What are the things business owners can do to lessen the stress brought about by overwhelming debt and financial troubles? Financial freedom can be easily achieved by following practical tips to help manage financial stress.
Financial challenges can be overwhelming for some. But that doesn’t mean that one cannot overcome those challenges and be financially secure.
Consider the following tips to help navigate, sort out, and finally overcome financial difficulties:
- Use positive language
- Change how you think
- Take control
- Focus on the present
- Get financial advice
- Attend to your debt obligations
- Build your wealth
Use positive language
Using positive language and maintaining a positive attitude can help reduce stress and keep focused on exploring practical solutions to overcome financial challenges.
Engage in a positive conversation with yourself and with the people important to you about financial difficulties. Choose to talk positively—saying ”I will increase my income so I could pay off my debts” instead of “I may have to cut on my spending and sell some of my properties to pay my debts”. Shifting into a positive language strengthens one’s mind and resolve.
Change how you think
Evaluate how one thinks. Shift mental processes and begin thinking and crafting practical solutions to one’s financial challenges without catering to negative thoughts.
It is human nature to get stressed when one thinks and believes that a situation is beyond one’s control. Train one’s mind to focus on individual steps to take in overcoming financial difficulties.
Taking control means owning up and acknowledging the current financial situation. Consider all practical steps and methods to come up with a realistic course of action.
Consider living on cash for a couple of weeks. If you're is used to making purchases or paying monthly bills through credit and debit cards, consider doing all transactions in cash.
Focus on the present
Financial stress may also stem from projecting a dim future where one’s financial troubles have worsened. Stay in the present. Do not think much about the long-term consequences of present-time financial woes or stressing over specific financial challenges. Focus on what you can do right now to get out of debt.
Get financial advice
Get expert financial advice from a financially experienced person or a professional. While a friend or a family member can help sort out the “chaos” brought about by financial difficulties, but a financial professional can recommend practical and proven-and-tested solutions to financial difficulties.
Simply talking and asking for financial advice can help declutter your mind and keeps business owners from getting too stressed. With a course of action aimed at addressing most pressing financial challenges, or until everything has been covered and successfully attended to, speaking about financial difficulties will no doubt bring about positive change.
Attend to your debt obligations
Attend to individual debts and other financial obligations by considering talking to your creditors. Creditors can relax their debt collection guidelines or consider allowing debt consolidation methods. Learn more about debt consolidation here.
To get debt-free and financially secure, with a healthy, if not excellent, credit rating, you'll need to stick to debt repayment plans, watch spending habits, cut off unnecessary expenses, and focus on the things that can be done on each specific financial obligation.
Don't entirely focus on your entire financial problem, though, as it can become too overwhelmed and leave you mentally paralysed by the situation.
Build your wealth
The journey doesn't simply end by getting a handle on your financial stress. Once out of debt and financially secure, make the effort to maintain, if not improve, a healthy credit rating. Building wealth by slowly making sure to improve your credit rating, bulking up your savings and other financial accounts, and eventually investing in profitable properties or ventures.
Financial freedom would necessitate a greater appreciation of life and the lessons you learn from successfully managing financial stress.
Ask the Experts: Does automation stack up financially?
By Christopher Overton
Opinion: How bad do things have to get?!
By Adam Zuchetti
Business lessons from the All Blacks
By Steve Stanley