If you are living paycheck to paycheck, you know how difficult it is to manage your finances. It becomes more unbearable and problematic when you have debts to deal with. Your dream to handle your debts effectively becomes bleak and uncertain.
Although there is a strong drive and widespread campaigns about financial literacy, not many people can successfully follow every directed must-dos. Instead of staying afloat amidst debts, you start to feel that your mismanaged finances are pulling you down to drown.
What happens when you do not handle your debts effectively?
You always hear people say that money does not buy happiness. It does not define who you are but money sure does make you and your family’s life comfortable and better. Who does not want that? But if your debts have occupied your mind all day long, it is time to reassess your financial capacity.
1. You become a slave to your job.
The only way you can pay off your debts is to work like a dog. You take every chance to have more hours and days just to earn extra pennies. It does not matter anymore if you take your family for granted because all you think about is making their lives easier by giving them a debt-free life.
2. You are always worried and unhappy.
If you fail to handle your debts effectively, you tend to think about them all the time. You are constantly worried if you can pay your mortgages and loans on time. It makes you sad thinking that you do not have enough left to pay your credit card dues.
3. You withdraw from your loved ones.
Sad to say, money does cause misery. With so much debt, your sole focus at the moment is how to quickly pay all these. You are intently finding ways and means to earn more. Sometimes, you feel embarrassed or guilty for putting your family in this situation. Slowly, you distance yourself from them to work harder.
4. You resort to unhealthy vices.
In order to forget your money problems momentarily, you find comfort in drinking your woes away or abuse harmful substances. Others try gambling hoping to win money to pay off their debts. There are people who are willing to do illegal activities just to earn money.
- You think of harming yourself.
When the thought of your debts piling one after the other is unbearable, harming yourself becomes an option. It seems that this is the only way to escape from your debts. Though it pains you to think about leaving your family behind, your need to cut ties from your debts weigh heavier.
How to enjoy life despite your debts?
Just because you have debts, it does not mean that your life should revolve around it. Your debts should not be the only reason to live.
1. Budget your income wisely.
Although this is not easy, you need to train yourself in managing your income. Budgeting and being smart on your expenses must be your priority. Learn on how to do this through attending seminars or seeking help from financial experts.
2. Pay your monthly dues on time.
Interest on your loans and credit cards accumulate if you are late in your monthly dues. Make sure that you pay them on time to avoid late payments. It is recommended that you pay the full amount due so that it will not add up and earn interest on the next month.
3. Treat yourself once in a while.
Do not overdo this by treating yourself with a $5000 bag or a ridiculously expensive gadget. It is good to make yourself happy by indulging in your likes and hobbies. Buy that book you are dying to have or dine in your favorite restaurant. It does not have to be costly just enough to motivate yourself to work harder and de-stress yourself.
4. Teach your family about money.
Most people hide their debts from their families. They do not want to burden them with financial problems. This is okay but bear in mind that teaching your children about handling money wisely is the key to a debt-free life.
5. Take care of your mental health.
Debts can stir up mental health issues such as depression and anxiety. You need to protect your mind from all these. Thinking about your debts constantly makes you susceptible to negative thoughts. Once you see that your behavior and thoughts have changed for the worse, seek medical help right away.
Where to ask for help and guidance?
You have to remind yourself every now and then that your money problems can be solved. You can handle your debts effectively and there is nothing to worry about.
Attending a therapy near me or counseling session is the last thing on your mind in dealing with your debts. You feel that it is pointless and unhelpful because you do not earn money from this. However, seeing a therapist will help you focus on things that matter the most in your life.
Mindshift Psychological Services knows that money trouble is one main cause of mental health issues. Money brings down your physical and mental health because it becomes the only thing that is important to you right now.
Some of their services that have tremendously helped many people include Depression Therapy near me, Family Therapy and Psychotherapy for Individuals. Learn more about their therapies on their website. You may also contact them at (714) 584-9700.
