Howdy Friends! Your financial friend Loan Singh is back with today’s stress-filled (pun intended) post. I mean this had to be written on someday. Stress is natural. It’s part of all of us. Remember the exam stress? We nicely wasted 3 out of the 4 study leaves and became a nocturnal beast finishing page after page on the night before the paper. The stress of hitting that last ball SIX, stress to finish your college journal submissions, stress while asking a girl out or stress in creating presentations. To scientifically put it, stress is our body’s emergency action which responds to threats. That is why if you notice, during a stressful situation, you either jolt into action or slump into despair. It is our brain that mobilizes the hormones and makes us either fight or flees a stressful environment. This explains the stressful last-minute revisions or deadline completions.
What is Financial Stress?
I think above examples of stress are all linked in such a way that, the output is directly corresponding to decisions you could have taken prior to the stressful moment.
- You could have studied earlier planning the process and facing the exam gung-ho
- You could have planned your cricket innings or simply blame the pitch J
- Last minute journal submissions? Nah! I guess you enjoy them best under stress
- If the girl you asked out becomes your wife, the wait and the stress was worth it
Financial stress can be dependent on a number of factors. Lost a lot at the casino, availed a loan and struggling to pay the EMIs, some are already in debt, blown up the entire salary and it is still on 15th of the month. These financially stressful scenarios can have a spiraling effect on your health and interpersonal relationships. Whatever the financial reason maybe, you need to stay focused on the goal of being financially secure. The more in tune you are with finance, the better it will be for your mental stability and confidence. I now suggest to you, 7 ways by which you can beat financial stress like a boss.
- Try Getting Over the Fear
Bad financial choices are made due to fear creeping in – Fear of failure or a fear of not making most of a golden opportunity. That same fear can make you become skeptical when making important financial decisions in the future. There could be fear in investing into an investment that failed in the past. You could be torn between buying a new vehicle or purchasing a flat.
- Bottle down the Negativity
Consider yourself lucky because there are probably hundreds of non-salaried individuals who don’t get to be in a position that you already are. Thinking a financial emergency is too much to overcome is preposterous. The trick here is to switch your attitude to a positive one by reading online about financial solutions to your predicament. Speak to elders and experienced members of your family who have been there and done that.
- Make Your Family Understand
A majority of us feel financial stress with regards to issues pertaining to the household. Now, every one of you is unique with challenges of your own. Some of you are married, some of you are single but carry the weight of the family expenses, some live in a nuclear family etc. You need to make your family members understand the financial problem. In case, your family likes to blow out your credit card, you need to advise or counsel them about spending. It is your credit score that is being tarnished here. Does your kid really need a private school to go to? When there is a reputed government school giving the best in education and discipline?
- Build a Strong Budget
Now we get serious. Everyone has probably told you about building a budget. There is no ‘etched in stone’ rule that you need to follow. That’s the beauty of building a budget. You don’t just write it and stick it on the fridge or calendar, you hold true to it. Simply jot down the total income that comes in every month, next start writing all the expenses in priority. Whatever amount remains after the deductions i.e. Income – Expenses = Savings. This ‘savings’ can be used to spend on clearing any debt or putting it into a piggy bank.
There is something warm and fuzzy about checking your savings each month. With a growth in savings, your financial stress levels will slowly disappear. You can use notepads, sticky notes; good old excel or fancy smartphone apps. There are websites online that help prepare a budget.
- Improve your Monthly Savings
The tough part is now done. Savings is actually a fine art that a miser has mastered. But you are not a miser. You cannot be one. Yes, you can save on that extra liter of fuel by driving during non-traffic hours, but realistically, the lifestyle that you are maintaining should not be hampered in a big way. Make minor tweaks every day, every week, every month and then see a positive snowballing effect on your savings.
- Maintain a Single Loan
I could probably be the first person telling you this but debt is actually good.
- Need funds to get married but expecting a raise within the next few months – apply for a wedding loan online
- Need an upgrade in your home appliances – apply for a consumer durable loan
- Want to take a break from all this stress, apply for an online travel loan and off you go to Europe
On the flipside, if you have already fallen into debt and that is the reason for financial stress, just apply for a debt consolidation personal loan. This way you can combine all your debts into one single loan. Credit card fees are off the roof? Apply for a credit card refinancing loan. Also, remember that you need to cycle credit to improve your credit score. This is what CIBIL and Experian look at, how prompt you are with your repayments.
- Improve Your Stagnant or Bad Credit Score
Credit repair takes time and requires you to be fully focused. Don’t miss out on any EMI repayment due dates, clear any pending credit card bank statement dues, don’t apply for credit within short spans of time and always apply for a credit report yourself and check for credit report errors.
Loan Singh is a digital lending platform that prides in providing online and unsecured personal loans to salaried individuals. You can apply for quick funds as an easy emergency loan which is not a bank loan, but provide a loan with best personal loan interest rates. The instant funds, or instant loans, are small loans taken for purposes such as:
- Home improvement loan
- House repair loan
- Marriage loan or Wedding loan
- Medical loan
- Second-hand car loan
- Second-hand bike loan
- Consumer durable loan
- Vacation loan
- Debt consolidation loan
- Credit card refinancing loan
- Job relocation loan
- Overseas travel loan
- Festival loan
You can calculate your easy EMIs using our personal loan EMI calculator. We accept bank statement, PAN, and Aadhaar for quick loan approval. A bad credit score or credit report errors can lead to personal loan rejection. The ‘Loan Singh Blog’ is one of the best finance blogs in India.
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