How Not to Get Stressed Out About Money
In light of the current COVID-19 we will not be accepting any new loan applications. The well-being of our customers is of absolute priority and therefore we ask you to contact us via chat, email or phone if you have an existing account and require any help.
Many customers will be faced with income interruptions as a result of this crisis and so therefore we are recommending that you refer here for useful advice: https://www.moneyadviceservice.org.uk/en/articles/coronavirus-what-it-means-for-you
Find out how to manage the number 1 cause of stress in the UK with the latest Ferratum blog.
For years, various studies have been conducted to examine the levels of stress and well-being in our lives. Consistently, participants have said that the leading cause of stress in their lives is money, with work coming in not far behind as the other major source of stress.
For many, it’s a vicious cycle. The more anxious and stressed we feel about money, the more distracted and less productive we are at work, which in turn leads to more stress. Whether it’s stress from the mortgage, debts or being overworked, when money and work stress are combined, it can cause serious health issues.
Below, are our top tips for reducing stress around money problems:
Acknowledge Your Position
The first thing you need to do is acknowledge the fact you are experiencing stress about your finances. The second thing is to understand that through commitment and exploring your opportunities, you will get on top of it.
Start thinking of ways to improve your situation and act on them! Talk to someone, whether it’s a financial expert, family member or friend, sometimes an outside perspective can be helpful, and people might have lots of tips to share with you. Set a budget, and not just for that week. Plan ahead, set yourself monthly, quarterly and yearly targets; how much debt will you aim to clear in the next year? How much should you pay off each month to achieve that goal?
Identify unnecessary expenses, such as your TV subscription. There are lots of options now, such as NOW TV, so there’s no excuse to keep paying for a huge package you don’t need. Maybe you could make a big change and get rid of your car? If you can manage without one for a few years, you could save a lot in a short space of time.
Every Problem has a Solution
Make sure you retain perspective. Most problems aren’t matters of life or death, and reminding yourself that almost every problem will be solved sooner or later can relieve some of the tension.
In situations where you need access to money that you don’t currently have, look at selling items you no longer need on local selling groups, see if a friend or family member can help you, or failing that if the expense is absolutely necessary, then you could consider taking out a short-term loan.
Meditation and Mindfulness Exercises
Meditation and mindfulness practices have proven to be one of the best ways to ease stress. Regular meditation can reduce anxiety and create relaxation in both body and mind.
And, it’s not just for when you feel panicked. Practicing these exercises on a daily basis can help you better cope with stress when it arrives. Performing breathing exercises for 5 or 10 minutes can help you regain your sense of calm that will help you stay in control of your life. You can find lots of helpful exercises online for free including on YouTube.
At the end of the day, no matter the source of stress – financial or work related, you can’t put a price on your health and well-being.
Do you have any tips to reduce stress to share with the community? Head over to Facebook and let us know.
|Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.|