Financially stressed out? De-stress now
Money worries are global in nature. Here is a checklist to see how worried you are with your finances.
Have you been paying bills with money earmarked for something else or using up your savings to pay everyday bills?
Are you making only minimum payment on a credit card bill?
Is your emergency fund less than your three months income saved?
If you have answered ‘yes’ to all these questions, you’re up on a winding road towards financial stress. And if you have already started getting headaches, palpitations, sweaty palms, cold hands and have irritating mood swings, and if you have stopped checking your bank balance regularly, just because you are scared to find out how much money you have left – you are heading towards a pathological situation called Money Sickness Syndrome.
In India, the causes for financial stress are varied. From finding money for loan payment to getting decent education for one’s kids, the Indian middle class is riddled with a number of financial risks in life. Other causes include fear of losing jobs, debt, inadequacy of retirement savings, and also imprudent usage of credit cards, which is a very recent phenomenon). Dr Rohini Virathan has seen a lot of such cases in her tenure as a psychologist and counselor at Pune Adventist Hospital. “In this age of plastic money, people are tempted to overspend and misinterpret their spending power. A credit card purchase does not entail immediate payment, and this leads to a false sense of affluence and security,” she says.
Financial stress can affect people of all ages and have equal effects on ‘risk-takers’ as well as ‘play-safers’ According to Dr. Virathan, the roots of most finance-related stress disorders are two-fold – lack of proper planning and a disconnection with one’s true financial position and future prospects.
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The first commandment to de-stress is ‘Get Help’.
Finances are a serious matter. Even while managing household finances, two cool heads are better than one in distress. People dealing with big bucks should have qualified financial advisors as consultants.
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‘Get Organised’ – your second commandment.
No matter how bad a financial situation is, it is never too late to get organised. The first step towards it is to accept your financial worry. As Manish Pawar, a counselor, puts it, “Facing up to your situation squarely, you reduce stress because we are no longer trying to escape.”
Some quick recommendations:
*
Avoid any kind of financial discomfort
*
Alter your level of financial risk
*
Consult a professional financial advisor
*
Explain your situation honestly to your debtors and not the least, Curtail spending until the crisis is resolved.
So develop your own personalized ‘game plan’ today.
Have you been paying bills with money earmarked for something else or using up your savings to pay everyday bills?
Are you making only minimum payment on a credit card bill?
Is your emergency fund less than your three months income saved?
If you have answered ‘yes’ to all these questions, you’re up on a winding road towards financial stress. And if you have already started getting headaches, palpitations, sweaty palms, cold hands and have irritating mood swings, and if you have stopped checking your bank balance regularly, just because you are scared to find out how much money you have left – you are heading towards a pathological situation called Money Sickness Syndrome.
In India, the causes for financial stress are varied. From finding money for loan payment to getting decent education for one’s kids, the Indian middle class is riddled with a number of financial risks in life. Other causes include fear of losing jobs, debt, inadequacy of retirement savings, and also imprudent usage of credit cards, which is a very recent phenomenon). Dr Rohini Virathan has seen a lot of such cases in her tenure as a psychologist and counselor at Pune Adventist Hospital. “In this age of plastic money, people are tempted to overspend and misinterpret their spending power. A credit card purchase does not entail immediate payment, and this leads to a false sense of affluence and security,” she says.
Financial stress can affect people of all ages and have equal effects on ‘risk-takers’ as well as ‘play-safers’ According to Dr. Virathan, the roots of most finance-related stress disorders are two-fold – lack of proper planning and a disconnection with one’s true financial position and future prospects.
*
The first commandment to de-stress is ‘Get Help’.
Finances are a serious matter. Even while managing household finances, two cool heads are better than one in distress. People dealing with big bucks should have qualified financial advisors as consultants.
*
‘Get Organised’ – your second commandment.
No matter how bad a financial situation is, it is never too late to get organised. The first step towards it is to accept your financial worry. As Manish Pawar, a counselor, puts it, “Facing up to your situation squarely, you reduce stress because we are no longer trying to escape.”
Some quick recommendations:
*
Avoid any kind of financial discomfort
*
Alter your level of financial risk
*
Consult a professional financial advisor
*
Explain your situation honestly to your debtors and not the least, Curtail spending until the crisis is resolved.
So develop your own personalized ‘game plan’ today.
posted by Daniem at 5:02 AM
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