Rising Tide Blog

5 Things you can do RIGHT NOW to Reduce your Financial Stress

Posted by Matt Hale

read ( words)

While it’s true that money doesn’t buy happiness, at the same time not having your money sorted can be a constant source of unhappiness.  Financial stress can be debilitating, particularly if you have a family to think about.  While we would all love to win the lottery, the likelihood of this happening is pretty slim. So given that getting rich suddenly isn’t really on the cards, we’ve come up with some simple actions you can take right now that will dramatically reduce your financial stress instantly.

  1. Consolidate your debts

Keeping up with multiple repayments every month can really keep you up at night which is why rolling them all in to one personal loan can help put your mind at ease.  Admin tasks like this often sound more daunting than they actually are.  It really is as simple as picking up the phone and talking to your bank.  Take the time to explain your situation and ask them what they can do for you.

  1. Take out insurance

A lot of people turn their noses up at the idea of insurance but it really is the simplest and surest way to ensure that you’re covered in case you ever find yourself in a position where you are unable to meet your expenses.  We recommend to all our clients that they take out income protection and trauma insurance.

  1. Cut up your credit cards

We mean it! Grab your scissors, grab your cards and cut them in half.  Credit card debt escalates quickly and can spiral out of control before you know it.  As long as the cards are still in you’re wallet the temptation is always going to be there so don’t delay! Cut them up and roll the debt over in to a consolidated personal lone.

  1. Book an appointment with a financial advisor

Just as you book a doctor’s appointment when you’re not feeling well, a qualified financial advisor should be your first port of call if you’re finances are stressing you out.  While a good financial advisor Melbourne won’t have a necessarily have a magic solution to your money issues, they will be able to map out a plan for you.  Having a clear view of how you are going to navigate your finances can sometimes be all you need in terms of reducing financial stress.

  1. Pay any outstanding bills and plan for any coming up

If you don’t have the money on hand to pay them call up the people you owe and either ask for an extension or a payment plan.  Bills don’t pay themselves as much we would like them to and leaving them outstanding not only causes stress, it can also land you in trouble with the debt collectors.