It’s perfectly normal to feel on edge when you’re dealing with money worries. If you have recently been made redundant as a result of the Coronavirus pandemic or are having trouble managing your debts, it’s important to put some plans in place to resolve the issues and help you get back on track. Being mindful of your spending behavior would be your first point of call, to prevent wasting money and paying out more than you can realistically afford.
However, there are many things you can do to help you get through such a tough situation. Here are some ways you can take hold of your finances and put your money worries to bed:
Organize Your Finances
Being able to manage your money will allow you to feel more in control of your finances. Establishing a budget is the first step, and this will enable you to have the peace of mind that you know exactly where and how your money is being spent. There are many ways you can create and manage a budget; however, the most vital tips include:
• Estimating revenue and outlay
• Observing weekly and monthly spending
• Determining your financial goals
Find A New Job
If you simply can’t afford to stay off work, it’s essential to get back on the job hunt for an extra income for the household. During the current pandemic, it’s become more challenging than ever to secure a job role due to the vast amount of competition between candidates; however, it would be in your best interests to carry out various tasks to improve your job hunt success and in turn, boost your finances. These include the likes of:
• Enrolling onto a course related to the role
• Re-writing your resume and cover letter
• Polishing up on interview etiquette
File For Bankruptcy
After evaluating your financial situation, you may discover that you need some back-up to get you out of a serious predicament. In this case, it could be in your best interests to consider declaring bankruptcy. There are many reasons why you may need to consider this step, including the likes of, but not limited to:
• You have reached the expenditure limits on your credit cards.
• You have lost your job and you are unable to pay household bills.
• You have reached the borrowing limit and can get no further financial help.
Share Your Worries
Being able to share your concerns and worries about your finances with loved ones is sure to take a weight off your shoulders. Bottling it up will only make you feel even more stressed and anxious about which way to turn, whereas finding the confidence to open up and express your worries may allow you to find help and put the relevant strategies in place.
A counselor may be your best contact in allowing you to deal with and come to terms with how your financial situation is having an impact on your mental health, and potentially put you in contact with the best people to solve your financial worries.