Are Your Money Habits Causing Your Stress?
With the start of a new year I thought it was timely to discuss ‘money worries’ as they are now listed as one of the leading causes for women suffering stress and depression.
Whilst there are many things that trigger financial stress and we all are affected differently, the most common are carrying bad debt, credit card spending, over extended home loans, retirement planning, supporting the family and budgeting.
When we think about money stress it is not always the obvious that springs to mind some of the signs can be quite obscure.
Most of the tell-tale signs can be summed up in the following key points:
- Stress and anxiety about how you are going to pay your bills. If you dread the thought of more bills arriving on top of those already received or have concerns about how you’re going to make ends meet, you are suffering money stress.
- Having no action plan – Knowing that you need a plan of attack and avoiding it will constantly play on your mind. Delaying a savings plan, a budget or seeking help can be just as worrying as the actual problem itself. Asking for help is hard – but so worth it.
- Spending in secret – Being so afraid of telling others about how much you are spending and hiding the purchases, hiding the receipts, or lying about how long you have had something is a big trigger in regards to money and anxiety. It can lead to arguments, distrust, and alienation in relationships.
Whilst the points above are not exhaustive it is found that these are often the first signs of money anxiety which then lead into more serious issues such as stealing to make ends meet, gambling through lottery and betting (such a vicious cycle), and simply avoiding your friends and family as you feel like a financial failure.
It is important to take action, seek help if you are feeling any of the above or you have reached a point where you feel shame and guilt about your financial situation as help is available. A friend once told me we all stress about money – whether we have it or whether we don’t – it’s our own attitudes and actions which determine the success of the situation.
If you need help with reorganising your finances with the view to removing some of your stress, please contact me for a free consultation.