HANDLING FINANCIAL SITUATION WITHOUT GETTING OVERWHELMED
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source It is quite normal and common to be anxious about money related issues such as paying back debts, paying rent, money for emergencies and so on. Money is one of the common cause of stress that leads to health related issues across the world. Most individuals that are prone to experiencing stress that comes from lack of money are those that earn low income with lot of financial responsibilities. It is easy to be faced with financial stress when it is difficult to sort out needs that arises especially the important ones.
These stress may be heightened when you do not earn enough from your job and the job does not still give room for you to take up another job to augment your earnings. We all know that it is not easy to rely on one job to be fully financially stable in our world today, we have to be engaged in multiple stream of income to be financially free to some extent. But, if your work environment does not allow you to do some extra side hustles that will allow you to support yourself it may add to your stress.
In addition, the fear of not being able to survive also make a lot of people stay in a job that isn't favorable. Let me break it down. People are always afraid to leave their present job that is not paying well and that does not also give room to take up other side jobs because they feel they may not be able to take care of their immediate needs during the period they will be looking for jobs. So, they encourage themselves with "half bread is better than none."
source A lot of the world's population are always concerned about money every day of the year due to the bad economy. There are so many unemployed people in the world that have to cater for themselves on a daily basis. Even the employed ones still struggle with using their income to maintaining their life. These financial crisis can begin to cause issues in people's life such as not having the ability to concentrate on other aspects of their life. It can begin to tell on the overall physical and mental well-being. Constantly thinking about how to get money to solve issues can result in depression, anxiety, increase in body temperature, headaches etc.
I know of people who have spent their salary to the last even before they receive the credit alert at the end of the month. This is as a result of the goods or services they have got on credit during the month. So, once they receive the salary they just have to pay their debts and may be left with little or nothing. This practice may cause so much mental torture for persons like this because they will keep thinking about their way of life and how hard life treats them. For people who do not have strong will or who weren't able to get professional help in time, they may start feeling depressed or even suicidal.
However, it is important to know how to handle financial stress so that you can be able to take full responsibility of yourself, people around you and by extension securing your dream life. The first way to handling your financial situation is to create more streams of income for yourself. When it gets to the point that your present income can't cater for your needs, then you need to double your hustle. In creating multiple streams of income you should not start jobs that will create more stress for you which may affect one job and reduce your productivity. It must be a balanced equation.
Also, you must take time to go through your budget to remove the things that you do not have to necessarily spend on or to reduce the amount you budgeted for some things. From time to time, you'd realize that there are some things you do not need that you are spending on, so you can remove them from your budget and you'd see that you will have more money to do more important things. The more you are able to take full responsibility for your spending, the more you will be more financially independent.
source In all of this you will be able to control your debt as well. When you do not spend unnecessarily you will stop buying things on credit and stop accumulating debts, here and there. Debts can be a major problem when it comes to finances. The pressure that the people you owe mount on you may make you go into hiding, feel ashamed and feel low of yourself. Therefore you must try to pay off your debts first if you want to be able to handle your financial situation. You may start by paying the lowest ones first before moving to the highest ones, or any pattern that suits you best.
On a final note, if your financial stress is overwhelming to handle all by yourself, you may seek support from your family and friends. Speak to them about it and let them share in your concerns. Do not keep it to yourself for too long, it may cause more harm. You don't necessarily have to give them the full details but you'd feel much better when you speak to someone about it.
