It’s that crazy time of year and the stress of Christmas often leaves us with panic around the middle of January when the credit card statement comes in.
At a time when we are supposed to be relaxing during the holiday season, financial pressures niggle away at us. Studies have also shown that people dealing with financial stress are more likely to suffer other health issues, such as depression, high blood pressure, headaches etc.
With this in mind, here are my top four tips for reducing financial stress over the Christmas period.
1. Talk about it
The number one mistake people make when they are stressed about anything is to avoid it. However, once you start talking about it you can start to deal with the situation. Perhaps chat to someone you trust that isn’t directly affected by your finances for a less emotive perspective.
2. Make a budget
If you have a budget, refer to it to see what can be changed. If you don’t have a budget, then make one. You can start by using online financial budgeting tools such as www.sorted.org.nz and it’s easy to see where you are spending your money. It’s worth doing and you may be surprised to see where your spending is going
3. Ask for help
Speak to a financial adviser, or someone else, who will help you to see options and solutions to your financial problems that you might be overlooking. Working with a financial planner is a great way to get back on track so you feel more in control and optimistic about your situation
4. Reduce your debt
It’s easier said than done, but it can make a big difference. If you are struggling with student loans, credit cards, or something else then make debt reduction a priority. Pick one thing and focus on getting it repaid quicker or seeing if you can negotiate a lower interest rates with a different provider
If you find yourself in this situation and want to set up a financial plan so you can relax, confident that next Christmas will be stress free, why not give us a call on (06) 751 4510 or contact us on www.foresightfinancial.co.nz/contact-us.html