Coping with financial stress in 2020

Times are tough and many people are stressed and anxious about their financial situation. You may have lost your job, experience a drop in income or you may be struggling to deal with the increased cost of your home loan. Maybe your finances are healthy, but you worry about the future.

There are many things you can do to help manage stress in these difficult times and to live as well as you can.

Tips for coping with financial stress:

  1. Get support from a family member or friend you feel comfortable talking to. Don’t let yourself become isolated because you feel embarrassed, ashamed or guilty as there are many others in the same situation.
  2. Identify the particular things causing you financial stress and make a plan. Write down ways you can reduce your expenses and plan a budget to stick to. Although this may cause anxiety at the time, putting things down on paper and making a commitment to a plan can reduce stress. You may need some financial advice if there are any big decisions to be made.
  3. Focus on your relationships so that they are not adding more stress in your life. Financial stress often leads to more conflict and arguments between partners. Plan enjoyable things to do with your partner and take time to listen and talk with each other. Find out what happens when you switch off the TV or internet!
  4. Stay healthy by eating well, exercising and getting enough (but not too much) sleep. If you’re having trouble sleeping, follow the rules for good sleep habits by taking time to wind down before going to bed, avoiding stimulating drinks and foods at night and creating bedtime routines that prepare you for sleep.
  5. Find low cost ways of having fun with friends and family like having a games night or a barbeque in the local park.
  6. See the difficult financial times as an opportunity to reassess your priorities. Try to find ways of living well without spending so much and rely less on gathering more possessions as a way of feeling good. You could reduce expenses and get fit at the same time by walking or cycling more than using your car. Or perhaps consider choosing simple gifts or something you could make instead of expensive presents for family and friends.

 

Your local bank may have budget templates that you can use.  The internet also has a wide range of budget planning tools that can be downloaded which you may find useful.  The Australian Securities and Investments Commission have a free online budget tool which can be found at the link below:

https://www.moneysmart.gov.au/tools-and-resources/calculators-and-tools/budget-planner

 

Maintaining a healthy lifestyle with good sleep, exercise and balanced diet will also help you manage stress of any kind and remember this great motto:

Happiness is not the absence of problems; it’s the ability to deal with them.

 

 

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