Dealing With Financial Insecurity And The Stress Of Debt

Dealing with financial insecurity and the stress of debt

The COVID-19 pandemic has resulted in financial worries for many people who are affected by job loss, layoffs, layoffs and debt. Stress and money problems can drag you into a vicious cycle: your financial problems create stress that can spill over into other areas of your life, exacerbate your anxiety, darken your mood, and interfere with your daily activities. However, looking after your financial and mental well-being during difficult times can help you get back on your feet.

Manage your fears

It's okay to want to avoid situations that make you anxious. Money problems like debt can seem overwhelming and out of control. However, by taking it gradually - one positive step at a time, you will be able to regain control of your financial situation and relieve your stress.

Stop for a moment and tell yourself that there are support resources. You are not the first to have debt or other financial difficulties.

Confide in yourself. Talk to a friend or loved one about what is stressing you, or contact a professional for help.

Make a plan. There are proven ways to deal with even the most serious debt problems. The finances section of your EAP website contains resources that can help you get started on the right foot.

Set small, progressive goals that inspire you to face your fears. It is a therapeutic technique that boosts self-confidence by repeatedly exposing yourself to situations that cause you distress. What situations worry you? Open envelopes? Keep things tidy in one place? Tackling one problem at a time can be the first positive step in regaining control of your finances.

Organize your finances

Here are the principles of debt repayment:

  • Recognize the existence of the problem.
  • Stop spending on credit.
  • Establish a budget.
  • Make a plan to pay off your debts systematically.

    • Use online budget tools and apps to get organized and start managing your debt. Use cash, not cards, to pay for your purchases, set an amount each month you will spend on basic necessities and avoid the frills, keep useful documents in one place and always know how much is left in your bank account.

      Money and emotions

      Know how your mood influences your financial behavior. You could spend to feel happier. When you're depressed you spend to cheer yourself up, and when you're very happy you might be inclined to make impulse purchases.

      Be aware of any unnecessary behavior you fall back on in order to escape your difficulties. Knowing your triggers and habits can help you gain more control over your financial situation, as well as reduce stress in other areas of your life.

      Focus on your mental wellness

      The stress of money problems can make you vulnerable to anxiety and depression, or exacerbate these problems if you already have them. This may make you sleep poorly and experience social and relationship difficulties, to the point where you feel isolated. The uncertainty and fear associated with the COVID-19 pandemic makes the situation even more difficult.

      Taking positive steps to maintain your sanity is a crucial part of dealing with debt stress. Exercising, eating a healthy diet, and getting enough sleep will help build your resilience, while keeping in touch with others and finding positive things to do in your spare time will keep you in a good mood and focused.

      You may also find that practicing relaxation techniques relieves your symptoms of stress and anxiety. You could try methods like meditation, deep breathing, progressive muscle relaxation, or physical activity.

      If you continue to experience high levels of stress, anxiety, or gloominess, talk to your doctor or mental health professional. You can also call our support program, who can put you in touch with a volunteer.

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