coping with financial stress
Financial realities among most.
In today’s world, the financial situation or should I sal the lack of finances are causing a large percent of the population a lot of financial stress, people are preoccupied with the thought of how to cope with the financial situation in order make ends meet
According to market watch and published by MSN money a study done by the NORC at the University of Chicago, an independent social research institution, found that 51% of working adults in the United States would need to access savings to cover necessities if they missed more than one paycheck.
They found that Certain communities were more prone to economic hardship and missing a paycheck would be devastating to them as they would be unable to cover basic living expenses after missing more than one paycheck, this situation is mostly found in households where the annual income was $30.000 annually or less.
It was also suggested that many of these persons of these households would be rendered homeless in the event of missing a paycheck.
Stressed about finances
We know the effects of financial stress on our lives, we can agree that it affects you in some way,
financial stress can affect you both physically and mentally are you constantly consumed with how much money you have (or don’t) and how you’re going to keep a roof over your head, get to work, and possibly feed your family.
This type of thinking could certainly develop one of several stress-related health conditions.which could lead to serious, sometimes life-threatening illnesses.
Prepared for a financial crisis
What is the financial crisis? According to the business dictionary, a financial crisis is A situation in which the supply of money is outpaced by the demand for money. In other words, some unforeseen financial expense occurs and all the money available is eaten up by that unexpected event.
This unexpected event could be anything it could be The loss of, a job or overtime reduction, medical bills. or any unforeseen event.
It doesn’t matter how careful we are with our finances an unexpected expense could be all it takes to send you into financial duress, especially if you’re not prepared to cope with it.
Strategies you can take
In times of financial crisis, there are certain fixes you can take for instance you can create a budget
Create a budget
You may feel overwhelmed with the lack of funds to think that creating a budget, you will probably it is only going to add to your financial stress, but it is the best tool you have to get control of your finances and stop worrying about money.
A budget allows you to decide when and how you are going to spend the money you have, This spending plan makes sure you cover your immediate expenses, while still working towards overcoming you unforeseen expense (cause of the crisis)
Borrow from someone
This is another option you could use, you could borrow from a family member or a good friend or as a last resort if you are qualified you could get a loan from an institution.,
I personally do not like this option because you will have to pay interest on the money you borrow and sometimes if we are not careful we find ourselves in the worst situation so borrowing from an institution should only be done as a last resort.
Of course, we should also do our very best never to get ourselves in this situation ever again in order for us to accomplish this we need to change our lifestyle.
Change your lifestyle
Changing one’s lifestyle can be hard at first, but it is a necessary step we have to take to make our lives less stressful.
- Create a budget and stick to it, the first few months of planning and sticking to it are the most challenging part, but once you understand and see the improvements in your money management and the more you do it the less time it will take you to do, you will be able to reduce the amount of time you spend on it, and the stress level will also be reduced.
- Your budget will give you the feeling of control that you need to have over your finances. Start with just one months’ worth of expenses and then go from there, tracking spending and cutting back in different areas each month until you find the perfect balance.
The next thing you need to do is to create an emergency fund, this is really necessary, in this way there will be some extra cash in case of a crisis.
Create an emergency fund
Creating an emergency fund may not be easy at first, especially if you are struggling to make ends meet each month. Start by putting a small amount, in the bank from each paycheck, and any leftover money you have in your other spending categories at the end of the month so that you can build up your emergency fund.
You may also consider selling any unused items around the house, or get a side job or you can start your own business.
You can start your very own online business for free, this way you can work from home, With an online business there is the potential of not only extra cash but in time this business can increase your income level that you can quit your day job
There is also the possibility that your business will become a passive income earner, I am suggesting the business of online marketing.
Online marketing is by far one of the better ways to earn an income online, one of the cons to online marketing is it does not generate an income overnight, it takes time.
I am an online marketer and the platform I am a part of is Wealthy Affiliate, this platform is one that provides everything you will need to build, grow and maintain a successful business.
Wealthy Affiliate has been around for quite a while, over thirteen years the company has an A+ rating with the BBB and we have members from almost every part of the globe.
At Wealthy Affiliate, you will be given step by step instructions in everything that is needed to create your very own business and you can become a member for free.
With a free membership, you will go through phase 1 a 12 lesson series of the online entrepreneur course and after these lessons, your beautiful website will be up and running and ready for business.
There is also the premium membership which will take you further in the knowledge and skills of affiliate marketing.
I think it would be wise to upgrade to a premium membership because of the amount of information and tools that are available with the premium membership. which I think increases your success rate.
Please remember the free membership has no expiration date, so you can take as long as necessary to complete phase 1 of the entrepreneur class, go at your own pace, have a look around and meet members of our awesome community.
Here is a break down of the premium billing, as you see it is made easier for you to choose which billing cycle would be more convenient for you.
Just in case you are thinking it is too hard or you are too old or you are not familiar with the computer technology stuff, please forget that.
The training videos are expertly done and if you are still not understanding, just ask, there is always someone to assist you.
And you can join for free there is no contract, no information is asked for but your name and email address, so you have absolutely nothing to lose.
I know almost everyone is having some kind of financial problems, and in most cases, we need more money to enable us to live more comfortable, take a vacation, buy a car, pay off a debt or save for retirement.
I have tried to share the benefits of starting your own online business, success will not come overnight because with the online business you have to build an audience and establish that you are trustworthy and this takes time, how much time? For everyone it’s different,
To be successful you need to be patient, consistent, determined and work hard, success is no impossible it is very doable and you can do it if I can so can you.
Here is a link to just 1 of our successful members.
Should you decide to become a member just click on any of the links in this post and I will be in touch with you, I will be there for you, to help you along.
Hoping to see you on the Wealthy Affiliate platform
Thank you for stopping by I do hope you found this article helpful to you in some way please remember to like and share, and should you have a comment or a question please leave it in the space provided and I will respond ASAP
NOTE: This post includes affiliate links, which, if clicked on and a product purchased, I get a small commission (with no increase in cost to you).