How To Tackle Financial Losses - My Suggestions.
I have been telling myself and a few of my friends that the worst thing that could happen to us considering our current financial status is to fall sick, it's going to be a terrible thing I tell you.
Financial stress is a very terrible thing to happen to anyone when you have your onions and you are sure about having everything about your finances sorted out, it brings peace of mind, but when you can't, it is only normal that you get stressed and anxious about everything about you.
Since I know that I need to keep my health and mental health in check, I have told myself never to stress about anything at all, regardless of how the situation looks. It is better to manage what I have to eat than falling sick and having my family members run around for funds.
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At some point, people experience financial downtimes and this could be for various reasons, some of those reasons include;
Unpaid debts: The heart gets weary when there are pills of unpaid debts, there is an increased financial burden which is a strong cause of financial stress.
Being underemployed, which is not earning enough to sort out your bills, and not being employed completely can ultimately affect your everyday expenses as well as your lifestyle.
Economic challenges like recession, market downtimes, and inflations can adversely affect your savings and leave you very worried and scared.
Unexpected expenses like medical bills, and car issues could create very strong financial strains and worries.
Increased financial responsibilities like parenting, marriage, or taking care of a sick relative can also create stress on one's finances and mental health.
When there are no savings, either because of being underpaid or unemployed, it can be really stressful and mentally draining too.
Stress about not having enough money saved up for retirement is also something that stresses people out a great deal.
When one is financially stressed, it would begin to produce fruits;
Shame or embarrassment: You just begin to feel less worthy and feel ashamed about your current situation.
Anxiety and worry: The thoughts of where the next bill will come from send cold shivers down your spine, or just checking your account balance and seeing there is nothing there.
Anger: You most likely begin to feel irritable and angry when your finances are strained, you may begin to yell at your loved ones, getting angry unnecessarily also.
Withdrawal socially: Gradually, you begin to stay away from all forms of social activities, either because you do not have money to spend or you do not just feel that you fit into the circle.
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Decision paralysis: Being stressed in terms of finance could make it extremely difficult for you to choose the next thing to do in your life, the next phase for money to be channeled to, since everything seemed to come all at once.
Insomnia: Financial stress can increase your pressure about bills, debts, and situations you are unsure of financially, this would make it difficult for you to fall asleep or stay asleep.
Fatigue: Severe stress can drain your mental energy, financial stress which includes excessive thoughts/brooding is one of those things, even when you sleep well, a sense of sadness would still be created in every sense of it.
Depression: Constant worry, and feelings of helplessness that come with financial difficulties could create a sense of sadness in every word.
Lack of self-care: With the money coming in not being enough for basic needs, the need for self-care and medical check-ups would be a secondary priority and nothing to worry about.
Physical issues: Headaches, digestive problems, muscle tension, and elevated blood pressure can all come up as a result of worrying about finances.
These are serious problems that require solutions.
Money worries are present in the lives of some of us right now, but knowing how to manage it would help in relieving financial stress and moving towards a better mental well-being and financial future.
Learning to include stress management techniques into your daily routine can help provide solutions to the psychological impacts created by financial stress. Meditation, deep breathing exercises, yoga, meditation, and positive affirmations can help you relax a great deal. Set time aside every day for activities that would help you relax like reading, walking, or even picking up on some hobbies that would help you get out of that phase of stress.
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You need to be clear about your financial stand, so take an honest inventory of your income, expenses, debts, and savings, this will help you know where your stand is, and also help you identify what needs to be streamlined to achieve a clear financial purpose.
You also need to learn to love yourself a little more than your financial situation, remember that your current state does not completely define who you are as a person or your future, so take it easy on yourself and be a little bit more compassionate with yourself.
Getting professional help to help you handle your financial situation may not be a bad idea at all, these professionals offer help with savings and managing debt and you may also seek the help of a counselor or therapist to help with the mental health situation.