Debt, kids, apartment levies, the constant rise in petrol prices and lets not forget, 15% VAT. There are a lot of pressure points that create an unnecessary load of financial stress on us, here are 5 strategies that will help with managing financial stress.
1. Budget
Most of us are too lazy when having to actually sit down and calculate our monthly expenses. Many may think that by doing so, you're only adding to your financial stress but creating a strict budget is probably going to be one of the best decisions you'll ever make. Budget awareness helps you get control over your finances by allowing you to decide when is the best suitable time and how you are going to spend your money. It also shows you grey areas where you are spending too much on entertainment and unnecessary things, in turn you could rather use the extra money to put towards debt or an emergency fund. The first few months of budgeting is hell, its difficult but it teaches you discipline and responsibility but once you understand your budget and finances, it will definitely reduce the amount of time you spend worrying about money. Start with just one month's of expenses and then go from there cutting back in different areas each month until you find the perfect balance.
2. Emergency Fund
What if something had to happen at the most inconvenient time in your life where you're finances are completely depleted. Having an emergency fund where money is set aside to cover unexpected expenses and financial emergencies is a smart tool when managing financial stress, just in case S*** hits the fan. Building an emergency fund may seem overwhelming at first, especially if you are struggling to make ends meet each month. Start on payday by putting a R1000.00 away each month, and any leftover money you have in any category of your budget at the end of the month as well so that you can build up your emergency fund.
3. Put your pride in your pocket
If the struggle is REAL and you simply cant get a good budgeting system going for yourself, then do not be afraid to seek outside help. If your worried about judgements then attend basic money management & investment classes to help you create a budge that works for you so that you can succeed financially or contact a financial planner that can help with long term investment strategies when planning out your retirement. Know that you do not have to face financial issues alone, if you are in serious debt, make use of the credit counselling services or simply talking to someone outside of the situation can help.
4. Make a change
Often, with having financial issues in knowing that you don't make much money, decide what you can do to change the situation. It may mean that you should pick up on your studies or experience in your specific field so you can qualify for a higher paying job. If you have a spending problem and suspect it is an addiction, you may want to attend a Shopaholics Anonymous group to get help in dealing with the issues that you are facing. Once you have a plan that will help you change your situation, it should be able to reduce your stress. One way that you can prioritise what to cut back on is to determine the unnecessary costs. This may make choosing which items to cut much easier. Change is not always easy. Start with small steps that will ultimately work towards bigger changes. If you make a mistake along the way, it does not mean that you should stop trying to stick to your new budget or keep working on making those changes. It helps to realise that it is a lifestyle journey and even if you take a short detour, you should keep pushing, moving forward and making the necessary changes.
5. Stay Positive
Although finances can make you depressed, there is honestly no need to stay miserable and loathe in your doom and gloom. Stay positive, after all a positive attitude attracts positive vibes. Be patient with yourself and always stay proactive in how to better your situation with a positive mind and attitude. Perseverance is key.
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