In light of International Stress Awareness Week, we’re exploring the concept of the age old saying, ‘money can’t buy you happiness’. Whether you believe this to be true or not, it certainly seems that money can, at times, cause us unnecessary worry and stress.
A recent study showed that almost a third of Brits try to cope with money problems alone; and nearly one in ten would shut the problem away and try not to think about it for the time being. Bottling these emotions up is not good for your mental or physical health; however there are 4 ways that can help you start to enjoy a positive relationship with money.
What matters to you most?
A lot of negative emotions associated with money, such as embarrassment, shame and guilt can come from the pressure we put on ourselves to “keep up with everyone”. However, rather than competing to try to impress others, think about what really matters to you most and be grateful for what you already have. You might find that jotting down a few things a day that you’re most grateful for, whether that’s the weather, a call from a friend, your pet etc. This gives you something positive to focus on, rather than the negatives.
The COVID pandemic has certainly helped shift peoples attitude when it comes to highlighting what’s most important to them. Many now appreciate the little things they took for granted before lockdown; such as spending time with family and friends rather than focusing on materialistic things. So when you’re next feeling overwhelmed by your finances, remember to focus on what’s most important to you as this is a great way to improve your overall happiness.
Handle stress the right way
The way our bodies handle stress is the typical flight (run away), fight (deal with it) or freeze (do nothing) response. However, these response aren’t the best when there isn’t anything physical to fight, for instance, if you’re worried about debts building up, it can actually lead to physical and mental problems if not dealt with in the right way.
Two ways you can tackle this is to practice meditation and/or yoga. You may have heard of mindfulness which is becoming an increasingly popular relaxation technique to help combat stress and anxiety. Both methods help you stay in the present and focus on your breathing and senses. If you’re interested, there are various different mindfulness apps to help get you started.
Have a ‘rainy day fund’
As with many other we tend to want things right now, rather than putting money away to protect what we’ve already got. So, we often feel the urge to spend whatever spare money we have, rather than saving. However this can lead to feelings of guilt and regret when we later realise that the money has been wasted on perhaps a one-off purchase; rather than saving it for an unexpected bill or putting it towards something that brings you joy, for instance, starting a hobby, a business or saving to protect your family home.
It’s very common since the pandemic that many will now save money for a rainy day and have an ‘emergency fund’, whilst others intend to plan ahead more as you never know what’s around the corner.
Don’t suffer alone
Many of us feel uncomfortable talking about money, so much that we’d rather sweep any issues under the carpet and pretend they aren’t happening. Even if we don’t have money issues, the topic of money is often still treated as taboo, but talking about money is a good thing, especially if you need help. This doesn’t mean you have to delve into your whole financial history but just try to feel more comfortable with reaching out when you need to.
There are a few ways you can do this:
Choose who you speak to wisely
Even if you just talk to one person who you trust and are close to, that’s better than nobody. It might feel difficult to begin with, but as the conversation opens up, things should become easier. Once you’ve built up your confidence speaking to one person, it may feel less daunting turning to a professional for help.
Seek professional advice
There are various charities and organisations offering free advice and an opportunity to talk about any money problems you’re having. Citizens Advice have specialist case workers who can help with debt management, there’s also Step Change Debt Charity and National Debtline.
Remember what matters to you most
Remember what you’re grateful for and how you want your life to be; try to focus as much as you can on this as it will help keep the emotions that evoke stress and panic at bay. This will also help you communicate clearly and say what you want to say.
We understand that there’s a lot of emotions involved when it comes to money; but learning how to control these emotions can help when you’re struggling and can ultimately make you happier. Everyone could benefit from a dose of extra happiness, right? Also, if you’re feeling happier, and therefore less stressed, you’re more likely to make better decisions in the long-term.
If something is bothering you, whether money-related or otherwise, we encourage you to break the silence and get talking as those with a support network are most likely to recover and come out the other end feeling happier and more positive.
Here at The Residential Mortgage Hub we have on-hand experts that can help you achieve your newly set financial goals to homeownership. Our friendly mortgage experts will listen to your needs, understand your circumstances and help find the right mortgage for you and set a plan in place. We’re here to answer all of your mortgage questions or concerns; so please don’t hesitate to get in touch for further advice.
