Financial worries can affect us in different ways. Some of us become irritable and anxious, others lethargic or sad. We may find it hard to sleep, may eat too much or too little, or experience high blood pressure and headaches.
Whatever the cause of your financial worries, you can overcome your problems. Remember: it takes time to solve the problem, and it may require changes in your life. Here’s how to devise a plan to address your financial worries:
- Understand your income. Write down your weekly or monthly income – whatever you can depend on.
- Understand your expenses. List your weekly or monthly expenses. See if there are any you can reduce or get rid of. Know exactly what you have to spend.
- Set a weekly budget. Once you understand your income and expenses, you can set aside a certain amount to reduce your debt.
- Live within your means. With your budget set, take steps to maintain it. As you pay down your debts, you’ll find it easier and easier to live by your budget.
Living with a budget demands discipline and patience. If you find yourself struggling, your next step is to seek financial counseling.
Good financial counseling can help you sort through your financial situation and help you make better decisions. One study revealed that 75% of those who seek financial counseling said they made better financial decisions going forward, and 56% reported improvement in their situations.
You can ask for help. You can help yourself. You can move forward. Financial worries do not disappear overnight. The path to financial health can be long, but not unpleasant. It’s an opportunity to better understand and improve yourself.
STEPS TOWARD Financial Stability
- Create a budget.
- Do something quickly about one small piece of the bigger problem.
- Ask for help from family and friends.
- Exercise to relieve stress.
- Do something enjoyable each day.
- Work on accepting the fact that change is a natural part of life.
- Seek financial counseling.
- Engage in proactive stress reduction.
If you need a guide to help you down the pathway, or if you feel that you need immediate assistance, call the Front Porch at 901.762.8558.
For more information, visit these sites about consumer credit.*
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