Are you worried about your finances? If yes, then let me tell you, that you are not the one to get stressed about money. Infact money is the most common cause of stress among the American adults. According to American Psychological Association, as much as 72% of the adults feel stressed about money be it paying rent or about debt. It is important that you learn to deal with your financial stress as neglecting it might lead to several health issues. You can get in touch with the best life coach in Canada who will help you dealing with financial stress.
Best Mindset Coach in Canada helps you handle your financial stress
Like any other source of mental stress, financial problems can too take a huge toll on our mental health, your relationship and deteriorate the overall quality of your life. If you are feeling bogged down by money worries, this can have a negative effect on your sleep. You might start having low energy levels and low self-esteem. However, no matter how hopeless your situation is, help is always available. It is important that you handle your money problems head on.
Top 7 ways to deal with Financial Stress
- Understand the origin of the stress
First you have to understand what the reason behind your money stress is. Is it because:
- You are not able to pay your bills or you are unable to pay your bills in time
- You are unable to pay debt.
- You have lost your job or you are worried that you might lose your job.
- You are worried about an upcoming expense which you might not be able to meet.
Once you understand the main sources of the financial stress, you will then be able to tackle the money issue better. List out the things that are causing stress. Review the list atleast twice to thrice a year. If you are able to handle the biggest money stressors, you will be able to bring about a positive progress. To better handle your stress you can connect the best mindset coach in USA.
- Prepare a budget
If you plan out your expenses, that can reduce the level of your stress to a great extent. Check your net income and if you have just one source of income, it will be easy as you just need to check your pay check. If you have a part time job as well, just calculate your average income in the past 3 months. You will then have to review and track your spending, so as to get a better understanding of your expenses. Try to find out the expenses, that are necessary and the ones that can be cut down. The budget that you create should be able to reflect what matters to you the most so that you know which items to cut back on.
- Have an emergency fund
It would be good to keep aside some money that will help you handle emergencies. This will help you be at peace regarding your finances. You can simply start by keeping aside a few dollars a week. As your finances improve, you can start increasing the amount for the emergency fund.
- Increase your income
Apart from finding out some ways to reduce your income, you should also find out ways to increase your income. This will help in cutting down your financial stress to a certain extent. You can use this extra income to may be pay some of your debts.
- Automate few of your financial transactions
If you tend to forget the date when you have to pay the bill and consistently have to give late fee, it is highly recommended that you set up the automation. This can actually help you save some money in the long run because you no longer have to pay the late fees. Rather than trying to remember moving your money to an emergency fund, you can set up an automatic transfer.
- Improve the communication style
At times financial stress can be due to the fact that you are not able to communicate about your finances with your partner. Might be you are not telling your partner about the major purchases and are not aligned with him or her in regards to your financial goals. Not talking about money might not be a direct cause of concern, however, this can add to your existing financial stress. Do have a healthy communication with your partner. You should try setting up some time where you sit with your partner to discuss about the finances. Plan ahead, so that both of you are prepared as money at times can provoke strong emotions during discussions. Make yourself comfortable. This will help you keep things as amicable as possible.
- Get help from outside
You do not have to always assume that you have to do things on your own. At times getting outside help can prove to be highly beneficial. You can get in touch with a good mindset coach in Canada or USA, who can help you deal with this stress. He or she can make a difference in your life by teaching you to change the way you think.
Conclusion
Financial stress and anxiety are quite common these days. You might be stressed out because you are finding it difficult to meet your expenses due to inflation or you might be worried about the safety of your money in the banks because of the several high profile bank failures. Though it might take a lot of effort on your part, however you can work to stay ahead of your expenses and reduce your financial worries. The best way to do this is getting in touch with a mindset coach, who is experienced and will help you in this.
