Stress has a way of spreading into the different areas of your life, and money worries can be a significant factor in your overall wellbeing and quality of life, too.
Research by the Commission for Financial Capability showed that 69% of New Zealanders were concerned about money – and 74% of women. Almost half described themselves as stressed while 34% were missing out on social activities because of their money concerns. Its research also showed that 20% of people had relationship problems due to financial issues, whether that was with partners, family or close friends.
Like to get on top of your money stress? Here are some things you can do.
Talk about it
People are often reluctant to talk about their money concerns, even with the people closest to them. But it can be helpful to talk to someone who is objective and can listen without judgment.
Sometimes, just talking through the concern can make it feel a little bit more manageable. The person you talk to may be able to help you identify a solution, or sometimes, you’ll work it out yourself while you’re chatting. Otherwise, you may realise that the problem is bigger than you can tackle alone, and you need to turn to a professional.
Get help
If it isn’t something you can tackle alone, you may benefit from the help of a professional.
You could talk to your mortgage adviser if you are worried about your home loan. If you have a financial planner, it could be time to get in touch to talk about whether you’re on track. If it’s a business concern that’s niggling you, your accountant or business coach could be a good first stop.
The bottom line is – there’s expert help available, so always feel free to ask.
Be proactive
The reality is, tough times can happen to you anyone. The important thing is to be proactive and take action when things start to get out of hand. For example, if you’re worried that you may fall behind on payments for a loan, it’s a good idea to get in touch with the provider as soon as you can to work out a plan.
Take small steps
Sometimes we feel stressed because a problem seems too big to tackle so we don’t do anything. But almost any target can be broken down into smaller steps that, taken one after the other. Work out what you need to do today to get on the right track, then tomorrow, then next week. It may be less intimidating than you think.
Automate as much as you can
It might be helpful to set up as many automated transactions as possible so they happen without you needing to think about them. That might mean bill payments set to go on pay day, and money automatically transferred to your savings account.
Emergency fund
Research has shown that having a bit of money saved can provide real peace-of-mind. Even a small amount saved each week will add up, and having something in the bank as a back-up should help reduce your stress significantly.
Like to talk?
One of the benefits of working with a financial adviser is that you have someone to work with who is also committed to helping you reach your financial goals. If it’s time for a chat, get in touch today.
Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.