What is Financial Pressure?
Financial problems or financial pressure arises from any situation where money worries are causing stress. It may relate to financial concerns you have about the future or debts you are facing now. It might be about expected expenses for you or your family, also It could be about actual or feared changes in work or personal circumstances that affect your income.
These hard financial times for many individuals and families can seem impossible to overcome but there are things you can do that may help to improve your situation.
Signs that you may need help with debt and finances include:
- often seeking extensions or late bill payments
- missed or minimum payments on credit cards
- spending less money on necessities, like food
- increasing debt from loans or credit cards
- legal action for debt recovery
- fear of eviction from being behind on loan repayments or rent
How does financial pressure affect wellbeing?
Financial pressure can seriously affect your health and relationships, like:
- being afraid to open mail
- unhealthy eating, skimping on meals or difficulty sleeping
- feeling anxious about money
- because of money worries arguing with loved ones
- feeling guilty while spending money on non-essential items
- limiting your spending on enjoyable activities or necessities
Financial stress can also cause physical signs of tensions such as feeling sick or headaches if they persist check these out with a doctor. Some people may think about suicide but also hope that they can find ways to keep safe and get help immediately. Get help if you have thoughts of suicide.
Be realistic about your financial situation and take control:
- write down the total owing on all bills and expenses and bills
- work out your monthly budget to cover your living expenses and pay all bills, including
- everything, even monthly, quarterly or annual payments like electricity and phone bills, rent, food, car loan repayments and petrol
- deduct your regular payments and expenses from your income
If you have less income than expenses, you can:
- contact a financial counseling service for confidential, free help
- set aside money in a savings account each month for emergencies if you can, every little bit helps
- contact people to whom you owe money and tell them you are having difficulty and ask for time to work things out, seek help from friends, family or make progress payments. If you don’t get a helpful response, speak to the lender or provider of phone, power, gas, water.
- consider approaching a welfare service in your area for help with bill payments power, gas or phone
Get help if you are cannot cope mentally or emotionally and feeling overwhelmed. Talk to a family member, friend, your general practitioner, counselor or a helpline.