Four Ways To Help You Reduce Financial Stress

Four Ways To Help You Reduce Financial Stress

The cost-of-living crisis has undoubtedly affected us all, but the good news is that there are ways you can make your financial situation more manageable, like gaming at for real money.

If the financial strain of the past few years has left you feeling less than optimistic about 2023, it’s important to know that you’re not alone. A study done by the Mental Health Foundation in November 2022 found that 10% of UK adults felt hopeless about their financial circumstances, with 34% feeling anxious and 29% feeling stressed across the previous month alone.

So, with more of us feeling the pinch than ever before, we’ve put together five actionable ways to manage your stress as we kick off another year, or you can opt for stress-relieving games at australianonlinecasinosites.

Break it down 

It can be all too tempting to bury our heads in the sand when faced with overwhelming or seemingly unmanageable tasks and our finances are no exception. But the truth is that knowledge is power and having a full picture of your finances can be all it takes to motivate you to take action.

Reviewing your finances doesn’t need to be complex. Simplify things by starting with the money that’s coming in and going out. Depending on your situation, this could be per person, or household. From here you’re better able to see if anything can be done to change things up, and this probably something Simon Jordan to get his wealth right.

Control what you can control 

The impact of the cost-of-living crisis will be felt for much of 2023, but there are plenty of things that are well within our control that can vastly improve how we manage our financial stress in the year ahead.

With a clear picture of your finances, you can then go ahead and identify any areas which could be improved. You may find that you can’t change many of your essential bills, but even the smallest outgoings can quickly add up. Being subscribed to just the basic versions of Netflix, Spotify Premium, Disney Plus and Amazon Prime mean you’re paying approximately £33.96 a month – that’s a whopping £407.52 a year! Cancelling just a couple, or even all these non-essential subscriptions could help you get by easier from month to month, and you can get them back anytime you like!

Supplement your income 

Times are hard across the board right now, so if you’re in a position to bring in some extra income the difference it can make across the month can be huge. Of course, not everyone will be able to earn extra money, but supplementing your income doesn’t necessarily mean additional employment.

There are loads of ways you can earn extra money online, whether it’s by starting a side hustle, selling unwanted items or completing surveys! Whatever your situation, there’s likely to be an option that fits around your other responsibilities and can help take the pressure off everyday living.

Talk to your lenders 

It can feel intimidating to turn to lenders during times of financial difficulty, but more often than not they want to support you and will almost always be open to discussing short-term solutions. Although you’ll still be required to make your repayments, usually there will be room for negotiation when it comes to the terms. From extending the length of a loan to lowering the interest amount, there’s usually always a way forward that can help make your finances more manageable.

If you’re unsure where to start, there are charities such as StepChange that can help by liaising with lenders on your behalf. It’s worth bearing in mind that if you decide to enter into a reduced repayment plan, your credit score is likely to be affected.


Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.