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In Debt and Stressed? Here are 6 Ways to Cope

Thursday, July 24, 2014
Lady with head in hands

You don't want to answer your phone (or even the door) in fear that creditors want to speak with you. You don't want to check the mail in case there is a late notice for a bill. Being in a large amount of debt can be extremely stressful - it's hard to think about anything else. Fortunately, you have options. Though getting out of debt can take some time, eliminating your stress can happen much more quickly.

Coping with the stress that comes from being in debt can improve your health and your financial situation. Here are some things you can do to feel better and improve your circumstances:

  • Seek help. One of the best things you can do is to seek help. Whether this means talking to a trusted friend or a professional, getting advice on your financial situation can set you on the path to financial freedom. Professionals can also help you file bankruptcy or reduce the amount of money you owe.
  • Act to improve your situation. As you take small steps, you'll be able to see your financial situation improve, giving you hope and confidence. Start talking to your creditors and take steps suggested by professionals.
  • Find ways to de-stress. We understand that thinking about money or the lack thereof takes a huge amount of your energy and time. Take some time for yourself to de-stress, preferably in ways that are free or inexpensive. Take a bath or a bike ride, call a buddy, or watch your favourite TV program. Allow yourself to clear your mind of your financial burdens, at least for a short time.
  • Talk to others who have been in similar situations. Speaking with others about your problems not only saves you from feeling alone in this situation, but also gives you ideas for what else you can do to improve your circumstances and to feel better.
  • Set goals. Create a budget to help you manage your spending and pay off your debt. Set up rewards for reaching your goals. For example, if you stay within your budget this month, treat yourself to an inexpensive night out with friends. Remember to plan your treat within your budget!
  • Forgive yourself. Money issues happen. Bills pile up, emergencies occur, illnesses come, and sometimes bad decisions are made. The past is the past. Allow yourself to move forward by taking small steps back into financial security.

If you are ready to take the first step in coping with financial stress, then seek help by calling Abakhan & Associates Inc. at 604-689-4255. We can give you more tips and help you take control of your financial future.

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