Fear over debt and other financial stressors can be debilitating. Financial stress is unavoidable, but when it becomes too much and too severe, it’s better to tackle it before it gets way out of hand. 

If you’re having a hard time sleeping at night thinking about debts and bills to pay, feeling anxious each time your phone rings, thinking it might be from the credit collections, then you’re not alone. Anxiety and stress brought about by financial problems are not uncommon. According to a Bankrate survey, 42% of Americans say that money is one of the stress triggers to their mental health.

Money anxiety due to debt is a common problem, but the past three years of the COVID-19 pandemic and inflation have further aggravated people’s financial stress over debt. Stressors such as bloated health and medical bill problems, job loss, threats to financial security, and now the roaring inflation of increase in oil and gas prices and essential commodities all put a heavy strain on people’s mental health.

And when a person reaches a situation where their income is insufficient for paying inflation-related debts, and they no longer have any means to support their daily cost of living, filing for bankruptcy is the best resort for financial relief. The Law Offices of Ronald E. Stadtmueller are the debt and bankruptcy professionals that offer fast resolution and debt relief, helping their clients achieve that much-needed freedom from debt and help them regain back control of their financial life.

Specializing in bankruptcy Chapter 7 in San Diego, California, the bankruptcy law firm also provides legal services in Chapter 13 bankruptcy, debt reorganization, debt discharges, and other general bankruptcy consultation and legal proceedings. With over 30 years of legal experience, the Law Offices of Ronald E. Stadtmueller can do more than fight for their client’s financial rights and free them from crushing debt and harassing creditors – Ron Stadtmueller and his team of lawyers ensure that their clients are comfortable throughout the bankruptcy process, and can finally get that peace of mind and sleep well again through the night!

How to cope with financial stress

Financial stress is the mental and emotional strain or tension linked to debt, expenses, or any current financial problem. Often stemming from lack of income, or less of it, to pay rent, bills, food, clothing, etc., financial stress is so common that, at times, it has become embedded into the standard way of living.

But when the stress becomes so severe that it disrupts your everyday life, you’ve become depressed, have trouble sleeping, withdrawn from social activities for fear of coming in contact with creditors, start experiencing frequent headaches and stomachaches, becoming moody and irritable, especially when someone starts talking about finances, and becoming over-anxious and at times paranoid, then it’s high time to divert your attention and refocus on treating your mental health.  

If you’re experiencing some, if not all, of the above symptoms, try some of these coping strategies. 

Practice mindfulness and self-care

Go easy on yourself, and focus on things you can control and improve. Mindfulness refers to the mental state of being aware and conscious of the present moment. It involves accepting one’s current thoughts, feelings, and body sensations.

To combat financial stress, you need to know what went wrong that led you to your present situation. Calmly accept and acknowledge your negative emotions, such as pain, sadness, irritability, anxiety, and so on. Next, take time to relax and practice self-care. Often when a person is too stressed and uptight, they can’t be able to see through the problems from a different perspective and create solutions.

So, take a step back, and breathe. A good physical workout, or even as simple as walking around your neighborhood for 30 minutes, can help clear your mind and regain focus. Once you start breathing out your stress and emptying your mind, you’ll soon find that solutions to your financial problems start creeping in slowly, now that you’ve allowed your body and mind to relax.

Find ways to earn extra income and stick to a budget

One way to ease financial strain is to start looking for a side hustle to increase your income and pay off your debt. Start by working for just a few extra hours, and make sure that it does not get in the way of your self-care. Any increase in income, or even a stimulus check, can revive and boost that feeling of being in control over finances.

Create a budget and stick to it. Classify and prioritize bills according to their importance. Budgeting can also help you track your progress regarding expenses and savings. The progress you’re making, as long as it’s recorded, and knowing that you’re moving forward regarding your finances can help lift and improve your mood and mental health.

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