Money may have a substantial influence on our mental and physical health, as well as our relationships and overall wellbeing. The present financial crisis in Sri Lanka adds a lot of stress. In this article, we’ll go through seven different ways to deal with financial stress.

1. Make a budget

The first and most crucial step in coping with financial stress is to create a budget. A budget may assist you in understanding your income and spending, as well as where your money is going. You can uncover places where you can cut back and save money by tracking your spending. Include all your expenses, including fixed costs such as rent or mortgage payments, utilities, and insurance. Don’t forget to add the variable costs such as groceries, entertainment, and eating out.

2. Make a list of your costs and prioritise them

When you’ve made a budget, prioritise your spending based on what’s necessary and what’s not. Begin with fixed expenditures such as rent or mortgage payments and work your way down to variable expenses. Reduce non-essential spending, such as eating out or buying clothes you don’t need. With the present financial crisis, it is critical to prioritise necessities such as food, housing, and healthcare.

3. Create an emergency fund

An emergency fund can assist you in preparing for unanticipated expenditures such as medical bills or job loss. Make an emergency reserve of three to six months’ worth of living costs. Begin by saving a portion of your monthly salary and progressively raise the amount you save. Having an emergency fund is more critical than ever in the present financial crisis.

4. Get professional assistance

Seeking expert counsel if you are experiencing financial hardship in Sri Lanka might be beneficial. Financial consultants can help you with budgeting, debt management, and investment. A financial adviser may assist you in developing a customised strategy to meet your financial objectives and alleviate financial stress. Get the advice of a financial counsellor who specialises in assisting people in dealing with financial stress during times of economic instability.

5. Take charge of your debt

Debt may be a major source of financial stress. If you are in debt, make a strategy to pay it off as quickly as feasible. Begin by establishing a list of all your bills, which should include credit cards, loans, and mortgages. Sort your debts by interest rate and pay off the obligations with the highest interest rates first. To simplify payments and lower interest costs, consider combining your debts with a personal loan or balance transfer credit card.

6. Exercise self-care

Financial stress may have a negative impact on both your emotional and physical health. Self-care can help you manage money-related stress and worry. Exercise on a regular basis, get adequate sleep, and consume a nutritious diet. Participate in enjoyable hobbies such as reading, listening to music, or spending time with friends and family. To manage stress and anxiety, consider beginning a mindfulness or meditation practice.

7. Be patient

Coping with finalncial stress can be difficult, and you must be patient with yourself. Recognise that financial stress is a typical issue that many individuals confront, and it is okay to seek assistance. Little achievements, like paying off a credit card or raising your emergency money, should be celebrated. Remember that achieving financial security takes time, and the trip is just as essential as the destination.

Remember to find joy in the little things. Don’t make money your ultimate objective. Instead, pursue your passions and execute them so brilliantly that they become your imperishable treasure.

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