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How To Deal With Money Stress

How To Deal With Money Stress

Back in 2009, at the peak of the debt crisis, a friend went through bankruptcy. His small off-license News shop closed within a matter of months. The bank got the verdict from the court ordering him to pay $1 a month.

Apart from the usual stress of dealing with bankruptcy, he went through the stress of managing his finances post-bankruptcy. It was tough for him to do it – to find new work and restart everything. Fortunately, he did it. Currently, he is running a small business, however; bankruptcy is still on his records.

Bankruptcy is a major event in anyone’s life and surely it creates stress – a lot of stress to deal with new realities appearing after declaring yourself bankrupt. However, managing money and finances in our daily life can also be the cause of stress. Money stress is a reality and the cause of major stress for most of Americans.

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There can be many reasons for this stress – not earning enough, spending more than what we earn, carrying a large amount of debt (even private small business loans taken in the shape of MCA or investor loans which are generally given on soft terms to small business owners) trigger stress.

Coping with money stress

If you are facing such a situation or someone you know is going through this, it is time to look inside and become more aware of what coping mechanisms you can develop and follow to deal with money stress.

Part of it is related to our emotional style and DNA and part of it are simply developing a system which can boost willpower and motivation to feel positive when faced with making difficult money choices.

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Here are three simple routines which can help you to cope with money stress:

1. Morning routines

I’m not a night owl! I get up around 4 am, and till 7 am I use the time as my own sacred time to contemplate, plan, review and learn new things.

If you can afford to get up at least 1 hour before your usual time, I suggest you to use that time bucket for making your money decisions for the day. Our willpower decreases as the day passes and with more to deal with during day time, it is better to make most important decisions concerning money first thing in the morning.

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Let’s say, you are planning to buy groceries today or want to order pizza later that night, it is better to decide the same in morning. It will cause less stress to make this decision early in the day.

Making monthly budgets, recording your daily expenses, checking and tallying your bank statements and even reading your credit card bills first in the morning can easily offer you an opportunity to think in a clearer manner and develop strategies to deal with various aspects of your money. To deal effectively with money stress, develop morning routines and make your important financial decisions early in the day.

2. Be a stress stopper

Another reason money creates stress in our life is because we argue about it. If you and your partnrt are both earning and have divided expenses, arguments are sure to follow. If your spouse is paying the mortgage and he or she missed a payment or two without informing you, most probably, you will end up with a heated argument.

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When faced with such a situation, you can decide who is going to back out from the argument. Carefully discuss with your spouse that if any such situation arises, either you or they have to act as a stress stopper. Or if your kids are old enough, you can ask them to interrupt and intervene. The purpose is to break the chain and stop you from stressing yourself more.

3. Meditate

If you feel that your inability to deal with money is causing you stress and putting your relationships at risk, you should give a try to meditation.

Meditation is a medically proven way of dealing with stress and if you can simply build the routine of even doing a 5 minute meditation twice a day, your ability to deal with money stress can significantly increase. By simply closing your eyes and watching your breath, you can calm your nerves and are fully aware of what to do when faced with tough money choices.

What is more important is how you build small systems and routines to follow to deal with money stress. Early morning meditation, planning for the day and developing a relationship of trust with your family or significant other can greatly reduce money stress.

Featured photo credit: American Herald via americaherald.com

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Adnan Manzoor

Data Analyst & Life Coach

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Last Updated on August 15, 2018

30 Fun Things You Can Do This Summer Without Spending Much

30 Fun Things You Can Do This Summer Without Spending Much

Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

Video Summary

1. Visit a strawberry festival

Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

2. Have a picnic

Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

3. Camp in your back yard

    The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

    4. Take long walks

    Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

    5. Break a world record

    Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

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    6. Go on a bike ride

    The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

    7. Join a gym class

      The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

      8. Find a new hobby

      The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

      9. Join a sports team

      Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

      10. Make a slip ‘n slide

        Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

        11. Make a treasure hunt for your kids

        Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

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        12. Visit a free festival

        Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

        13. Visit the zoo

          Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

          14. Take a road trip

          Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

          15. Play ultimate frisbee in the park

            Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

            16. Make your own ice cream

            Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

            17. Invite your neighbors over for a BBQ

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              When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

              18. Get a summer job

              For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

              19. Attend a charity event

              Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

              20. Visit a national park

              National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

              21. Visit your local comedy club

                Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                22. Make your own hammock

                  Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

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                  23. Read in your new hammock

                  Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                  24. Watch a movie outside

                  Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                  25. Take a hike

                    Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                    26. Learn how to fly a kite

                    As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                    27. Work out at the park

                    American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                    28. Take your dog to the beach

                      One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                      29. Make a summer smoothie

                      Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                      30. Attend a free yoga session at the beach

                      No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

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