Ways To Deal With Money Worries And Stress
Sadly the problem won't go away by itself
Thanks to Covid more people than ever are having money worries. People have been fired, made redundant, or furloughed. They’re struggling to pay their rent and are worried about how they’re going to survive. This causes massive amounts of stress.
So many of us have been in the same situation where everything seems hopeless and like there’s no point in trying. It’s a frightening place to be in.
But there’s always a reason to try. And I admit there’s no magic wand to eliminate your stress or fix your finances. You can make small changes that make a big difference. It won’t happen overnight. But you can slowly chip away at your problems until they disappear.
Talk To Companies
If you’ve ever lent money to someone and they haven’t paid you back, you know how annoying that is. And if they totally ignore the situation, it makes you think they have no intention of paying it back. The same applies to companies. If you ignore them, they will assume that you’re not going to pay it back.
Talk to them and let them know your situation. Explain what’s happened and how you want to pay it back but need more time. Ask to set up a payment plan if you can afford it. It’s a show of good faith that lenders appreciate.
Pay Priority Bills First
Rent, council tax, gas, and electricity should always be the first things you pay. If you have fallen behind with these, then you must talk to the companies/people in question. If you don’t, you could end up homeless, in court, or without gas or electricity.
If you have any spare money and you’re in arrears with your priority bills, put it towards these arrears. Even loan/credit card companies encourage you to do this. In the UK, debt companies are obliged to make sure your priority bills are paid, and paying off your debt will not cause you any more financial stress.
Get Debt Help
Don’t pay for debt advice when you can get reputable, helpful advice for free. Stepchange is a leading debt charity that has helped a huge number of people. They will listen without judging and help without preaching. Be honest with them and give them as much information as you can. The more information you give them, the quicker they will be able to help you.
You’re Not Alone
The average UK household debt was around £15,000 before Covid-19. There are a surprising number of people in the same boat as you. Places like the Money Saving Expert website will show you this. It’s full of helpful tips, advice, and people. It covers pretty much every area of money-saving you can think of. It even has ways to make extra money.
Talk To A Friend
Even if they can’t help you financially, talking out your worries can help. Try to be honest with the people close to you. Don’t try to hide your problems from them. If they don’t know what’s going on, they can add to your worries. Asking you to come for nights out, expecting you to chip in for presents, etc.
You Can’t Solve Your Debt Problems At Night
Money worries are one of the biggest causes of sleep problems. And telling you to relax is pointless. All I can tell you is that you can’t do anything about your debt past about 10 p.m. Try to get some sleep if you can and deal with them in the morning.
Money problems can take over your whole life if you let them. Taking control of them is the only way to stop them from consuming you. They’re not going to go away by themselves. They will get worse if you don’t deal with them.