It’s one of the most stressful aspects of modern life, so it is no wonder that many people avoid their financial issues as much as possible. Ideally, we all should have a healthy relationship with our money, but with multiple bills to stay on top of and many products vying for our attention to spend our hard-earned cash on, it’s not easy. To help with this, here are 4 top tips for dealing with financial stress and being more zen with your money.
- Find the Right Lender
Choosing a loan when you need the cash can leave you spending hours looking for the right type. Finding the right lender will depend on the type of loan you require. If you are someone with a bad credit history, you may want to explore no guarantor loans as this will mean you can apply with a low credit rating, without needing someone to co-sign the agreement. Finding the right fit for your circumstances can avoid having to apply through multiple lenders and receiving declined applications. Just make sure you have the affordability to meet the repayments you need first.
- Stay On Top of Expenses
Spending habits can quickly get out of control if they are not limited in some way. We all want to enjoy our money, but there can be too much of a good thing. If you are not already regularly checking your bank account via your smartphone then you should start, as it is the quickest way to check your outgoings on the move, any time of day. One of the quickest routes to financial stress is running out of money unexpectedly before your next payday. By keeping an eye on your spending, you can then cut down where needed and avoid spending too much early in the month.
- Borrow Only When You Need To
If you are someone that regularly makes payments for goods and services using a credit card, or relies on an overdraft agreement to cover this before you are paid, be careful. Whilst these methods are useful, if they are not paid off in full as soon as possible, they can quickly mount up. Having this type of borrowing alongside any store cards or loans to cover an expense you want to make can become a struggle to maintain. This is why it is best to only spend the money you have available where possible, only borrowing more when you need to, such as an emergency expense.
- Contact Your Creditors
If your finances do become difficult to manage, speaking directly to your creditors can help to alleviate any worry or stress. Most lenders will understand and look to help where they can, with options such as repayment holidays or payment plans for arrears sometimes available. Many people may avoid speaking to their creditors in this situation as it may feel difficult to discuss or they anticipate they will have to pay something straight away. Instead, talking to them may provide a solution to make the situation more manageable.