How To Alleviate Debt Anxiety?
Of all the things that worry us and keep us awake at night, money troubles are the most common culprit. Unless you’re fortunate enough to have so much cash in the bank that you’ll never have to worry about money for the rest of your life, then at some point you’re going to encounter financial concerns. It happens to all of us, and we all need to know how to deal with it and how to hang on to our peace of mind when the going gets tough.
Money worries can take on many different forms. If you don’t have enough money to pay your essential bills every month, that’s the most pressing financial concern of all. There are other forms of financial stress though, like not being able to afford a house, a car, or a rented place of your own when you really need to, or being trapped at a certain standard of living because you can’t afford to take the next step up the ladder. When we find ourselves sweating over our finances, we need to make a few psychological and practical adjustments to keep stress and anxiety at bay.
Accept That You’re Not Alone
Even if you don’t take anything else away from this article, understand this – you are not alone. Even though debt feels like a dark, lonely place, you’re one of millions of people who are going through the same concerns at the same time. People don’t like to talk about their finances when things aren’t going well. Even the people closest to you might have financial concerns, and they could be in the same boat as you.
Being in debt or having financial worries doesn’t make you a failure, and it doesn’t make you lesser in any way than the people around you. Many people have walked in your shoes, and therefore many people found a way to move forward. Have faith that you, too, will find your way.
Look Into Lending
When there isn’t enough money in the bank to cover the essentials, you have to borrow it. That might not be the most pleasant conclusion to reach, but it’s an inevitable one. If you can’t find a way forward through saving or your income, you might have to consider taking on a loan to help you meet your objectives and then pay the loan off in affordable installments.
Even the process of finding a loan can be stressful because it places an obligation upon you to make loan repayments for months or perhaps even years into the future. Lending is a little like gambling in that you’re betting on your own ability to pay back the lump sum you’ve borrowed at a future date. It’s like an online slots game played between you and your chosen lender. Remember one of the most fundamental facts of online slots, though – you should only play when the game is fun such as Chilli heat mobile slot. If you found yourself overwhelmed by stress or anxiety, you’d log out of the online slots website and walk away. The same is true of shopping for a loan. Don’t do it when you’re stressed or anxious. Wait until you’re calm and settled, and then go looking with a clear mind.
Plan For The Worst
People’s fears about debt or lack of money are often irrational. They focus only on the immediate consequences of not having money rather than the medium or long term consequences. It might actually bring you some peace of mind to consider the long-term consequences of things not working out from a financial point of view.
What would happen if you couldn’t pay your rent or mortgage? You’d probably be evicted. Do you have friends or a family member who could accommodate you in the short term? If so, you know you’re not going to be homeless. That’s a positive thing. Don’t shy away from thinking about the consequences of money worries – think about them, and come up with ways of dealing with them. Once you have a plan for the worst of all scenarios, you’ll find them much less frightening as a prospect.
Talk To Somebody
Dealing with a problem alone makes everything worse. Your head becomes an echo chamber, and negative thoughts go round and round in circles until you can’t focus on anything else. You desperately need to speak to somebody about your situation, but you’re afraid to because you’re ashamed. That’s a big mistake. Suffering through money problems in silence is detrimental to your personal relationships. That’s why the silence has to be broken.
We understand that the thought of owning up to your problems is, in itself, stressful. The majority of people feel exactly the same way about it. When you do open up, though, you’ll probably be surprised to find out how many people around you have been through a similar issue. If the thought of speaking to a friend or loved one is too much for you, though, consider contacting a debt support charity over the phone or through the internet. There are many of them, and some of them are probably local to your area.
Undertake An Honest Review
Take out a piece of paper and write down every detail of your income, including all sources of salary and welfare. Once you’ve done that, write down every fixed cost you have in another column. Include a budget for non-fixed essentials, like food, clothing, and transport. Take one figure away from the other, and give careful thought to the figure you’re left with.
This will likely go one of two ways. You’ll either have more leftover than you thought you did, in which case it’s time to give serious consideration to your spending habits and keeping track of them, or you’ll find that you have a negative figure. If you have a negative figure it’s time to find out if you qualify for any additional welfare, or failing that, it’s time to speak to a specialist debt counselor who may be able to help you make new arrangements with your creditors and regain control of your debts.
It’s natural to worry about money, but worrying won’t solve a single problem. If you do nothing but worry, the situation will only get worse. The only route back to a healthy mental state is through taking positive action – and whether that’s through a debt relief method, through lending, or just through an honest conversation with someone you trust, any positive action is better than none at all.