Guide Make Your Money Work For You: How To End Your Financial Depression and Secure Your Future

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  1. Responding to Debt
  2. Financial stress leads to symptoms of depression, PTSD
  3. 10 Ways To Prepare For A Personal Financial Crisis
  4. 10 Ways To Prepare For A Personal Financial Crisis

Fix the tap and the leak will stop. One of the best weapons for combating financial problems is a budget. A budget is a monthly spending plan for your money.

Creating a budget is like turning the lights on to find your way around a dark room. You no longer need to wander in the dark; banging your shins, tripping over the furniture, and stepping on the dog.

Responding to Debt

A budget works much the same way; it guides your spending decisions so that you're spending money on what's really important to you. Here are more ideas or steps you can consider taking to improve your financial situation and alleviate difficulties:. Keep thinking about them and give them some consideration. Come back to these ideas from time to time to see if you can come up with a new angle on decreasing your expenses or increasing your income that might just work for you. Some goals will have a timeline of a few months; others will need a longer timeline, like 24 - 36 months.

If you live near Vancouver, BC in the Lower Mainland the Credit Counselling Society is now offering a new free credit report service where they pull your credit report and score, provide you with access to monitor your credit report for 12 months, and provide you with guidance and advice on how to improve your credit score. Normally credit repair companies charge thousands of dollars for this kind of service, but the Credit Counselling Society is now offering it for free at their New Westminster office.

If you'd like a little help or advice surrounding any financial problem you may be going through, they'd probably be able to help you with that too.

Financial stress leads to symptoms of depression, PTSD

Learn more about this. Their help is usually free and is always confidential. The last step takes place once you are a few months into working on your plan. Every once-in-a-while, take a few minutes to review how things are going. Is your plan working? Are you making progress toward your goals?

As you follow your plan and see improvements in your situation, be open to the possibility of fine-tuning the plan. Improving your plan so that you accomplish your goals more quickly is good as long as your budget can afford the changes and everyone who relies on your budget is okay with the more aggressive approach. The key to tackling these challenges is to be flexible.

10 Ways To Prepare For A Personal Financial Crisis

Review your budget occasionally and make necessary changes. Budgeting Guidelines Budget Calculator. Saving for Education Saving for a Home. Our Services Accreditations Contact Us. You are here Home. Protect Yourself from a Financial Crisis or Emergency Financial problems and challenges happen to everyone at some point, and the stress and worry can get to you. Get all the help you can. If you don't, you'll never overcome your financial problems Your problem may not be listed above or it may be more complex.

Do I need to spend on entertainment or hobbies this month? Could I pack a lunch for work rather than buy one? To overcome financial problems and solve your difficulties for good, you need to determine what your priorities are. Some might be clear-cut financial priorities, e. Others might be lifestyle-goals, based on your values, e. The likelihood of having a mental health problem is three times higher among people who have debt than among those who do not. Anxiety disorders, depression, and psychotic disorders were among the most common mental illnesses that those in debt have experienced.

There was an even higher correlation between suicide and debt. Research has found that those who complete suicide are eight times more likely to be in debt than not.

What Caused the Stock Market Crash of 1929?

Furthermore, individuals who are in debt were far more likely to exhibit signs of a substance use disorder, such as problems with drinking or drug dependence. Short-term debt may place people at the highest risk of depression. One study found that short-term debt places individuals at the highest risk for depressive disorders. Furthermore, unmarried people, those who are nearing retirement age, and individuals who are less educated were particularly vulnerable to the harmful effects of stress associated with credit cards and overdue bills.

Stress and Overall Health Similarly, one of the most important benefits of being financially stable is that it can help reduce stress. According to Elizabeth Scott, MS, an author wellness coach who specializes in stress management and quality of life, references the following as the primary issues resulting from financial stress: As mentioned above, those who are experiencing financial stress are more likely to engage in unhealthy coping behaviors.

These can include drinking, smoking, overeating, or other unhealthy mechanisms in response to their anxiety. Unfortunately, this leads to more stress, which is associated with even more health risks. Less money for self-care. Unfortunately, when small health issues go unchecked, they can turn into larger problems — in turn leading to more stress in the long run.

Less sleep. When individuals are under financial stress, they often experience trouble sleeping or working long hours which can add up to a sleep deficit over time. Not only does this cause chronic fatigue, but it impairs immune functioning and cognitive abilities, while also causing additional moodiness. Unhealthy emotions: Financial strain, and especially debt, can cause unhealthy emotions that can take a tremendous toll on your health.

There is often anxiety, frustration, and a sense of hopelessness that comes along with increasing debt and the inability to even pay the accruing interest. This only causes additional stress and poor mental health and well-being overall. Stability in the Family It may be a given that being financially stable allows you to pay household bills on time and readily meet the needs of your family, but did you know that it contributes to the strength of our relationships and family wellbeing as a whole? Becoming Financially Stable While financial stability brings a host of great benefits, it requires hard work, motivation, and intentionality and sometimes backtracking!

No matter where you are in your financial journey, here are some tips to increase your financial health in the new year: Create a budget. You can search online for templates, or create one that suits your preferences and lifestyle. When making a budget, it is important to remember to set realistic goals, seperate your needs from your wants, identify and allocate your income and expenses, and modify for seasonal expenses such as birthdays, other holidays, back-to-school shopping, oil changes, annual vehicle registration, or prolonged days off from work.

Overall, a budget should be used to make a plan and stick to it. When creating your budget, show your kids how to do it themselves. This is a great lesson to teach your children how to be financial independent adults later on in life. Use cash when possible. These behaviors too often result in impulsive and sometimes costly spending. Make a plan to reduce and eventually eliminate all debt. There are some great online resources that can help, ranging from example payment plans to debt tracking sheets.

Start by tackling your smallest debt first, and work up to the larger amounts! See where you can allocate more money during the week and move it towards your savings. Even a small amount will help in the long run. In addition to addressing old debt, avoid accruing any new debt. Most forms of consumer debt are easily obtained but have both outright and hidden fees, as well as extremely high interest rates.

10 Ways To Prepare For A Personal Financial Crisis

Having even a small savings can help in times when new debt seems like the only option, and you will be less likely to take out small loans or swipe a credit card. Pay yourself first in the form of putting small amounts of money away. It will also help reduce stress because you will know that you have a small buffer in the case of a true emergency.

Have a safety net in place. In addition to a savings account, it is important to have a plan for life changes or crises. For example, do you have available sick leave at work or disability coverage? What about life insurance? If something were to happen and you were unable to work or lost your job, what would be your next steps?

Planning for the unforeseeable future can help both you and your loved ones have peace of mind.