How to Deal with Financial Stress

Dealing with financial stress allows you to reduce the anxiety that could potentially lead to hypertension. It also allows you to focus on other areas of your life and relax more. To achieve this, you need to have a hang of your financial situation by planning your finances. Here are few tips to help you deal with financial stress:

Be true to yourself

The first step to dealing with financial stress is being true to yourself. You are fully aware of what comes to you as income every month, irrespective of when it comes in. Putting your current lifestyle side by side with your income, are you living below or above your income? If you find yourself constantly broke or completely out of money before the next income gets in, then it’s time for a lifestyle downgrade. It is never going to be easy and the hardest part may be getting the people around you to align. However, you need to do what is best for you. Remember, the idea is not just to build wealth now but to also ensure that you do not lose your health as a result of the risks associated with financial stress.

Prioritise

Sometimes, you are broke not because you are financially irresponsible but because you have so many bills that you need to take care of. In some cases, it could be indirect bills like having to care for your loved ones who depend on you. However, dealing with financial stress demands that you set priorities. You must decide what bills to temporarily let go and which of them you cannot help but keep financing.

Save and Invest

Irrespective of the income or the bills, it is of utmost importance that you save and invest a percentage of your income even before you start spending. If you are new at this, we recommend that you start with saving and then as your finances get better, you can start to invest too. On backup Cash, you reap the benefits of saving and investing because we pay out high interest on your savings which can compete with some of the interests offered you by some investment companies. We also have several savings options that give you flexibility. If you want to stay disciplined and you have a payday, you can automate your savings. If you are not sure when you will get paid, you can choose to opt for the instant save. For those who need their savings to still be within reach, we recommend Snap savings. Other savings options are Backup Goals and Locked savings. To learn more, please visit www.mybackupcash.com or call our client support on 08149460946

Seek professional financial advice

There are times when you cannot do it alone especially when you get to that point when you wish to diversify your investments. Moments like this, your friends may not be the best people to advise you. We recommend that you seek advice from professionals like the fund managers at SFS Fund.