Don’t be overwhelmed by bills.
During the past few years, I have had more discussions about money with friends and family than ever before. I heard about reduced incomes, job losses, dipping into savings, filing for unemployment, and all the other not-so-fun financial challenges. Whether it’s in normal times or during tough situations, a sudden change in your financial situation can bring a lot of stress and anxiety. But as someone who has faced such situations repeatedly, I can tell you that getting stressed out won’t solve the problem.
When you receive worrying financial news, the first step is to stay calm as much as possible. Take deep breaths and confide in someone you trust. It could be your partner, a family member, or a close friend; simply vocalizing your financial concerns can provide some relief.
Once you have calmed down, it’s time to make a plan. It’s okay if you don’t have all the answers immediately; you might want to sleep on it to think more clearly. Once you are in a rational state of mind, assess the situation: Has your main source of income been affected? Do you have savings as a fallback? Can you apply for assistance like unemployment benefits? Are you at risk of losing your home? It might be daunting, but when your finances take a hit, it’s crucial to evaluate where you stand.
After gathering the facts, delve into the details: Are there any expenses you can cut to save money? How much time do you have before things get critical? If you lost your job, do you have contacts who could help you find a new one? It’s essential to confront reality and work towards solutions, or at least the initial steps. Once you have a plan in place, you can allow yourself a brief moment to panic if needed, but then it’s time to put that plan into action. Avoid dwelling on negativity, as it will only worsen the situation.
