financial stress Archives | MoneyDigest.sg

7 Efficient Ways To Cope With Money Stress

1. Whether it is dealing with your horrific credit card balance or realizing that you are barely crossing retirement, it is important to recognize what causes your anxiety. Spare at least 10 minutes of your time to write down your greatest financial problems at the moment.

2. Avoid making matters worse! Rather than being consumed by your negativity, keep a positive mindset. Your “stress umbrella” decreases as you take necessary actions. Believe that you can do it!

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3. If your financial woes come from the anticipation of unfortunate events, you are not alone! Many people exaggerate this act of anticipation. This is why you need to be involved with the present. Mindfulness in your current financial circumstance is the key.

4. Who says change is always easy? I recommend that you start with small changes to ease the transition. Employ seemingly small steps to restructure your finances. Move on to bigger changes, once you are completely settled. It is alright to experiences some bumps along the way. You may commit mistakes for a week but, remember to stick to your realistic plan.

5. A realistic plan includes a working budget. Figure out what you actually spend per day by writing your expenses down or by tracking them with the help of an app. Use these information to cut unnecessary expenses.

6. Saying that you do not make enough money is an excuse! Boost your wealth by making the most of the income you have. Spend your income wisely.

7. After everything has been said and done, your last resort is seeking professional help. A number of experts offer free consultations or reduced rates for their services. For instance, you may type “debt services Singapore” in a search engine and browse what comes up. Choose a company that seems reputable through online reviews and peer opinions.

Image Credits: pixabay.com

Sources: 1 &2

5 Efficiently Quick Ways To Beat Financial Stress

These days, there is no shortage of reasons why people are anxious about money. From higher unemployment rate to expensive school fees, everyone has their own share of financial stressors. And these accumulated stress can be detrimental to one’s health when not managed.

On that note, here are simple ways to conquer your inner beast:

1. DETERMINE WHAT STRESSES YOU OUT

Spare at least 10 minutes of your time to identify what triggers your financial stress. Whether it is dealing with your horrific credit card balance or realizing that you are barely hanging onto your job, write down your three greatest financial stressors at the moment. It is important to keep the list short to avoid feeling overwhelmed.

2. CHANGE YOUR MINDSET

Staying positive in a seemingly challenging financial situation can help you get your thoughts together and motivate you to change. Rather than mourning about your piles of debt, visualize how great your life can be with less of them. Then, repeat an internal dialogue that aims to conquer that stressor. For instance, you may vow to spend about S$100 less each month in order for you to pay more for your debts.

3. FOCUS ON SMALL AND SUSTAINABLE GOALS

You do not have to beat your financial stress head-on immediately. Just as crash diets can lead to burnout, overly ambitious financial goals can lead to quitting. So sustain your goals by identifying what you can actually achieve each day and each month.

4. REWARD YOURSELF

Set a realistic budget and reward yourself for sticking by it. Alvin Hall, an author and a financial commentator on BBC TV, once said that a helpful way to lower your stress is to purchase something that has a long-lasting positive personal effect…for the least amount of money. Personally, visiting museums that display exceptional art uplifts my spirits while costing me S$0-20 only!

If you cannot think of any rewards right now, consider reading this guide: “36 Things You Can Do In Singapore, Aside From Spending Too Much Money”.

5. WRITE DOWN WHAT YOU ARE GRATEFUL FOR

Before you fall into a deep slumber, write down at least three things that you are thankful for. This changes your focus from your financial stressors to the beautiful things that you might have taken for granted throughout the day. It does not have to be a big thing!

This quickie activity is focused on giving you a positive strategy to cope with life’s difficulties.

Image Credits: pixabay.com (CC0 Public Domain)

If all else fails, do not hesitate to seek help from your friends, family, or financial professionals.

Sources: 1, 2, 3, & 4

Powerful Tips To Conquer Your Financial Stress

Losing your primary source of income, drowning in a sea of debt, and other money problems can affect both your financial circumstance and your self-esteem. It is normal to feel anxious, stressed, and worried when times are hard but that does not mean that you are suffering from depression or anxiety disorders.

In fact, according to an international poll by Reader’s Digest back in 2009, Singapore was one of the countries most worried about money. When not managed, the financial stress can be detrimental to one’s health.

Here are some tips to conquer your inner beast:

BREATHE IN AND OUT

Avoid excessive thinking by slowing down. Whenever you feel like you are going to burst, calm yourself down. Breathe in and out, hold your breath for a while, breathe slowly and repeat. A higher form of this practice is called meditation.

If you need a guided tutorial to aid you through meditation, you can download the free “Take a Break! Guided Meditations for Stress Relief” app on your iOS or Android device. You can choose to listen with or without the music as you listen to the 7-13 minutes of guided meditation. No prior experience required!

LIVING IN THE PRESENT

Several financial woes come from the anticipation of unfortunate future events. Sometimes, these anticipation is more than just pure exaggeration. This is why you must remind yourself that you are living in the present moment – not in the past, nor in the future.

Stay active in the present by being completely in control. Keep your C.V. updated, pay the bills on time, and jog outdoors!

RECOGNIZE YOUR STRENGTH

In general, the uncertainty and perceived lack of control can make the person feel more stressful. But as I said, you are living in the present moment where you are in absolute control of your actions and your thoughts. Recognize that your decisions exist for you to improve any financial dilemma.

SHARE YOUR EXPERIENCES

When your financial circumstances is too hard to handle, seek refuge from the people who can offer you the listening ears (e.g. friends, family, support group or financial professional). These people can offer sound solutions and make you feel better. Personally, I find this tip therapeutic as I can freely express and let go of my worries and share it to a person who affirms and understands me the most.

COUNT YOUR BLESSINGS

Before you go to sleep or the after you wake up, think of three things you are thankful about. This changes your focus from your financial stress to the beautiful things that you might have taken for granted. It does not have to be a big and lavish thing as you can be thankful for the picturesque sunset.

Image Credits: pixabay.com (License: CC0 Public Domain)

Practicing this activity often will help you gain a positive outlook in life and an increase in overall satisfaction.

Sources: 1, 2, & 3

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