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How To Tackle Financial Stress

There is no doubt life has brought huge amounts of stress in the last couple of years. The worries about Covid have been compounded by the war in the Ukraine and threats of an escalation that could go nuclear, or the economic consequences of both these crises.

As the world economy has clunked back into gear after the worst of the pandemic, there have been shortages in various areas - especially oil production - that have pushed up energy and other prices to raise the inflation rate to its highest in 30 years. The war in Ukraine has added to the problem.

The cost of living is not just a pain in the pocket; it also brings lots of extra stress for many. Indeed, for some, financial worries are often a big source of mental health difficulty, irrespective of the wider economic picture.

Knowing how to deal with money worries and applying this is, therefore, essential for wellbeing. Some imagine only poor people suffer from this, but many on higher incomes will too because their financial commitments are often greater, especially in expensive places to live like the capital. However, getting a personal life coach in London can help enormously.

The first thing to do is avoid burying your head in the sand. By confronting your money worries, you can start to take practical steps towards dealing with them. That means establishing all the details of your financial situation, then making a budget and focusing on priorities.

Other steps include getting help and advice from places like Citizens Advice to help improve your money-handling skills.

All this should help you stay in control of your situation, whereas worry comes from a loss of control.

It is also important to maintain a normal route and avoid unwise ‘escapes’ that can only make things worse, like alcohol, which will cost you more money and could give you an extremely unhealthy addiction.

Instead, take steps to stay mentally healthy and build a positive, practical mindset into your financial planning, something that will help you get back on an even keel.

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