Managing Your Finances During Covid-19
The Positive Blog was recently contacted by CreditCards.Com who wished to highlight coping mechanisms when it comes to managing debt; see the link to their thought provoking article below entitled: Money Stress And Mental Health: 5 Ways To Cope.
Personal and/or home finances can be a real challenge at the best of times not to mention during a global pandemic. Below is some useful information on how to better manage your financial situation during this challenging period. It is important to remember when it comes to debt that there is help available, from a comforting friend, to seeking out the advice of a professional financial advisor. Assistance is always at hand and you are never alone despite what your mind may have you believe.
Some Additional Tips For Managing Your Finances
Being consistently in debt can be a real stressor, reaching out to a financial advisor, a counsellor or a close confidante can often be the first step to removing a heavy burden from your shoulders.
Don't ignore the issue, burying your head in the sand will only make matters worse.
Draw up a plan for managing your debt down, doing so should give you some sense of control and direction.
Prioritise your spending (mortgage, rent, health care, utilities, groceries etc.) and also aim to live within your means.
Be realistic when it comes to purchases and avoid those impulse buys.
Track your daily spend; you may be amazed at where your money is going.
Shop around for your utility providers, car insurance and other monthly outgoings as there are always deals out there.
Seeking advice from a registered financial advisor can often be a good first step as such individuals can bring both objectivity and experience to bear, along with some much needed hope!
If spending on luxury items is proving an issue, then it might be time to bin those credit cards as they make spending just that little bit too easy.
It may be possible to consolidate your debt which may make it easier to focus on repaying, again this is something a financial advisor can assist with via a financial plan.
The need or impulse to consume can be related to deeper psychological issues, the term 'retail therapy' is well known. Research has shown that when shopping the brain releases dopamine, which gives us that pleasure feeling, which is why so many go back to the shops time and time again, even when they don't have the money to do so.
Bank of Ireland, How is your Financial Wellbeing? Click Here
Elle, Yes, Shopping Can be Addictive. Click Here
Money Advice & Budgeting Service (MABS), Click Here
Citiziens Information, Click Here
Competition and Consumer Protection Commisson, Click Here