Managing Financial Stress for the Sake of Your Health – in today’s world of buy now, pay later, it is easy to find yourself getting overwhelmed in the end when it comes time to pay those bills! There are too many ways to get in debt and not so many ways to get put of debt. The ability to recognize when you are in over your head is a come to God moment and often times involves facing the reality of having take one too many missteps and sometimes it is simply due to unfortunate circumstances that take place.
Seek Help | Build a Support System
If at all possible try to seek help from those who you consider to be close family members of true friends and create a circle or community of trust that can be mutually beneficial to all. Basically, forming a mutual or altruistic group in which when needed help can be obtained by sharing of burdens, whether financial, emotional, or spiritual.
Structure Out Your Own Support System
When it comes to finances, such as a group or community, its members should include only those who can truly be trusted to avoid any major issues. If you belong to the disappearing middle class, then forming such a group is highly valuable, as it can help ensure a better chance of sustaining households.
Build Your Own Business
If you are a business minded or business oriented, then branching out and seeking help from those that have come before you and seeking help from those around you in getting help to spread the word so to speak and becoming that much more successful can help supplement income and in some cases replace income if need be.
Reduce External Money Drainers
Really take the time to examine your life and determine what your money is being put towards. Find out what is taking up a majority of your income and prioritize your list and determine whether your listed items are wants or needs.
Based on your list, you should then determine what you can do without. For the most part you should be eliminating wants and a good chunk of your list should be needs. Allow for one or two wants if possible, just so you make sure to enjoy your money and treat yourself and even though it may seem counterproductive, it can in some way make it feel worth while to trek on with simplifying your finances. Plus you don’t get the great big shock of quitting cold turkey when it comes to doing anything remotely fun or self loving.
Diversify and Boost Income Avenues
By now, the need to not only grow your income, but also diversify it has sunken in, especially if you find yourself more so on the worker end of things rather than entrepreneurial. This is not to say that there is anything wrong with going to a nine to fiver, but you must ask yourself if that nine to fiver is allowing you the capability of saving enough to have your money work for you or if it is simply sustaining your way of life on a paycheck to paycheck basis. Unfortunately, in most cases it is barely making ends meet….
One way to boost boost income is by having dual or more income households. Most times this involves both spouses working or generating some form of income on a regular basis in its simplest form and in other cases it involves bring 2 or more families together under one household, i.e. several members of extending family living together with three or more working adults equally contributing to the household. This is not always easy to achieve as there may often be conflicts and issues that arise and that can test the patience of all parties involved, but this is not to say it is not possible. As long as guidelines and rules shave been established, this can provide a quick means to getting in the position of hitting the ground running when it comes to financial means.