Recognizing Symptoms of Finance Stress and How to Deal With Them
Contrary to popular misconception, money isn’t always the easy way out to everything. In fact, it can be a major cause of great anxiety and stress in one’s life. People who have been accustomed to their money troubles may deny that they are actually experiencing finance stress, which is a real and gnawing issue that may eventually take a toll on their health and even their sanity. World-wide recession, slimmer job opportunities, steeper prices of commodities, and mortgage crises, among other things, can contribute greatly to finance stress. This article presents the most common symptoms of finance stress, and how to cope with each of them before you drown in them.
Bad budgeting decisions:
For some reason, people with finance stress make the most impulsive decisions on where to spend the last of their money. Then their finances are gone before they even realize it. The first step to targeting finance stress is actually awareness of supply and demand. How much money are you actually making? How much money do you actually need? To answer this question accurately, you will need to prioritize. But what do you put on top of the list? According to Maslow’s hierarchy of needs, prioritize basic needs first – food and shelter. Put needs first before wants. And if buying something can be deferred without consequences, don’t buy it yet. Finally, never exhaust your resources. The rule of thumb of budgeting is: never spend more than what you actually make.
Avoiding insistent debt collectors:
Credit card and loan collectors will bug you everyday, and you hide in the dark to avoid them, but you’re actually only prolonging your agony. These collectors may seem ruthless, but there’s also something called an amicable settlement, where you agree to pay off debts based on what you …
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