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“Debt is my biggest source of money stress. I owe so much money that it keeps me awake at night”. Jide – architect.

• “I stress about money because I haven’t got any!” Omowunmi – receptionist.

• “Looking for money gives me stress.
As a country, we have money, yet we are all suffering and still lack.
The major cause of my daily stress is what I have to go through to have
money.” John – recharge cards and engine oil trader.

• “My biggest help in alleviating money
stress is my husband, because he and I always talk about money and
about both our short and long-term goals. Over the past year, we have
been educating ourselves about money and looking for ways to cut back
on our expenses and save.” Sammy – teacher.

• “…and when one closes in the
evening, you usually feel pain, not only because of the search for
money, but also because of the political, social, economic situation of
the country”. Israel – real estate consultant

A sample of opinions about money and
stress show that financial worries rank as a major cause of stress.
This can lead to feelings of insecurity, panic, fear, and anxiety,
which ultimately result in health problems and increased medical
expenses.What aspect of your finances stresses you the most?

Try and identify what it is about your
financial life that stresses you the most, and then take deliberate
steps to do something about it. Is it your debt that is out of control;
are you having trouble paying your bills, or the rising cost of
education, or rent causing much concern? Are there more frequent
arguments with your spouse over finances?

By taking definite steps towards your
goal, you will reduce your stress. If it is debt related, then your
priority should be on repaying the most expensive debt first. As
always, your plan should not be vague but should be as precise as
possible; measurable, achievable, realistic and time-bound.

Bills, bills and more bills

Bills always seem to arrive at the
wrong time. To eliminate this stress, make efforts to settle them as
they come in. Are you still paying bills the old-fashioned way?
Nowadays, there is no excuse for dealing with your most routine bills
manually. Several banks offer an online payment system where you can
settle your bills without issuing cheques or carry cash.

All you have to do is to activate your
internet banking facility, log on to the bank website, and set up
automatic payments online so that your bills are settled
electronically. Be sure to maintain a cushion in your account so that
you always have enough to fund the bill payments as they come in.

Do you have a financial cushion?

One of the causes of financial stress
is where there is an emergency that catches you completely unprepared.
If you don’t have any cash at all to take care of such emergency, you
could be forced to liquidate assets such as your stocks at a loss. Do
you have an emergency fund for up to six months of expenses in place?
Build up some cash savings to give you a cushion and some peace of mind.

Money and relationships

A leading cause of stress in
relationships is money; indeed, research shows that a major cause of
divorce is money. Many couples snipe about bills, frivolous spending,
and bad investments. Often, money matters are not discussed and are
left to fester on the back burner until there is a problem.

Try to talk about money on a regular
basis without blame and in a non-threatening and constructive way. If
you are in a relationship, there is so much to talk about that will
create common ground for building a financial plan together. This
ranges from spending patterns, bills, debt, income, children’s
education, a comfortable retirement, care of elderly parents, a travel
budget, and so on.

Taking out even one hour each month to
assess where you are as a family and discuss looming expenses will make
a huge difference. Even if you haven’t been doing this before now, it
is a good time to start to put it into practice. If the family reviews
financial goals as a team, there is a much better chance of these goals
actually being achieved.

Stay on top of your finances

Develop a habit of keeping track of
your expenses. By jotting down your daily expenses in a journal for a
period, you will have a better idea about where your money is going and
you can then identify areas to cut back. It is that loss of control
over your finances that causes stress.

To regain a sense of control, you need
to be more involved. Take some time monthly to review your finances; go
through bank statements, investment reports. You owe it to yourself to
keep abreast of this most important aspect of your life.

No one is immune from financial stress,
even those who have a lot of money. Those who are struggling for money
wonder how they’re going to make ends meet, while those that do have
it, whilst they may not have to worry about the next rent, often have
substantial sums invested and watch fortunes rise and fall with the
vagaries of the markets.

It is not possible to transform your finances overnight, but by
committing to make the necessary changes and with discipline, you will
be surprised how much progress you can achieve in a relatively short
period of time.