Many Women (One Study Says 79%) Are Feeling Weighed Down by Money and Stress – 3 Tips On What to Do!
Studies have shown women suffer from more money stress compared to men. Unfortunately, the coronavirus pandemic has worsened the situation. Previously, women’s reports showed only 67% were weighed down by money and anxiety, but the number has grown to 79% of women. Stress about the ability to save money for projects before retirement and Managing daily expenses.
Also, they are worried about balancing their care-giving responsibilities and even careers.
Stress can damage your health. However, stress-related to money issues can be toxic, leading to poor physical and mental health, not forgetting unhealthy coping habits. To control your life, you need to learn how to cope and manage your finances effectively. Here are three tips on what to do;
Take Inventory of Your Finances
When you find it hard to make ends meet, you might be tempted to leave bills unopened, evade calls from lenders, or keep a blind eye on bank and credit card statements. However, living in self-denial will only make the situation worse. To solve your money issues, start by detailing all income, debts, and expenses within one month.
You can use smartphone apps or websites to monitor your finances moving forward. Receipts, credit cards, and bank statements will help you track your finances backward. Some financial issues are easy to solve than others, but inventory will help you know where to start. Tracking finances in detail might be a painful process, but it will enable you to control your money issue.
Talk to Someone
During a period of financial problems and stress, there is always a strong feeling of keeping everything to yourself and going through the problems alone. Most of us don’t like talking about our financial downfall. You might feel uncomfortable disclosing your salary and expenses or poor financial decisions you made. It can be embarrassing not being in a position to provide for your family.
However, keeping things to yourself will only worsen your financial stress. You are likely to find someone who will understand your situation since many people face the same issues in this economy; and it is not necessarily their fault.
Talking in person with a close friend or a loved one will help relieve your stress; in addition, speaking openly about your money problems to a professional and family without fear will enable you to put things in order. Avoid keeping money worries to yourself.
Make a plan
Different things cause money issues and stress; thus, there is a wide range of potential solutions. You can decide to eliminate a particular problem by living within a tight budget. How about lowering the interest rate on that credit card. Swallow some pride and seek government benefits.
Consider reducing your online spending, and more importantly find an additional source of income.
When you eliminate discretionary and impulse buying and take a financial inventory and your expenses are still above the income, you will have to reduce your spending and increase your revenue or combine both. You can increase your financial strength by creating additional sources of income without building any more stress for yourself. How about doing work remotely, or freelancing?
Consider signing up to open your virtual services online – maybe as a virtual assistant, or virtual social media marketer. How about proof-reading work for persons as a service or even teaching persons a new language? Just a few thoughts on what is trending in online services as a freelancer. A simple search may unearth opportunities that are available.