Navigating Financial Stress – Who Can You Turn To?
In our society, discussing finances can often feel like crossing an invisible boundary of privacy. We frequently find ourselves concealing our monetary concerns, resorting to putting on a brave facade.
Indications of financial strain, such as unopened bills, creditor evasion, and disregard for bank and credit card statements, are all signs of an individual in denial. But sweeping your financial issues under the rug only serves to amplify them.
Financial stress doesn't just affect our wallets; it extends to our relationships, our general well-being, and our physical and mental health. The cyclical relationship between fiscal worries and mental health issues has been well-documented – financial challenges can negatively impact mental health, which, in turn, can make it increasingly difficult to manage finances.
However, no matter how dire your financial situation may seem, assistance is always within reach. By confronting your monetary concerns, you can alleviate stress levels and regain control over your life.
At Succession Financial Planning, we have a large and diverse team of personal financial advisers who are available to help you. We believe that, when you’re feeling overwhelmed, one of the most crucial conversations should be with your independent financial adviser or planner.
Here at SFP, we can assist you in pinpointing your financial hurdles, be it overspending, budget frustrations, complex financial needs or deeper money stories that need to be retold. Once the issue is identified, we can collectively devise a suitable solution.
Subsequently, three crucial conversations should ensue when your finances become overwhelmingly stressful:
Your partner: They should be your first point of contact when financial strain begins to mount.
Dependants: This includes children, elderly parents, siblings, or organisations you may be supporting financially. Inform them about the need to implement cost-saving strategies. Emphasise that while you want their happiness, you must first stabilise the situation before things potentially deteriorate.
Your creditors: Explore the possibility of renegotiating the terms of your financial obligations such as credit card debt or car, home, and student loans. Debt consolidation could also be an option worth considering.
Having these conversations might seem daunting, but framing the discussion from the outset can be beneficial. Those you confide in don't necessarily have to solve your problems or offer financial assistance. Their role is to provide a supportive, judgement-free platform where you can openly discuss your situation and the emotions it stirs up.
Remember, if you're grappling with financial stress and uncertainty, you're not alone. Issues like escalating debt, income loss, or unexpected expenses are common hurdles in today's world. Sharing your concerns can help clarify your predicament, and the person you confide in may provide insights or solutions you hadn't previously considered. If you need assistance making sense of your financial world, reach out to an SFP adviser – we're here to help guide you through the process.