Money Stress. Overcoming Financial Instability

15 Jul

Have you ever asked yourself what money stress is like? Imagine, it can arise from different financial conditions: not making enough money, owing debts, bringing up raising kids, sitting in a lockdown without an opportunity to earn extra money, having tuition fees, etc. Whatever the cause is, the stress remains the same and ruins people psychologically and physically. 

Every year, the American Psychological Association (APA) polls people in the United States about stress. The latest survey held in 2020 revealed that Americans had been affected by the COVID-19 pandemic, and nearly 2 in 3 adults or 64% of the interviewers said that money was a significant source of stress in their life. Nowadays, we all need extra financial tools to cope with financial stress and try to overcome it. 

Here are some tools helpful in reducing money stress and taking control over your finances.

Tool N1

Try to boost your income. It is ridiculous; if you had the opportunity to increase your revenue, you wouldn’t fall into a financially stressful situation. However, these tips serve as a guide to those trying to launch a side business and jump over the stress. 

Make money with your hobbies. Create a Youtube channel, and share your ideas according to your hobby. Make lives, chat with your followers, and see that you are earning money via Youtube step by step.

 Tool N2

Avoid debt cycles. Building your financial stability highly depends on maintaining calmness at the moment. If you have a loan and cannot repay it, you may roll it over to cover the previous debt. However, rollovers may lead to a cycle of debts and ruin your financial strength. 

Here are more tips to avoid additional debts:

  • If you can't afford it, don't buy it.   
  • Select needs than wants. 
  • Do budgeting.
  • Collect coupons.
  • Limit the number of credit cards you own.

Tool N3

Cut out additional spending. You will probably think you do not have extra expenses and spend only on your basic first aid kit. However, here is a list that suggests where to cut your monthly expenses:

  1. Buy with a shopping list
  2. Stop buying takeaway coffee
  3. Walk more
  4. Shop from $1 stores
  5. Cook yourself
  6. Keep every additional penny
  7. Clean yourself
  8. Make DIY gifts
  9. Cancel gym memberships
  10. Buy with cash.

Tool N4

Trade old stuff. If you have too much stuff that you do not use and at the same time you need other things instead of what you own, you can either sell them or exchange them with something roughly equivalent. There are online barter platforms that say, “one man’s trash is another man’s treasure.” Via such platforms, you can swap your old stuff for new and more valuable items. Bartering will both alleviate your stress and help you save money.

Tool N5

Psychologists say that in every stressful situation, it is vital to stay positive. Your way of thinking can help keep you motivated to fix the financial problem. Your economic issues won’t get smaller while you are torturing yourself with thoughts of never getting out of debt, imagining the amounts you owe. Think positive and behave wisely. After all, the quote says, “Life is like a zebra. There are white and black stripes on it. When you are on a white stripe, walk slowly, enjoy it. When you come to a black stripe, raise your collar, shut your eyes, and run as fast as you can go to get to a white one. But remember, there is always a white stripe after a black one!”