Many of us have been devastated by the financial stresses of this pandemic.
Job loss 😣
Pay cuts 🔪
Stacked bills 🧾
Of course, there are things in life that are more important than money. However, not having enough to sustain our lifestyles can put us in a state of constant worry.
“How am I going to pay next month’s rent?🏡”
“Do I have enough money for food?🥪”
“What if my car suddenly rosak 🚘?”
Being stressed reduces our ability to manage our finances well. This inability to tackle our money problem can consequently worsen both our mental and physical health. Even scarier, this vicious cycle can be hard to break if we don’t take immediate action to solve it.
“What should I do in this situation?🆘”
Recognise that you have problems 👁👁
We can only begin to solve a problem once we acknowledge that there is a problem. But coming to that conclusion isn’t always easy. That’s why looking at the warning signs might help. ⚠️
According to Money Advice Service’s research, the most common signs that money problems are affecting one’s mental health include noticeable mood swings 😡😢🤣 (even when it’s not that time of the month) and increased exhaustion from staying up late at night 😪 (not from watching football matches). Other signs are overspending, avoiding talking about money, and forgetting to pay bills. If you can relate to any of these signs, don’t worry. There is still light at the end of the tunnel, you just need to take the first stride.
Talk it out 🙌🏼
Money conversations can be difficult. Yalah, we’re quite kiasu kan, so it can be awkward or shameful to disclose our financial vulnerabilities to others. Nevertheless, talking to a trusted family member or friend who won’t judge or criticise you about your money problems is a good place to start. At least you get it off your chest.
If you’re in a severe financial bind, there will be limitations to what advice and help your friends and family can offer. In this case, it would be a good idea to seek advice from a professional. You can reach out to the Credit Counselling and Debt Management Agency (AKPK) for financial advice. AKPK also has a FREE Debt Management Programme (D.M.P.) that can help individuals to restructure their debts. Alternatively, you can also get a financial planner to help you review your finances and strategise on what to do next.
Check out: I’m Too Scared To Ask For Financial Help
Declutter your spending 🗑
Breaking down your expenses and looking at your bills isn’t fun. Chances are, you might just break down into tears too. Still, figuring out the source of your financial stress is key before you can devise a plan to tackle those problems.
Is it your credit card debts? 💳
Are you not getting enough income?💵
Have you been buying things impulsively? 🛒
Which one? Or is it a combination of all?
Stick to the plan 💪🏼
Following your budget will be more challenging than getting that McD x B.T.S. meal, especially during the first few months. So if you do stumble, don’t beat yourself up. Just get up and continue aiming for that goal of yours.
Jot down everything ✍🏼
When you monitor your progress, it is easier for you to find the positive aspects of your financial situation and see what else you can improve on. You’ll also feel more motivated to continue doing well when you see that you have made some progress in managing your money.
Remember that you have the power to change your financial situation, and it’s easier to do so if you aren’t constantly anxious.
Download HeyAlfred today. Let us help you see where you’ve done well.