For most of us, financial concerns are a regular source of anxiety and stress. Owing to the uncertainties that throttle our economy with, such stress is natural. Isn’t it?
The reasons why people are stressed can be varied. For instance not earning enough, expenses of children, marriage, retirement, poor spending habits, borrowing debts, etc. however, a stressed mind can never work to the fullest. You need to get over the stress to keep your money related matters on track.
After all, life offers a lot of matters to think upon. You can just not waste time thinking about finance.
A prudent person looks into financial matters with great caution. You need to minimize costs and maximize profits. Further, you should learn to differentiate between voluntary and mandatory expenses. A prudent person would avoid unproductive expenses. When your money related matters are sorted, you will eventually be able to invest more and in a better manner. This would also help you in reducing your worries.
1. CREATE A BUDGET
A budget will help the individual to decide what to spend, how to spend, the timeline, etc. It will also help you to mark out essential spending from the discretionary ones. Isn’t it?
2. IDENTIFY YOUR STRESS POINTS
To solve any problem, you must know the cause and effect relationship between those problems. Once you know the reason for financial stress, only then you can solve it better.
3. TO SEEK HELP FROM OUTSIDE
If you think that you are not well equipped with the market or you have no knowledge of financial jargon, then do not hesitate in seeking help from outside sources.
It’s always better to ask for help than to suffer a loss. Further, the help can even be asked from a friend or acquaintance, if you do not wish to bring in strangers to help you. Though there is no risk of getting help from experts.
After all, some people receive special training in this field to help naive people.
4. ALWAYS HAVE AN EMERGENCY FUND
A smart person is someone who can foresee the future up to a certain extent. Building a contingency corpus is the best way to keep you financially secure. It will also help you in dealing with financial emergencies. So now you know why big companies have a sinking fund!
5. SMALL STEPS ARE THE KEY
Cutting out an expense by more than 40-45% can be very hard. However, contributing optimum amount after short intervals can always be easy. Keep an eye on your spending.
ONE SHOULD NEVER FORGET THAT FINANCIAL STRESS CAN PROVE TO HAVE PRECARIOUS RESULT ON HIS/HER HEALTH.
Researchers have found out that financial stress usually causes diseases like migraine, insomnia, absence from work, etc.
Thus one should not fret over lost money, also, stressing yourself is of no use. Rather, taking a comprehensive view of the problem can help in providing quick solutions.
2018 CIGNA 360 well-being survey revealed that 9 out of every 10 Indian is stressed and the key reason was finance. Globally, 86% of people feel financial stress.
One should look into corrective actions that can help rather than regretting the lost wickets. It is better to keep this stress at bay, rather than looking for stress management techniques.