Friday, 2 March 2012

Financial stress: Plan your way out of financial stress

It is a very dreadful feeling to be in debt and many a times proves to be one of the major reasons of stress. Previous accumulated debt always seems never ending and there are always new piles of bills/debts to meet in post. 

Nonetheless, one can always turn the tables with a little cautious management of your finances which in turn will minimize stress. Learning ways to cope financial stress has always been a successful mantra to a happier and least stressed life. While in any financial debt situation when you are experiencing stress there are several ways to cope with them as mentioned below:

1)   Always seek advice for debt management from seniors and experienced advisors
It may be tricky to familiarize yourself with debt management techniques instantly and may pile as stress. So it is always advisable to seek debt management counseling for better management of life and its expense. An expert can offer you ways to improvise your current scenario and plan a way to live a better future.

2)   Always remember your P’s
Stress is more a psychological problem. It exaggerates in case you feel that you are unable to cope with the situation. Hence in case you feel the over burden of your financial crisis it is advisable to be positive and prepared for the situation.

As a good start always try and budget your incomes and expenses to channelize its flow and design a way to increase your income and curb down your expenses.

How to create a budget for yourself?
Simply write down all your necessary expenses to be incurred each month like rent, travelling, food, medicine etc and then your earning for each month. Try and keep some emergency fund for uncertain events. It is very important to always try and keep your expenses less than your income. 

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