Talking about money can be awkward and hard to discuss. It is often difficult to bring up the subject of financial stress, even amongst friends and family.
The Australian Bureau of Statistics claims that, June 2020 saw an increased rise of Australians facing money troubles.
More than 14% of households sought financial assistants from friends and family. Financial stress is negatively impacting the mental health of many Australians. But what can be done to help combat this?
Dealing with the impact of financial stress
Everyone deals with stress in their own way. By dealing with any financial worries, you can focus on other important aspects of your life. There are some steps you can take to relieve your money troubles and reduce the stress in your day-to-day life.
Creating a budget
Planning is a great way to help you control what happens with your finances. It also allows you to prioritise the balance between spending and saving.
Create a list of all the things you want to spend your money on. Then, work out how much money you need to cover your posts. By putting aside money for bills, and savings, you can help ease the stress.
Set up an emergency fund
Putting money aside in a savings account can cover unexpected expenses and financial emergencies that can arise when you least expect.
Although it may seem difficult at first, start by putting aside a small amount each month. Whether it be $10 or $50, every little bit will add up to help relieve you of your financial worries.
Communicate your concerns
It may be challenging for you to bring up the topic of money troubles. However, sharing your financial situation with someone close to you can be a massive step towards reducing your stress levels.
Identify people you trust that you can talk with can help you feel more optimistic. If you feel like your financial stress is getting too much, reach out to services such as Beyond Blue, who can guide you through your anxieties and provide suitable options.
Source outside help
Struggling to get a handle on your budget can be overwhelming. Life is too short for financial stress. Leave it in the hands of people who understand your finances best.