Manage your money better to avoid stress and anxiety |06 September 2013

Many people worry about their finances and often it is all too easy to ignore the situation in the hope that things get better. The reality is that in the long term this is only likely to make things worse. Worrying about money can lead to other problems like stress and anxiety.

If you are worrying about money, there are a number of easy steps you can take to help you get things back on track.

 Talk about it

People are often concerned about what their friends and family will think if they admit to having money worries. Women in particular are more likely to hide their debt problems from their partner than men. When you’re struggling financially the situation may seem overwhelming, but talking about your financial problems with a close friend or relative may help you gain some perspective and see that there is a way forward.

 Don’t ignore your bills and statements

If you are worrying about money one of the most common reactions is to bury your head in the sand and hope that the problem goes away, it almost certainly won’t. Not opening your bills and statements can be a way of avoiding knowing the full scale of your financial difficulties, but you are potentially storing up bigger problems for the future. It can be difficult to do, but facing your bills and statements and getting the fullest possible picture of your financial situation is the first step to putting things right.

Create a budget

Creating a budget is the most important step towards getting control of your finances. Make a list of all your monthly incomings and outgoings. Make sure you include possible one off payments like Christmas, birthdays and car repairs, so that you can build these into your monthly budget.

Firstly make sure you cover your essential living costs, like rent or mortgage payments, food, water and electricity bills. You’ll then be able to see what you have left each month towards repaying your debts.

 Avoid borrowing more

If you’re already worrying about money problems, borrowing more money may ease the pressure and provide a short-term fix. However, unless you know you’ll have the means to pay it back, you’re just making the problem worse in the long-run.

 Speak to your bank

If you are struggling repaying your loan, talk to your bank. It may be that they are willing to freeze interest and charges or arrange a repayment plan that is more manageable for you.

 Maximise your income

Is there anything you could do to bring in a bit of extra money that would help ease the strain on your budget? If possible take on a second job or ask for a few more hours at work. Or maybe you have some old clothes or household items you could sell in bazaars to bring in a little extra cash. If you have adult children, perhaps ask them to pay rent or board to help with your living costs.

 Get active

There is a clear link between debt and mental health problems. Debt can leave you feeling stressed and anxious and unable to get on with your daily life. Exercise can have huge benefits to your mental health. Getting active can lift your mood, reduce stress and deal with negative emotions you may be experiencing.

 Get help

Dealing with financial concerns can be a daunting and stressful experience, but you don’t need to face them alone.

How to stick to your food budget

Dealing with a budget never seems to get any easier. With the benefits cap and inflation increasing, it’s becoming harder and harder for most of us to keep an eye on our money, particularly when supporting a family.

The biggest issue is often food bills, as even the price of basic products are on the rise. So how can you stick to your weekly budget while still enjoying the food that you love?

 Plan before you buy

It’s hard to resist temptation if you go into the supermarket without knowing what you’re buying; there are always so many offers on. Try planning each day, including any food necessary to take to work, snacks and the evening meal.

If you have a list to take with you, you’ll be focused on what you need rather than letting seductive offers tempt you.

 Shop around

Although supermarkets advertise that you’ll save money by shopping with them as opposed to their competitors, it’s not always the case.

Consider what you or your family eat a lot of and try comparing prices across different stores.

Once you’ve discovered where the bargains are, your weekly shop will not only become cheaper but quicker too.

 Clever cooking

When sticking to a budget, it’s tempting to think that ready meals are cheaper and more convenient, but it’s often not the case.

Cooking your own meals, while taking a little more effort, will ensure that you and your family will eat well at an affordable price.

Pasta dishes and stir fries for example often need few ingredients and don’t take very long to cook.

Try buying dry ingredients with a long shelf-life such as pasta and noodles in bulk when they’re on offer, and don’t forget to keep store cupboard ingredients such as sauces and herbs to make the meals even cheaper in the long run.

 Be efficient

Avoiding wastage is another top tip when it comes to sticking to your weekly budget. If you have a lot of one meal left over, why not try freezing it in portion sizes and saving it for another day?

Also, choosing meals that take little time to cook will save you on your energy bills. Even something as simple as only boiling the amount of water that you need will save you some extra pennies.

It may seem like an upward struggle, but sticking to a budget is achievable with a little perseverance. As long as you keep your eye on what you are buying and think carefully about what you’re cooking, you’ll soon find that your budget can stretch further than you think.

 Contributed

As long as you keep your eye on what you are buying, you’ll soon find that your budget can stretch further than you think