the time.
Read more: 6 entrepreneurs on how to make the hours in a day work for you
5. Don’t fall for debt rip-offs
If you’re in debt, be careful choosing who you get to help you.
Type “debt help” into google and you’re likely to be overwhelmed by offers from debt management firms such as credit repair companies, debt negotiators and debt agreement agencies all promising to fix your debt problem and heal your broken wallet.
But be aware of the strings attached. This clever video created by the National Debt Helpline takes a look at “debt dating”.
6. Get help
There are many great tools and resources on offer to help you if you feel overwhelmed or financially stressed.
ASIC Money Smart: provides a range of helpful information on how to talk about your money situation, create a budget or find the right support.
National Debt Helpline: a not-for-profit service that helps people tackle their debt problems. Fact sheets, tips and access to financial counsellors.
Financial Counselling Australia: the peak body for financial counsellors in Australia offers a free financial counselling phone line and resources to find a counsellor in your local area.
Imalia's Financial Life Planning: we understand that women often lag behind in planning for their financial security and are committed to transforming that situation for all women.
If you are inspired and would like to join the revolutionary movement that Imalia is creating, you can request to join our Facebook group The Wolfpack, to share ideas and learn from other like-minded women.
This is an edited version of a story that first appeared on Financy.