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What to Do When Your Financial Condition is Eating up Your Mental Health
  • May 26, 2021
  • admin

This is not surprising at all that your current financial condition eats up your mental health, and after the outbreak of the pandemic, it has become very common. A lot of people have lost their jobs and struggling to land new ones.

Even though there are various funding sources, including doorstep loans in Ireland, they cannot help you in the long run. It is essential to have enough money to meet all of your needs. Amid all this, many people are experiencing several health problems.

Financial stress is one of the significant reasons why people’s health is falling down. It is affecting senior citizens and those who have no work. Finding yourself on a knife-edge can take a toll on your mental health badly. Before you catch a serious illness, you should nip it into the bud. Here is what you can do to improve your health.

Find out the root of your stress

Expecting financial stress at the moment is very obvious. Hardly is there anyone who is not going through it. When financial problems go beyond tolerance and control, the stress level increases outrageously and affect your overall health.

This is why it is crucial to know what is causing you tension. You cannot change your circumstances completely, but you can improve them, and for that, you need to take stock of your financial condition.

You may have created a budget to meet all of your expenses, but that cannot be enough to survive during the tough time. A rule of thumb says that you should look over your budget to see why you cannot make ends meet. There could be two reasons:

  • You do not have enough cash coming in.
  • Your outgoings are significantly high.

If your income has fallen short, you should opt for some ways to increase your income. It is not necessary to chase a full-time job. You can opt for freelancing or do any part-time job that helps you earn money. If you have noticed that there are some areas where you can cut back on, do it. Your expenses should be as little as possible until you bounce back.

Do meditation

When you are stressed, your mind is filled with negativity. Sometimes it becomes too complicated to control the series of your negative thoughts. Stress is a precursor of several diseases. To mitigate stress, you should do meditation.

This can help your mind feel positive. Even though the situation is not good, you should think that it is not static. Of course, soon, your financial circumstances will change. If you make you realise that your current situation is fleeting, you will feel positive and motivated.

Meditation is a good technique to heal from stress, especially chronic stress. Various free meditation apps can help you be accustomed to it. If you use paid meditation app, they can guide you on how to do it and do not cost too high a subscription.

Tackle your debt

Debt is one of the significant reasons for financial stress. Many of you have already taken on debt, and now you cannot keep up with payments. If you do not pay off your debt on time, you will end up falling into a debt spiral.

Even though you are not earning enough money, you cannot avoid debt payments. You should look over your bank statement to see how much money you are spending every month. Unless you have settled the whole of your debt, you should try your best to live off a lean budget.

The money you save can be utilised toward the debt payment. Try to come up with a debt repayment plan and ask your lender if they can allow you to pay down the minimum amount, or you can ask them to offer you a repayment plan that works for you if they do not agree with yours.

If you tell your lender of your true financial condition, they can develop an effective repayment plan. However, note that the minimum payment cannot prevent you from late payment fees on balance.

It is generally recommended to take out a debt consolidation loan from loan agencies in Ireland. The best part of this loan is that you will pay off the whole outstanding debt leaving no worries of late payment fees and interest penalties on the due balance. You will have only one large debt that you pay down in fixed monthly instalments.

Take a stroll

Research has shown that taking a saunter can help you relieve stress. If you are anxious and depressed because of your poor financial condition, you should step out and breathe in the fresh air. If you inhale and exhale the fresh air, you will feel positive and motivated.

Even if there is no park near your home, you can walk down the street. It will give you equal benefits. Walking can improve your mood, and if you make a routine of it, you will see improvement in your overall health.

Consult a financial advisor

When your financial condition is bad, and you are not getting how you can control it, you should consult a financial advisor. They can help you develop a strategy that works for you after taking stock of your current financial position.

Be honest about your financial situation so they can offer you the right plan. Tell them about your financial goals so they can prepare a financial strategy around them.

Amid the pandemic, dealing with financial stress can be quite challenging, but you do not need to let it take a toll on your overall health. First, you need to identify your current financial situation and then take certain steps to improve it.

You should talk to a financial consultant if you are not able to decide what to do. The tips mentioned above can truly help you manage your stress when you are in a tight spot.

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