Many find themselves incredibly caught up in the current climate (Image: Getty Images/iStockphoto)

Every day there is a new topic about how different things spend more money on us.

Will rising interest rates, food costs, or energy prices rise again in the fall, not just once?

From children to adults, we are often taught to plan ahead, but due to the current crisis of life values, it becomes a weekly and even daily struggle.

Savings are drying up, pay lines are disappearing faster than ever, and money seems to be floating through our fingers every month.

I feel terrible.

People are deeply concerned about their financial future. And if wages don’t keep pace with inflation, there’s a sense of entanglement.

Rowan Harding, financial planner at Pass Financial, said:

So what can you do if you are overwhelmed by all this? And what practical work can you do in the short term?

The experts shared some tips for solving financial problems. We also share many things you can try today to feel more in control.

acknowledge your feelings

Smriti Josh, Wysa’s lead psychologist, emphasizes that both anxiety and financial worries are completely effective. The first step is admitting it.

He states: “Recognize that this is a real concern and that you will not experience it alone.

Not feeling alone helps to not accept the ideas of the victim.

Talk to someone else about your concerns

“Stress can make it difficult to objectively assess the situation, so the end of the dark tunnel may not be clear,” explains Smith.

But talking to a loved one or an expert can really help.

“If you’re feeling stressed, anxious, or scared about your financial situation, share your mental burden with your family,” says psychologist Down Baxter.

“Take the time to talk about your feelings and, if possible, make a step-by-step plan to improve the situation.

“In the 90% case, just making a plan on the page will make you feel so much better.

Get information from current sources

Choosing the type of media to consume during periods of high stress and anxiety is always a good idea.

Adds Smith: “Select current news sources on the economic impact of price increases, inflation, pandemics, wars (or other disasters), and reduce the time you spend posting on social media about these topics.

“People with the most benevolent intentions may offer less helpful advice or write something that might lead to them.

Think practically and objectively.

Dawn said: “In an unprecedented situation, it is important to look at the situation objectively and understand the emotions that arise.

“What we can ultimately do is fall into a destructive negative spiral, which is widespread and not good for our emotional state.”

Media headlines, conversations with friends and family, and observations of everyday life can guide us into this negative space, but the objectivity of the situation can protect us.

Alba adds: “For problems like this, it is important to take a step back and look at it from a distance to get out of the situation.”


According to experts, the practical thing is to have more control.

Think about your money goals

Rowan says that a good place to start is to think about your money goals.

To do this, you can ask yourself the following questions: What do you need to achieve? And are you trying to manage your daily expenses, pay off your debt or create emergency funds?

“No matter how big or small, having a clear goal motivates you to make money,” he explains.

organize your money

The next step is to get organized with your money.

Rowan said: “It can be shocking, but it can really help you get control of your finances. All important financial statements like bank statements, bills, invoices, receipts 1 Easy access to all locations.

It is also advisable to schedule “money time”. This is the set time weekly when you sit down and trade in a money-related business, like paying taxes or checking your bank balance.

budget

Creating a budget gives you more control over your money and helps you control your spending, adds Rowan.

“Starting with your total income, not including taxes, write down all the necessities you need to spend your money each month, including rent, mortgages, gas, power, phones, and groceries,” he says.

There are plenty of free budget planning apps and online tools to help you do just that.

deal with debt

Having debt can be very stressful and difficult, but it is important not to overlook or lose control of the situation.

Rowan continues. “The sooner you tackle it, the easier it will be. If you can afford it, paying your debt every month is a regular job, but if you run into trouble, help with National Debtline, StepChange, Financial Wellness Group, etc. It’s available.

Don’t be afraid to ask for extra support

“You may think you have too much income to claim earnings, or you may already be looking for earnings and may not know you have additional support,” Rowan continues.

Whether it’s a universal loan, a tax credit, a caregiver allowance, or free school meals for your child, it’s worth seeing what you qualify for.

It may also be worth talking to your energy provider about what they can do to reduce rising household bills.

Rowan also points out that there are government systems you can take advantage of, such as energy tax support and self-sufficiency payments.

Get food help

“If putting food on the table is difficult, charities like the Trussell Trust, Banket and the Independent Food Aid Network can help you find a local food bank,” Nerd Wallet personal finance expert Brean Horne explains One.

He adds: “It’s always worth checking to see if your child is eligible for a free meal at school. It can take the pressure off your food budget.”

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