If you have debt, too many bills and not enough money, you might feel hopeless about your money situation. Most people dream of being financially free, and having sufficient cash to make ends meet. But in reality, making a living is much easier said than done. Your financial situation might not be perfect, but there are ways to stop feeling hopeless about money.
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Get Control of Your Emotions
If you're feeling hopeless, there are several things you can do to improve your emotional and mental state. You may not be able to change how much cash you have in the bank, but if you take better care of yourself, you can reduce anxiety and improve your mood. For example, exercising at least three times a week can increase endorphins, which are brain chemicals that affect mood. Getting enough exercise, plenty of rest and a balanced diet can improve your outlook.
It's understandable to feel overwhelmed and hopeless when it comes to money. With the current economic climate, it can be difficult to make ends meet. But, there are proactive steps you can take to improve your financial situation and reduce your stress.
First, get control of your emotions. If you're feeling overwhelmed, it can be helpful to take a step back and assess the situation. Take some time to focus on self-care. Exercise, eat a healthy diet, and get plenty of rest. Exercise has been proven to increase endorphins, which can help to improve your mood.
Second, take a look at your budget. Are you spending more than you earn? Make a budget and track your expenses. This will help you to identify areas where you can cut back. Don't forget to save for emergencies. Having an emergency fund can provide a financial cushion if you face unexpected expenses.
Third, look for ways to increase your income. Consider taking on a part-time job or freelance gig to supplement your income. You could also look into side hustles like selling items online or providing services.
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Look at the Big Picture
Your personal finances might need work, but chances are you're doing well in other areas of life. Maybe your employer feels you're one of his best employees, and maybe you volunteer or always provide your friends with emotional support. It's easy to focus on what's going wrong in our life, but if you focus on what's going right, you're less likely to feel hopeless.
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Make a Plan
Sometimes, overcoming hopelessness and discouragement is as simple as creating a plan to overcome a situation. For example, if you have thousands of dollars of credit card debt, brainstorming ways to pay off this debt can improve your outlook. It might take several months or years to reach this goal, but with a plan you can make headway.
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Identify What Led to Your Situation
Being able to pinpoint circumstances that contributed to your financial state is another way to stop feeling hopeless. If you can identify mistakes, you can avoid repeating these mistakes in the future.
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Realize You're Not Alone
If you're going through tough financial times, you may feel you're alone. Your friends, relatives and coworkers may seem to do better financially, which makes you feel even worse about your situation. But even if these people are doing well today, they probably experienced setbacks in the past, and there's no way to predict how their future income will hold up. For that matter, understand that everyone goes through tough times. Maintaining control over your emotions is key to overcoming these obstacles.
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Meaning is not what you start with but what you end up with.
Get Help
Some people can handle their own personal finances. But if a problem is too big for you to handle alone, don't be afraid to get help. This can come from a relative or friend who knows how to manage money well, or you can work with a credit counselor or a financial planner.
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Don't Fall Apart if You Have a Setback
If you create a plan to improve your finances, don't become discouraged if you experience a setback. This is common. For example, after paying off several hundred dollars of credit card debt, you might have an emergency that puts you back into debt. These situations are going to happen, but it's important not to give up.
It's common to feel hopeless when you're having money problems, but if you can stay positive, it'll be easier to find a solution. What are other ways to stop feeling hopeless about money?
