HAVE you experienced any of the following?
You find it difficult to sleep at night because of some unsettled financial obligations. You always find yourself ranting about how hard you’re working yet not getting enough money to pay your bills? Your bank account always seems to scream “not enough!”
You could probably be battling financial stress.
Just like any other type of stress, too much of it can harm your well-being, and before you can deal with these stressors head on, you first need to identify the causes.
Here are very simple causes of financial stress that you could be disregarding. Check them out and see if you can finally crash them off your list.
Unplanned spending
Being spontaneous is OK but not when it comes to your finances. Because your finances involve a lot of money decisions, you might as well calculate your moves, every time, yes, even in spending (especially in spending!). There is a reason why budgeting is an integral part of saving. It makes you stay within the estimate of a certain expense so everything else in your finances is balanced.
Impulsive spending can cause an imbalance in your finances. Have you tried giving in to that 50 percent off discount on your favorite pair of shoes? What happened to your budget right after that unplanned purchase? Isn’t it that you had to readjust your budget to make sure everything gets accounted for and paid on time?
When developed into a bad habit, unplanned spending can contribute to financial stress.
Unsettled debts
Not only do unsettled debts give you financial stress, it also causes mental stress, having to deal with people you are in debt with, calls from financial institutions you are in debt with, stress level with this one is utterly high.
You can picture a heavy chain around your feet and ankles. That’s what unsettled debts do to you, it keeps you from moving forward.
If you want to be free from financial stress, settle your debts. Before you even think of saving, settle your debts first. You enjoy your finances more when you are debt-free.
Low or no savings
Your savings can help you become secure in your finances because it provides a safety net especially during emergencies.
Imagine an out-of-pocket medical need or a sudden loss of income? Your savings can be the superhero that saves your day. But what if you’re low on your savings because you were not religiously setting aside money for it? This is when financial stress sets in.
Nobody ever wants to be stressed out financially, not when you can find ways not to be. Start with these simple reminders: Mind your spending and plan it well, settle your debts and move forward, commit to be religious with your savings.
THINK. REFLECT. APPLY.
Have you been in financial stress in the past? What was the biggest factor that caused the stress and how did you handle it? Think of other causes of financial stress in your life and list down solutions to deal with them.
The art is not in making money, but in learning how to manage and save it.
