how to deal with financial stress

How To Deal With Financial Stress in 2022

Has your credit score fallen below average? Are you overwhelmed by constant budgeting to keep up with inflating grocery and fuel prices? Stressed out by financial obligations? Do you fear you won’t be able to pay them back?

Financial stress can quickly become unmanageable when you have no steps in place to curb economic anxiety before it begins. Worrying about money affects people in different ways; many common side effects include crippling anxiety, insomnia, weight gain, depression, decreased self-esteem, unhealthy coping methods and inability to maintain a healthy social life.

Thankfully, there will always be a way to break through those difficult economic times, no matter how tough the situation may seem. By using proven strategies in dealing with your financial position, relieving some of the stressors and adopting new habits, you will regain control of your life.

To begin reducing your financial concern, start by figuring out what’s producing it in the first place. Below are four habits you can implement right now to kickstart your journey to financial freedom.

Take Control With A Budget Plan

Budget Plan
Budget Plan

Budgeting may seem like a daunting task, though creating a budget is the first and most effective tool you have for gaining control over your money and eliminating stress. 

Budgeting enables you to plan when and how to spend your hard-earned money by ensuring you have enough to handle expenses while still setting some aside toward your saving goals.

The first few months of budgeting and sticking to it are usually the most difficult, but once you know what to do, you can frequently cut down on the amount of time you spend on it and, in return, cut down on the amount of time you spend on other things as well.

Eliminate Anxiety With An Emergency Plan

emergency plan

The purpose of setting up an emergency savings account is to prepare for unforeseen bills and financial emergencies that could arise. Although a car repair could be costly and stressful, knowing that you can use your emergency money to pay for it alleviates future anxiety. Budgeting is much simpler when you have the extra money in the bank.

While working on your debt profile, you should initially strive to have a minimum R10 000 in savings. Ideally, once you are debt-free, you should always have three to six months’ worth of living expenditures in your emergency savings.

Accumulating these funds could be difficult at first, especially if you are struggling to make ends meet month after month. So you should be taking baby steps in the beginning by setting aside smaller goals, with deposits ranging between R100 and R1 000. You might also try selling a few items to help you build your savings faster.

Tune Out Social Media

how to deal with financial stress

Inadvertently, social media has generated a romantic picture of how our lives should be. Of course, your friends may not intentionally wish to cause you to doubt yourself. Still, when you’ve eaten the same food for the third night in a row, and a friend is posting pictures of living life luxuriously on Facebook and Instagram, you can start to wonder what you’re doing wrong.

Never forget that you have no idea what’s going on in their bank account or with their credit card payments. Keep in mind that people are always carefully curating the ideal representation of how people view them online. Other than that, you have no idea what’s truly going on in their life.

Concentrate on yourself and your new commitment to getting your financial statement – as well as your stress levels – back on track. Finally, you’re on a path toward self-assurance and control. If you’re unable to do so initially, don’t be shy to take a break from your social media accounts for a while to gain focus. 

Seek Advice – You Are Not Alone

How to deal with financial stress

Many South Africans have struggled to make ends meet and are spiraling deeper and deeper into financial trouble. As a result, some people might find themselves in a risky and challenging situation because they cannot make their monthly debt payments. As a result, conducting a thorough debt review is essential and, in some cases, could be the only option for those who are drowning in debt.

At Pioneer Debt Solutions, we assist you by negotiating with your creditors to reduce your monthly payments and interest rates. We have an understanding confidential and caring approach, and handle each case with specialised care. In addition, we ensure that your debt repayment is reasonable each month. As a result, you’ll only have to make a single, manageable monthly payment to us, and we will handle the rest.

You will have the opportunity to clear your name and finally be rid of pesky debt collectors once and for all. Keep in mind that we work for you, not your creditors. In the end, each case is unique and confidential; the procedure is guided and driven by your current status and financial requirements. 

Our main goal is to get you started on the path to a better financial future now. In conclusion, our debt review services are available to assist in getting you out of debt and resuming your life as usual! Struggling with debt? Get help today