Coping with financial stress is not only possible, but may help put you back on the path of financial stability!
Let's face it, we are living in one of the most financial challenging
times of our history.
- Unemployment is at an all time high
- There never seems to be enough money at the end of the month
- Retirement savings at an all time low
Someone has said that FEAR is really:
- False
- Evidence that
- Appears
- Real
Here are 3 Tips on how to cope with Financial Stress:
FIRST: As bad as your financial situation seems, it is probably not as bad as you think!
There was an article from ABC News that really nails the problem:
Don't scare yourself with "what if" scenarios. Don't tell yourself panic-inducing stories about the future, because you'll begin living in this catastrophe that hasn't actually happened. Instead, look to the past, at the stories of how you've rebounded before. We're in a time of incredible uncertainty but the future is never certain -- remember the tough times you've made it through before.
You can probably recall tough times before and somehow, someway, you made it! YOU CAN DO IT AGAIN!
SECOND: Determine exactly where you are financially.
If you haven't done so, you need a very complete budget.
I know, things may seem so bad that you may be thinking, What's the use?", but you have to know!
Remember? FEAR = False Evidence that Appears Real
Once you know how much you have coming in (net take-home from all sources) and how much you have going out, you can start to deal with the problem or at least free up some outgo that you most likely can live without each month:
- Daily Starbucks ($3 for a cup of coffee x 5 days x 4 weeks = $60)
- All the extra channels on your Cable TV (you may save $25-$35)
- Going out for lunch each day ($10 x 5 days x 4 weeks = $200 !!!)
And there is probably more, but you get the idea.
You could free up a coupld of hundred dollars without too much pain or sacrifice!
THIRD: DON'T BE TEMPTED TO USE (OR KEEP USING) YOUR CREDIT CARDS!
I know the rational behind using credit cards to make up for lack of income, but in the long run, you are just charging your way into a black hole that you may never recover from.
But if you have serious credit card debt, what can you do?
There are several programs available and you should request a FREE CONSULTATION to determine if one would work for you.
Learning how to cope with financial stress is not impossible.
Remember these 3 tips:
- Your financial situation is probably not as bad as you think.
- Find out EXACTLY where you stand financially.
- Don't be tempted to use those credit cards!
Fianlly, if you are being harrassed by collectors, click below for free information:
photo by: anitafrances
