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How being financially fit impacts your wellbeing

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Happy woman celebrating her financial fitness at her desk on a beautiful day

Dealing with financial stress can be incredibly challenging, especially when faced with forever increasing debts and persistent creditors contacting you, demanding payments.

The impact of financial stress on individuals, families, and society is well-documented, leading to reduced self-esteem, increased anxiety, depression, and even negative behaviors such as substance abuse and crime. 

Therefore, recognizing how your financial situation is impacting your wellbeing is of the utmost importance.


Understanding the context

By gaining insight into your circumstances, you can better determine the extent of the problem and seek appropriate assistance. For example, if you have missed payments and are receiving calls from creditors, conducting an income statement can help you identify changes in your financial situation. Take stock of your net income and list all your expenses. Assess whether your income has decreased, or expenses have increased, as this will guide your next steps and provide valuable information when making financial decisions.


Taking action

Increasing Income and Reducing Expenses: When faced with financial stress, there are two primary approaches: increasing your income or reducing your expenses. If earning more is not possible it is crucial to carefully analyze your spending habits. This is an opportune time to be proactive and assertive in your approach. Remember, the deeper you sink into the debt spiral, the more challenging it becomes to recover. Start by cutting non-essential expenses such as dining out, purchasing fashion items, and takeaways. 

Just as treating a minor cut promptly prevents a major infection, curbing unnecessary expenses can prevent you falling deeper into the debt trap.  If these options are still insufficient, seeking guidance from a registered Debt Counsellor regarding Debt Counselling which can help protect what is left while still paying your debt off over a period may be beneficial to you.


The importance of mental fitness

One common trait among individuals facing financial stress is the reluctance to discuss their struggles and seek help. However, carrying this burden alone often leads to a sense of helplessness, even when it is not warranted. It is crucial to understand that achieving financial freedom requires mental resilience as well. Seeking professional support for both is vital. By understanding and acknowledging your current financial stress, you can better navigate the challenges and maintain a healthier perspective on your financial situation.

Effectively managing financial stress is essential for achieving stability and overall well-being. By acknowledging the connection between your financial position and wellbeing, you can take proactive steps toward’s resolving debt leading you to financial freedom. Remember, seeking professional assistance for both aspects can provide the guidance and support needed to overcome financial stress and regain control over your life.

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