How to Overcome Financial Stress? 10 Ways to Beat Your Financial Worries

Financial stress is a very real problem in today’s world. In fact, WebMD classifies finances as a significant stressor leading to many health problems. Stress is a killer, whether it’s about your Xfinity Triple Play Deals bills or your car payments. When your debts and expenses start piling up, that’s dangerous. Especially when your income doesn’t show a corresponding increase. So how do you deal with financial stress in such situations?

10 Ways to Overcome Financial Stress

Before you can overcome it, you first need to identify the reasons behind financial stress. Is it because your expenses are greater than your income? Is it because you’re living paycheck to paycheck? Is it because of mounting debt? Or is it because you just don’t have a solid financial plan for your life? In most cases, our main problem isn’t money or the lack of money. It is ourselves. We need to change our behavior towards money. Its all a matter of earning, spending and investing wisely.

Here are 10 ways that can help you overcome your financial worries:

  1. A Positive Attitude
  2. Change Your Financial Perspective
  3. Identify Your Financial Stressors
  4. Have Realistic Expectations
  5. Start Small
  6. Focus on the Positives
  7. Live in the Present
  8. Avoid thinking about Failure
  9. Seek Financial Help
  10. Limit your Debt

Let’s get into it right away.

A Positive Attitude

A positive attitude is a winning attitude. Especially when it comes to dealing with financial problems. Use positive language for your finances. It just won’t cut it to negatively think what if I had more money. Instead be positive and specific. Think things like, “I’ll only buy the necessary things that I really need”. Or, “I will find a second source of income”. There is a lot of power in words, both negative and positive. It is up to you to harness that positive energy in your life and cut out the negative.

Change Your Financial Perspective

You need to change the way you view money if you want to change your financial situation. Most people have the same view about money i.e. save what’s left after spending. Instead, think of saving before spending your income. This will help you save more while spending only on necessities you need. No more impulse buying or wasteful spending.

Identify Your Financial Stressors

What’s stressing you out? Are you realizing you need to put more effort into your retirement plans? Is your credit card bill slowly getting out of hand? Are payments piling up? You need to understand specifically what is causing you to stress about your finances. Jot down your three biggest financial stressors. This will help you come to terms with the financial obstacles you are facing.

Have Realistic Expectations

Don’t set the bar too high for yourself. You need to be realistic. Think of how much money you can realistically save every month. Promise yourself you will follow your saving plan and stick to it. The more you save, the more money you can put towards paying off your debt. Don’t be overly ambitious about this. You don’t want to give up after a few weeks or months. You want this to be a long-term habit.

Start Small

Okay, so you have set realistic saving expectations for yourself to pay off your debts. Don’t think you can suddenly cut off one expense and save $500 that month. Instead, identify five smaller expenses that you may be overspending on. Then try reducing what you spend on them by a little. If you save $100 each from these 5 expenses, you’re still saving $500 without making yourself too uncomfortable. Don’t take drastic decisions that make your life difficult. Instead, start small and work your way up.

Focus on the Positives

Money is a necessity. But think about all the other good things in your life too. Think of all the good stuff you have going for you that money can’t buy. A loving family, a great kid, supportive friends or even a loving pet are all things you should focus on. Remind yourself that you will solve the problems that can be solved. And you’ll come to terms with the ones that can’t be solved immediately.

Live in the Present

Planning for tomorrow is very important if you want to have a stable life. But don’t get so involved in tomorrow that you forget to live in today. Worrying about the future is just as bad as worrying about the past. You can only plan your future to a certain extent. Doing more than that just eats up the time you have in the present. Stop for a minute and smell the roses. Take your kids to the park. Hit up old friends and family every now and then. Enjoy the present because it’s not coming back.

Avoid Thinking about Failure

Failure can be a huge source of stress for many people. Many think having a bad credit rating is a sign of failure. This is absolutely untrue. Bad credit simply means you were caught unawares. It has nothing to do with how successful you are. Countless billionaires and millionaires have all had bad credit at some point. Donald Trump actually filed for bankruptcy several times! A financial setback does not define you. What you do after the setback to improve yourself does.

Seek Financial Help

There’s no shame in asking for help. You can go to a financial specialist or coach to get their expert help in solving your financial difficulties. You can also speak to professionals you know personally. They could be friends or family. Seek their advice or even financial help if you think it can help you through this time.

Limit Your Debt Your debt repayment should ideally be less than 40% of your income. Figure out ways you can keep your debt ratio below 40%. If your income is not enough, consider looking for a second source. You could even work part-time as a Comcast Xfinity Customer service rep if you think it can help you boost your income. As long as you have sufficient income left over for a living after paying off your debts, you’re good. If you can raise that income bracket higher than go for it. A little extra income can be just what you need to keep the debt under control.