While financial concerns are ever present, worrying doesn’t always solve much. Knowing that there is a way out can help you get out of the financial pit faster.
Contrary to common beliefs, not all financial hardships are brought about by financial irresponsibility. People have found themselves in financial hardships where they can’t even pay their day-to-day bills yet the situation had nothing to do with mismanaged finances.
Financial hardships can be caused by a number of things including:
Losing a spouse or partner to death
Surviving after a bad relationship or marriage - divorce
Health issues including personal injuries or on family members
Financial wellness journey disrupted by a life-changing situations
Loss of income or a long term reduction of income
When facing financial hardships and you are unable to find a way out yourself, you can always consider someone else’s perspective. To help ease some of the stress, you can have a plan to try and manage your financial challenges. But how exactly do you reduce your money stress and take charge of your finances? We have some suggestions for you:
You need to find out what you can actually achieve. Set a reasonable financial goal then dedicate yourself to working through with the aim of achieving it. Achieving financial goals can get intense and can lead to stress. Therefore, don’t get overly ambitious with your goals lest you abandon them after only a few months or weeks.
There are days when your resolve may falter, don’t kill yourself. Sticking to a budget is not always that easy. When you find yourself failing to keep up with your budget, you can try to reconsider your resolutions. For instance, if you are finding it hard to cut one expense by, say Sh5, 000, instead, you can try to find five expenses that you can reduce by Sh1, 000 each.
Make the most of what you have
Never convince yourself that you don’t have enough money to push you towards achieving your goals. When you withdraw because you think you don’t have enough income to pursue your goals, you tend to similarly give up on your financial plans and before you know it you’ll be having colossal financial problems to tackle. You need to focus on making the most of your money and a good place to start is spending wisely.
Know what needs your attention the most
You need to know your biggest financial challenges. If possible, write them down in a list so that you are aware of what you are up against. You can then arrange them according to priority and focus on the main sources of your financial anxiety. Try and keep the list as short as possible. This way you will feel less overwhelmed.
Your motivation borrows a lot from your mindset. As thus always try and keep a positive mindset. Instead of letting yourself get blogged down by thoughts of not being able to clear your loan, you can think of your loan balance as decreasing with every repayment. Other than allowing you to look forward to when you clear it, you also pump yourself up as you believe that you can do it and it’s only a matter of time until you are out of debt.
Rope in those you love
It is easier to be on track and be strong enough to soldier on when you are getting support and push from your dear ones. When you share your goals with friends and family, they can help you make light of your financial challenges. Sharing your plans with those you trust and respect can always yield some productive suggestions that can help you adjust your focus accordingly. Also, they are the best people to hold you accountable as you remind yourself that the sacrifices you are making are not in vain but for you and those you love and trust.
Tip: Remember, with money, one size doesn’t always fit all. Your situation can be beyond the help you can get here; thus you can always consider some in-depth help from a financial expert.