Many consider money to be a private or taboo subject. All too often, we will put on a brave face and bottle up our feelings and frustrations. Leaving bills unopened, avoiding phone calls from creditors, and ignoring bank and credit card statements are the signs of someone in denial. Not talking about your problems will only make them worse.
Stress affects our relationships, our overall quality of life and our mental and physical health. Several studies have demonstrated a cyclical relationship between financial worries and mental health problems – where financial problems adversely affect mental health, and in turn, a decline in mental health makes it harder to manage finances.
But no matter how hopeless your situation seems, there is always help available. By tackling your money problems head-on, you can ease your stress levels and regain control of your life.
The first conversation needs to be with your financial adviser or planner. You should be able to pinpoint your troubles and identify the financial problem you’re facing. It may be overspending on unnecessary purchases or proliferating credit card debt. Whatever the reason, once you’ve identified the problem, you can formulate a solution.
Then the next three conversations to have when you’re struggling with your finances:
1 – Your partner – the first person to engage with when your expenses are overwhelming you
2 – Dependents – whether children, elderly parents, siblings or organisations that you might assist financially, let them know you need to find creative ways to cut back and how much you want them to be happy, but you need to see how things can change before they collapse completely
3 – Your creditors – renegotiate terms with the bank for credit card debt, loans for a car, home, and studies. Look into consolidating debt if you can.
These are by no means easy conversations to have. It may help to preface the discussion by letting them know what you want from them. They don’t have to be able to fix your problems or offer financial help. They just need to be willing to talk things through, without judgement or criticism, so that you can be honest about what you’re going through and the emotions that you are experiencing.
Always remember this – if you are suffering from financial stress and uncertainty, you’re not alone. Whether your worries stem from escalating debt, loss of income or unexpected expenses, financial stress is one of the most common burdens in modern life. Talking through your worries can help you make sense of what you’re facing, and whoever you are talking to may be able to offer solutions that you hadn’t thought of on your own. If you need help making sense of it all – let’s get in touch and talk it through.