How Healing Your Finances, Can Help Heal Your Mental Health

We cope with all kinds of stresses in our lives, but one of the biggest is finances. Money is the cause of so many problems, from not having enough to having too much.

People most commonly argue about finances, which can lead to much bigger issues in a relationship. Living with financial worries can take its toll on our mental health.

Crippling debt can be overwhelming for individuals and families. It can lead to depression, addiction, and crime. It’s not easy, but you can heal your financial situation.

Steps to Heal Your Financial Health

Worrying about your finances can become all-consuming. You might start to live in denial about how much you owe, how much you make, not paying bills, and even increasing that debt with credit cards or

loans.

Make A Budget

The first step is to understand how much money you have. Calculate everything coming in and what you need to make ends meet and pay your bills.

You need to be honest and realistic when it comes to a budget. Make it and stick to it. Make a list of all the things you are paying for that you can do without.

These might include:

● Specialty coffees

● Cable television

● Take away food

● A car

● Subscriptions to magazines or online networks

● Expensive phones

● Alcohol and cigarettes

Eat at home, take a packed lunch to work, take the bus, get rid of expensive cable television packages, and get an affordable phone plan.

This will seem extreme at first, but you will adjust. Living within your means is the best way to start. Once you have a budget in place, stick to it.

Reduce Your Debt

Start taking a big bite out of your debts. If you have several outstanding loans, get them consolidated. This means you make one payment to cover all your debt.

Making payments that are less than the minimum required is still better than making no payments at all. Once collection companies are involved, your situation will get worse.

Having your property seized will only make you more depressed. See the more expensive items like large televisions, cars, expensive phones, and gaming consoles.

Get Another Income

Getting a second job can make a world of difference. Even that extra $100 a week can lessen the debt considerably. It will also give you a sense of accomplishment and boost your confidence. With so many companies hiring people to work online and from

home, you can easily do a few extra hours every day, weeknights, or even weekends.

A second income can also lead you to network with people, make new friends, and create new opportunities. You will feel better about yourself and your situation.

Open A Savings Account

Initially, it might seem far-fetched to think about saving, but once you have a budget, you can see where you may be able to not only spendless but save a bit.

Put in what you can when you can. Consider it a source of pride and accomplishment. That first five dollars will grow into fifty. Then five hundred.

Try to put a little in each month or pay period. It won’t always happen but try. Once it is in the savings account, don’t touch it. Earmark it for something special once you are financially healthy again.

Look Forward, Not Back

Forget about what happened before. Focus on the now and the future. Wallowing in your past mistakes can only make you feel worse. The five dollars in your new savings account is progress.

Once you are depressed about money, it will constantly be on your mind. Talk to someone about getting out of debt, like a financial advisor or your bank manager.

It can seem hopeless when you are in debt, and that’s when people give up and stop caring. Payday loans and extra credit cards are not the answer, just more of the same problem.

Don’t let your past troubles carry you into more. Taking control of your money situation will not be easy but it is possible. Focus on what you need to do, and it will soon all come together.

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