Suffering hardships? There’s light at the end of the tunnel

Tips on how to conquer a financial hardship

12:03 25 September 2014

A financial hardship can result to people lacking a sense of belonging. Such hardships also cause insecurity leading to emotional distress. Financial therapists help resolve such matters enabling people to manage their finances better. 

 

The following guidelines will help you have full control over your emotions and money.

 

1.Face the humiliation and guilt

 

Huge debts are associated with financial failures. Many people therefore focus all their efforts on hiding their financial burdens. However, accepting the problem and sharing it with someone helps to reduce the burden and humiliation. Think about talking to a financial planner if you could not get assistance elsewhere.

 

2.Change the behavior

 

Generally, those who have faced financial hardships restrain from using certain ways of dealing with money. For example, a person who piled on a great deal of credit card debt will be discouraged to use the card. If you look closely, the card is not at fault here. It enables people to save extra cash through bonus offers, rewards and purchase protection. The problem is with individuals, their choices and spending behaviors. There are ways to see financial products and tools as assets and not problems. Choose them.

 

3.Be responsible

 

While people are quick to find solutions, it is important to first identify the problem. Problems can be propelled by a friend’s action or by bad luck. However, most issues are as a result of poor decisions. You might have taken extreme risks, shortcuts or even yielded to social pressures.

 

Fortunately, you can get back on your feet once you recognise the cause of it. If your bad decisions led you to financial hardships, then they might as well lead you to success.

 

4.Embrace a new lifestyle

 

It is not easy to break through a financial crisis by word of mouth. For this reason, behavior change is vital to gain emotional and financial stability. You should make a habit of saving at least 10% of your monthly income or clear all your credit card arrears monthly. Such savings will help you to recover from your next financial hardship.