Anxiety and financial well-being can go hand in hand. Those who are able to manage their anxiety in a healthy way often recognize when they are feeling stressed, and they try not to react to their negative feelings through coping mechanisms that will only make the situation worse, such as drinking alcohol, eating junk food or engaging in compulsive shopping.
If you are someone whose actions are affected by anxiety, you may find that you spend more when you are stressed. This can lead to a vicious cycle whereby you become even more stressed because you are now dealing with overwhelming debt. If you recognize this type of vicious cycle, it may be time to consider how to deal with financial anxiety in a healthy way. The following are some tips.
Face up to the situation
You may find that you have the compulsion to eat junk food, online shop or mindlessly scroll social media when you want to avoid the reality of what you are living. For example, you may, but you may feel too anxious to calculate the true situation. This should be the first step: Sit down and look into all of your debts and get a grasp of the totality of them. This may feel scary at first, but once you know the actual figure, you’ll feel relieved from the clarity it brings.
Consider your options
When you look at the extent of your debts, your income and your fixed outgoings, you’ll probably be surprised to learn that there are many options for debt relief at your disposal. You may be able to make progress in paying off your debt by budgeting, consolidating your debts or filing for bankruptcy.
Bankruptcy is an efficient way to pay off your debts that many people do not consider. If you are currently in a tough financial situation, make sure that you consider theand that you find out whether it is the right choice for you.