Long-term strategies that work
Financial stress can take a huge toll on your mental and emotional wellbeing if you’re not sure how to cope with it. Fortunately, there are effective strategies you can use to manage the stress you’re experiencing while working towards financial stability.
Tips to manage stress
Not only can stress impact our energy levels and ability to do everyday tasks, but long-term stress can also impact our physical health and lead to other mental health issues, like anxiety and depression. Here are some ways that can help you manage your stress long-term:
- Practice self-care
Self-care is any action you take to preserve your own mental, emotional, spiritual, and physical wellbeing.
When you're financially stressed, self-care might be the last thing on your mind. However, it’s important to prioritise self-care because it can help reduce stress and anxiety and make it easier for you to cope. It can also help you be in a better emotional space to make financial decisions.
Some examples of self-care include eating a healthy diet, exercising regularly, getting enough sleep, socialising, engaging in hobbies, and taking time to relax.
- Explore strategies to manage anxiety
Tips to improve your finances
When you’re experiencing financial stress, it can seem hard to regain financial stability in the long-term. Here are some tips that can help you help you manage your finances better and improve your financial situation:
- Explore support services
As a first step, you can contact the Australian Taxation Office (ATO) or your local bank and request to speak with financial counsellors free of charge. Financial counsellors work with people in financial crisis all the time and understand what you’re going through. They can give you advice about your financial situation.
Alternatively, you can explore free support services like National Debt Helpline and Mob Strong Debt Help. Both offer offer free, independent and confidential counselling to help you get your finances back under control.
They can also put you in touch with other services you require, such as legal services, crisis food and accommodation services, and health services. Click here to learn more about support services that can help with financial stress.
- Save a portion of your salary each month
- Examine your relationship with money
- Try and delay your urge to spend
- Identify your triggers for spending and try out healthier ways to cope
- Set a limit on your discretionary spending
