As ever, shining a light on the real aspects of mental health that affect so many of us is an important task. Particularly with this one. Money is something that we all have to deal with, and something that we don’t all have the best handle over. It can cause stress and anxiety that we have to learn to deal with. But we can also learn the specific sources of money stress and do our best to combat them, overcome them, and prevent them in future.
The majority of money stress is caused by the seemingly simple problem that expenses exceed income. Household income is becoming more volatile, with homes seeing moves of 25% up and down causing a lot of upheaval. These are uncertain times, so living flexibly and identifying ways to change your expenses is crucial. For instance, be aware of a potential need to downsize your home. Get in control of your money by budgeting it and identifying every expense and how to cut it. Schedule things like bill payments and direct debits around the same time so you’re not caught short.
The majority of people experience debt in some form in their lifetime. An overdraft. A home loan. Credit cards. Debt is a tool that can be used effectively but when it becomes too much, it can feel like a stone around your neck. The best advice is to be proactive. Beyond coming up with a debt management strategy and looking at options like consolidation, you should be willing to talk with creditors when you know you can’t pay. If you speak up early enough, many are more than willing to help find a more reasonable payment plan. It might hurt your credit rating, but staying silent with debt can result in them turning to collections agencies and ignoring them can be truly dangerous.
Money should be put to a purpose, too. Later life money stress is most often felt due to a lack of retirement funding, savings, or life insurance. The budget mentioned above is the best way to start finding little extras you can save towards completing these goals now. It also pays to be aware of the many different options that can make them more attainable. For life insurance, this health iq review highlights one option that can drastically lower payments for those who are health conscious. For retirement funding, your employer is often the best ally to find in making sure that the most is made of your contributions. The important thing is that you don’t procrastinate.
Lack of understanding
The stresses above are most often compounded by a lack of understanding the solutions at hand. However, there are always options for financial help or even sound advice that can help the majority of situations. Beyond using these sources to help yourself, you should be sure to teach your children about the realities of money so they don’t face those same stresses in future.
Just as you should never sit on mental health issues, you should never sit on money troubles, either. The solution could be out there, you just need someone to point the way.