Ask anybody who’s anybody what stresses them out the most in their lives and chances are it will relate to finances. Clearly, there are a lot of reasons a person might be stressed about money since it’s tied to just about everything. Yet when this stress is unresolved and ongoing, it can start to impact your health and every other area of your life.
You may not be able to control everything as it pertains to money but taking the time to do what you can relieve a lot of stress. As there are too many money woes to list, here are two of the most common personal finance issues and ways to overcome them.
Not Having Enough Money
One of the biggest financial stressors is not having enough money to survive. Despite the turn of the recession, there are lots of individuals who are underemployed and unemployed. The cost of living continues to rise but finding adequate pay is tough. You may not be able to increase your salary or force someone to hire you, but there are ways you can reduce the stress of not having enough money.
Create a Budget – The first option would be to create a budget. Having a budget allows you to see on a monthly basis what you spend versus what you bring home. If your income isn’t enough, you can start changing your spending habits and eliminating unnecessary expenses to get by.
Start a Side Hustle – Another option when you’re pressed for cash is to start a side hustle. You won’t have to quit your regular job but can work during your downtime to earn extra cash. If you don’t have the means to start a side hustle, see if you qualify for personal loans for bad credit where you could get as much as $1250 to start.
Too Much Debt
Debt is another common financial stressor. Some people mismanage their credit accounts, some bite off more than they can chew, and some fall on hard times and fall behind on their bills. Whatever the case is, when debt gets out of control it can get really stressful and ugly fast. Ruined credit histories, repossessions, lawsuits, wage garnishments, and more can be the result.
Negotiate with Creditors – Start by creating a list of debts you have and the amounts due on each from smallest to largest. Then, contact each creditor or service provider to develop a settlement or payment arrangement. Make sure the arrangement is something you can afford as you don’t want to end up making matters worse. Finally, start with the smaller debts and work your way up to the larger ones. You can use funds from your side hustle to help get debts paid off faster.
Get Professional Help – If your debt is really out of control, don’t be afraid to get help managing your money. you may need to reach out to a financial advisor, credit counselor, or bankruptcy attorney to get further assistance.
As long as money is tied to everything there will always be things that stress you out. Be that as it may, if you start feeling overwhelmed with your finances or by the stress of it all, you need to act. Start by identifying your stressors and then developing solutions such as those above that will help you overcome your challenges. It may take some time but as long as you’re making progress you’ll feel the weight lifted before long.