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Reduce Financial Stress Today

9 September 2021

If you’re feeling financially stressed – you’re not alone. It’s okay, and it’s normal. We’re going to help you reduce your financial stress today.

It’s been a hard few years for everyone – financially, emotionally, physically and mentally. The uphill climb back to a bustling economy is far from over yet, both locally and globally. Building resilience, being kinder to ourselves and practising healthy habits are essential.

We can reduce financial stress with the following tips.

Step 1: Communicate

If you’re anxious about your finances, the people around you probably are too. (Remember, you’re not alone in this.)

One of the biggest stressors that comes from money is the negative impact it can have on our relationships. Some of us have been shown by generations before us to suffer in silence and not share the money worries with those close to us.

The effects of that have a deep impact.

Here’s the thing – our partner, kids, parents, and friends will always know. We are usually unaware of the tense face we pull when our child picks the most expensive toy in the shop, or the frosty reception we give when our partner speaks about anything with an unbudgeted expense.

The challenge is that it’s not easy for them to be sure of whether it’s them or our money anxiety that is frustrating us.

Having an honest, vulnerable conversation with loved ones about finances can be healthy for family bonds and bank balances. You might be surprised at how much your other half supports forgoing certain expenses to keep your budget robust.

Step 2: Get advice

When money is already tight, it may seem unthinkable to get a financial adviser involved. It is important to realise that it means you could end up spending a little more to get access to wealth creation strategies, ideas and investment opportunities that you were completely unaware of and could significantly improve your emotional, mental and financial position.

Going to a financial adviser has the same effect on your spending as keeping a food journal for your diet. With a financial adviser, you can increase your mindfulness to eliminate waste and focus your expenditure on what matters to you.

Step 3: Be honest

We need to be upfront and honest in financial planning meetings and conversations. Speak up when it’s hard, and when you don’t feel ready to make changes. It’s important to talk about what we can no longer afford and what we’d like to achieve. Any change that happens before we are ready for it, is often not sustainable.

These kinds of conversations bring value to our financial journey and make financial advice come alive. We can respond with enthusiasm, find new ideas and forge stronger relationships.

Step 4: Use this time to fine-tune and keep honing

Instead of seeing a financially stressful time as a never-ending pit, try to see it as an opportunity for new growth. Economic downturns, bearish economies, recessions and all forms of headwinds always come to an end.

They provide the opportunity to get our mindset and wealth creation strategy into a healthy space. But, we need to be intentional about it, and that begins with observing how we’re feeling and acknowledging the financial stress so that we don’t blame others.

Only when we can observe behaviours and emotions can we choose to do something about them.

Sanlam Life Insurance is a licensed financial service provider.
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