How to Lower Your Money Stress

Author: Vanessa Stoykov
Category: Financial Freedom

You don’t have to go far to find people who are stressed about money. In fact, a recent survey I commissioned showed that up to 40% of Aussies believe they will have to work longer due to the financial effects of COVID-19. That fact alone would be causing a lot of stress for people.

But the even bigger stress for most of us is right now: how to juggle this bill, pay that, and keep it all together. So how do you get on top of it all? While the obvious answer is to earn more, that is not always an option. So, with what you have, here are some ways to mentally get around the challenge of money related stress, and start focussing on more positive areas of your life.

1. Understand your true situation.

Exactly how much debt do you have? What are all your monthly payments? Then you can do a true assessment of your financial situation. Many of us don’t know the true figure, as you are not taking into account bills that arrive quarterly and things that are bought annually like presents.

Take everything into account – you can use a budget calculator that has been built for just this at MoneySmart. This gives you the power to make decisions about your life beyond 2020. Can you live somewhere less expensive? Take public transport? Whatever the decision, at least you have the power to make them and lower your stress by being informed and thinking of a plan of Christmas and into the new year, instead of just worrying.

2. Start thinking what you can do differently.

Obviously the big bills have to be paid to live. But what about things you don’t have to spend on? This year for Christmas our family has agreed for the first time not to give gifts for the adults, and just buy something for the kids. None of us need anything and it is a big saving not to spend on gifts.

We would rather focus on the time together and eating food and being merry. Having these conversations with family can do wonders for lowering your stress.

3. Spend time over…

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Vanessa Stoykov writes for Secrets of the Money Masters, a programme she founded, now owned by tech giant Iress for the education of financial advisers

Until next time,

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Authors

Vanessa Stoykov

Vanessa has been passionate about writing and storytelling since her days of hiding under the doona with her torch to read after bedtime.
Kathy Skantzos

Kathy is a yoga-loving world traveller who also happens to moonlight as a business journalist and writer. She was the finance editor of news.com.au and the Managing Editor of CEO Magazine (Asia) before joining Vanessa and the evo squad.
Shayne Sommer

Shayne is second dan black belt in karate, and a budding romance writer with a difference. Why? Because she writes romance stories that always have a money lesson.
Antoinette Colbran

Specialising in stories for 50+ women, Antoinette draws from her own experiences to help other women avoid the pitfalls and see the benefits of understanding their money situation.
Michael Crooks

Michael Crooks is a more than 20 year writer and documentary maker who has worked with Time Inc and the BBC, who wants to expose the truth from real victims of financial crime to help others avoid their mistakes.
Kim Payne

Kim Payne has spent the past three decades as a speaker, trainer, business coach, and consultant in financial services. She has worked with and transformed hundreds of brilliant, educated, high achievers who are chronically under-living.
Rebecca Pritchard

Rebecca Pritchard is on a mission to help men and women achieve equality when growing a family.
Antony Perring

Ant is a writer, designer and business builder with a love of food, design and good living. He writes on food and money in an easy to do way.
Julie Hyde

Julie Hyde is a leader of leaders. A disruptor and a powerful people enabler who empowers leaders to make big things happen.
Joshua Pennell

As a Dad to four kids and a business owner, Josh is passionate about family and finances and is known as The Family Finance Guy.
Sid Lal

Sid is a serial entrepreneur who set up his first business when he was still in University. Since 2009 he has been heading Bruce Clay, first in India & more recently in Australia.
Lou Johnson

Lou Johnson believes in the power of sharing stories to build empathy, understanding and connection. Growing up surrounded by books and storytelling, alongside her drive to make a difference led her to a highly successful career in book publishing.
David Rae

Dave is a CERTIFIED FINANCIAL PLANNER® professional and has been a financial adviser since 2003. He works with a range of clients and has a strong focus on ethical and sustainable investing.
Natallia Smith

Natallia specializes in assisting pre-retiree single women—whether they are never married, widowed, separated, or divorced—understanding deeply the importance of financial stability during life's pivotal moments such as separation, divorce, retirement, and the loss of a loved one.
Mark Hoy

With over 15 years of experience in financial services, Mark established Wollemi Wealth Management in 2013. His business is built almost entirely on referrals and word of mouth — a testament to the trust, integrity, and long-term relationships he forms with his clients.
Derek Gascoigne

Derek Gascoigne is the State Manager for UniSuper Advice in Victoria and Tasmania. Derek has been with UniSuper for over 15 years, and his career in superannuation and financial services spans 27 years and counting.
Annika Bradley

Annika Bradley is Head of Advice Strategy, Research & Technical at UniSuper. She brings over 20 years of experience across investments and wealth management in both the public and private sectors.
Wayne Leggett

Wayne has been a recipient of numerous industry awards and was one of the first to qualify as a Certified Financial Planner (CFP). He has been heavily involved in industry affairs at the highest level, including serving as national president of the Association of Financial Advisers (now FAAA).
Conrad Francis

Conrad Francis is the Founding Director of Inspired Money, a Perth-based financial coaching and financial planning, mortgage broking and money coaching firm he established in 2011.
Andrew Beks

Andrew Beks is a Chartered Accountant and the founder of Simplified Business and Accounting.