Difficult financial times can lead to feelings of stress. Here are ten ways to ease your anxiety by focusing on the areas in your life over which you have control.
- Make sure to take care of yourself. Eating right, getting enough sleep, setting aside regular time for activities you enjoy, and learning ways to relax are necessary for your overall wellbeing.
- Watch for signs of stress in yourself and in the people you love. Money worries can trigger stress in people. You may experience changes in sleeping or eating patterns, headaches, irritability, anger, difficulty concentrating, and depression. If you're unable to manage the stress on your own, seek help from a professional. Your health care provider can help, or you can call your assistance programme for guidance.
- Pull together with family and friends for emotional support and share ideas about ways to save money. Help one another through times of financial uncertainty, both by offering emotional support and by sharing resources. You might consider buying in bulk and splitting the purchases, or even sharing living expenses. You can also try bartering services, for example, “I’ll cut your lawn in the summer if you’ll shovel my snow in the winter.”
- Review your budget and cut unnecessary expenses. Track your spending and trim the extras, such as takeout meals, subscription TV, or entertainment costs. Save at the grocery store by using coupons and buying less expensive brands. If you have any money left over, use the savings to pay toward debt and to build an emergency fund. Taking these measures will help you reduce your worry and feel more in control. Financial experts recommend setting aside enough money to cover 3 to 6 months' worth of daily living expenses. That may feel overwhelming to think about just now, but start with small amounts today and make it a longer term goal.
- Don’t avoid but, rather, contact creditors if you are in debt. If you’re struggling to pay bills, contact all of your creditors—everyone you pay—to let them know what’s going on. Ask if they offer alternate payment arrangements for reduced payments, lowered interest rate, and/or payment deferrals. Most creditors will try to work with you if you explain your situation and show that you want to try to meet your obligations by paying even a small amount each month. However, be sure to know exactly what you can afford before you call so that you don't commit to something you won't be able to follow through with.
- Don’t panic. It may be tempting but don't make short-term emotional decisions with long-term retirement, investment, and savings plans. Meet with a trusted financial advisor before making any decisions to sell assets or move money to different accounts. If you don't have a financial advisor or planner and want to work with one, make sure you choose one who is designated as a Certified Financial Planner (CFP®).
- Talk with your manager if the situation is affecting your work or productivity. If you are working longer hours, are worried about job uncertainty, are experiencing feelings of stress or overload, or are dealing with other issues at work, talk with your manager about your concerns and about possible solutions. Also, focus at work on ways to reduce your stress. During your break, practise 5 minutes of deep breathing exercises, or get out of your workspace for a brief walk. Both are good ways to reduce stress.
- Remember how you've faced difficult challenges in the past. What worked for you then? How can you use some of those strategies now? Simply reminding yourself of your capabilities can help you feel more in control of the current situation.
- Take advantage of resources to see you through difficult financial times. Government agencies, food pantries, and local community organisations are available if you are having trouble meeting housing, food, utility, medical, or other bills.
- Don't be afraid to reach out. Just talking to a trusted friend or family member may help ease your mind. Your organisation’s assistance programme can also help with a range of issues related to finances and stress. Contact the programme for information and resources.