Will Braidwood Capital’s Debt Offer Add To Your Financial Stress?
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Avoid Financial Stress
According to a recent survey conducted by the American Psychological Association (APA), 60% of Americans admitted that worrying about finances is the biggest source of stress in their daily lives. The study found that the cost of health care was the top cause of this financial stress.
Arguably, money is the biggest reason why most Americans feel stressed out. Be it accommodation, health, education, career, all of these aspects of life are closely tied to money.
Another survey found that as many as 68% of American respondents stress over their financial situations. The most common cause of stress, found by this study, was debt. Almost 71% of the survey participants said that debt was a significant contributor to their stress.
Although financial stress is a very serious problem, there are ways to deal with it. If you’ve been struggling with managing your stress due to finances, we’re here to help you out.
By incorporating a few positive changes and tips in your life, you can manage your finances in a way that doesn’t stress you out. Check out the following tips to reduce financial stress.
1. Stick to a budget
Will Braidwood CapIt may sound obvious at first, but sticking to a budget can be challenging. However, that’s the only way you can manage your financial health. If you make a budget that covers all your costs and saves you some amount for your emergency fund, you’ll slowly start feeling relieved.
Sticking to a budget requires discipline. You’ll have to prioritize your essential expenses over others. Staying away from luxuries and non-essential expenses will keep you away from unnecessary stress.
Creating a budget can be as simple as laying out your expenses on a spreadsheet. You can also use budgeting apps and software to keep you on track with your goals.
Creating an emergency fund is also essential. However, you’ll need to pay off your debt faster to spare any money for savings.
Sticking to a budget sounds simple enough, but it’s harder to actually do it. Unexpected expenses set you back the most such as medical bills, childcare, loss of income, etc. That’s why having some extra money to tap into will relieve you of the immense financial stress.
2. Forgive your past mistakes
Avoidance coping is a coping mechanism adopted by most people who deal with stress. They start avoiding the problems so that they don’t have to deal with them. It’s a very critical problem because it prevents you from pursuing your goals. It leads to procrastination and agitation, which causes you to fall into further financial distress.
When it comes to financial stress, the reason may not always just be money. Sometimes, your past actions and mistakes make you feel guilty and keep you from progressing. Whenever you feel that way, you must remind yourself that you’re not alone in this. Millions of people deal with stress over financial problems.
In order to get better, you first need to deal with all the past mistakes that are holding you back. You need to forgive yourself for whatever happened in the past. That’s the only way to secure a better future. You can take ownership of your actions now and make better decisions.
Several studies have revealed that people who successfully manage their stress have compassion for themselves. It’s about time you take it easy on yourself and start taking small steps to reach your big goals.
3. Seek assistance
When something starts holding you back, it’s always a good idea to ask for help. You don’t need to go through the financial stress all on your own. There are several organizations that offer free financial counseling.
National Foundation for Credit Counseling is one such non-profit organization that can help you figure out your financial troubles. They have experienced financial counselors and advocates who can closely assist you in dealing with debt such as credit cards, mortgage, student loans, etc.
Apart from finances, you should also consider seeking emotional support. Talk to your friends and family. Emotional support makes a lot of difference in dealing with financial stress. Find your safe space and let it push you through tough times.
4. Manage your debt
If eliminating debt seems far-fetched, then there are several methods to manage your debt. Debt consolidation is one such excellent method. If you have credit card debt or any other bills, it becomes difficult to keep track of all your debts and their associated terms. Debt consolation simplifies debt for you.
Taking out a personal loan to consolidate your debt is what we would recommend the most. It usually has lower interest rates and fixed terms, which saves you from the uncertainty that comes with other loans. With a personal loan, you’ll know the exact amount that you have to pay each month and for how long. This reduces the anxiety of figuring out debt.
Debt consolidation with personal loans offers predictability and a sense of certainty, which can help you with financial stress. Moreover, you even have a chance of paying off your debt quicker.
5. Take it easy
Your life doesn’t have to revolve around money and debt all the time. Using relaxation techniques can help you lower your financial stress, and many of them don’t require any money.
Whenever you feel that you’re getting stressed, close your eyes, and do deep breathing exercises for a few minutes. Something as simple as that can help keep your blood pressure and stress in control. Keeping a warm towel around your neck is another technique of decompressing.
Activities like a walk in the park and spending time with your loved ones can go a long way in keeping you healthy and stress-free.
Money affects our lives, both financially and psychologically. Although it’s important to maintain a stable financial position, your health must be your top priority. By incorporating the tips discussed above, you can successfully deal with financial stress.