Search

Overcoming debt-related stress: 6 tips to beat money worry

You are not alone when it comes to dealing with debt. Millions of people around the world struggle to cope with debt stress. However, there are various techniques you can adapt to overcome it.
Overcoming debt-related stress: 6 tips to beat money worry
Accumulating debt can be a serious cause for concern, leading to stress, worry and even mental breakdowns. Given the already difficult circumstances currently prevailing, piling up debt can cause serious mental and even physical health problems.
In this article

Overcoming debt-related stress can be in itself stressful. If you’ve experienced loss of appetite, mood changes, insomnia, unexplained weight loss, etc., you need to be careful.

Millions of people around the world struggle to cope with debt stress. However, there are various techniques you can adapt to fight this stress and overcome it. 

How to identify debt-related stress

Stress stemming from money worry should not be taken lightly. Most people are not even aware of the fact that they are stressed until they have a mental breakdown or become physically ill. There are, thankfully, many symptoms that can help you identify whether you’re undergoing debt stress. We’ve listed them down below.

Emotional signals

Emotions are the biggest signs of stress. Keep an eye out for the following emotions:

  • Anger: You may have just lost your job or something bad may have unexpectedly happened, leading to loss of finances. While anger is normal, it could lead to other complications such as bitterness which can spiral very quickly. 
  • Depression: Depression can hit you really hard when you are worried about money. If you find yourself withdrawing from people and always feeling lonely, those could be signs of depression. 
  • Denial: Some people have a way of coping with negativity. They pretend that it doesn’t exist. You may tend to do the same with debt, hoping that it will somehow magically go away. 
  • Guilt: Guilt can run you into the ground if you’re not careful. You may constantly feel ashamed of the fact that your debt is accumulating. The biggest signs of this could be you withdrawing from money related conversations and not asking for help from experts. 

Spending too much

At times, you may repeat the same behavior that got you into debt in the first place. This could stem from denial. Accept that you really are spending too much. Get into the mindset first that you have debt-related stress. Here are some essential tips on how to get rid of debt to live a stress-free life.

Unhealthy physical changes

You may find yourself suddenly losing weight in an unhealthy manner. You may also tend to overeat, withdraw from your social circles, etc. 

If you have any of the above symptoms and are worried about your debt, don’t be too hard on yourself. The following suggestions may help you overcome stress and eliminate your debt: 

Realign your vision

This has to do with your focus. Stress stems from an unwanted focus on negative aspects. Try taking your mind off your present situation and what led you here. And try to focus instead on how you can go about repaying your debt at the earliest. A healthy mind will help you realign your thoughts and channel your energy in the right direction. 

Share your experiences

Never be alone in your journey. Try identifying a person or people with whom you can relate. When it comes to money, it is important that you share your problems with someone who can listen and offer you the right advice.

This could be a family member or a good friend. Or you could even approach a professional such as a financial coach. Talking about your debt issues can help reduce stress tremendously. Apart from this, professional help can also teach you how set budgets, pay off debts, and improve your credit. 

Set a budget

A very important thing to do is to budget your income. One of the most popular methods is the 50/30/20 framework. 50% of your after-tax income should be set aside for your needs. This includes basic survival requirements such as food, clothing, rent, utilities, and basic transport.

Allocate 30% for your wants but keep this to a minimum. The balance of 20% should be set aside for savings and debt repayment. To pay off debt, reduce your wants to a minimum and use as much as possible to repay. 

Decide which debts to pay off first

This involves listing down all your debts and paying them off on a priority basis. For this, your deciding factor must be the interest rate. Pay off the ones with the highest interest rate first. This can save you a lot of money. 

Increase your total income

Look for additional sources of income. If you are currently unemployed, focus on finding a good job. Having more than one paycheck even if it is not a big amount can go a long way in helping you get back on your feet.

Reduce your expenses

Look for ways to cut down your expenses and save money. If you think you’re paying too much rent, look for cheaper options. Get a cheaper gym membership or internet service. Reduce food bills such as dining out often. Your priority must be to get rid of debt. 

Money-related worry can lead to stress which can be harmful to you both mentally and physically. If debt-related stress has you in its grasp, the above suggestions may help you in overcoming it and manage your life better. 

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎

Author

Picture of Johnathan James

Johnathan James

With over 11 years of experience, Johnathan started his writing career as a copywriter. Coming from a finance and management background, he excels in covering financial topics. When he's not spurning out fintech content, you will find him playing football, basketball and racing.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

Debt Consolidation Loan in Maine
Best Debt Consolidation Loan in Maine – March 2024
Debt consolidation loans in Maine are not only accessible but also tailored to suit divеrsе needs and credit profiles. Read on to know more.
Debt Consolidation in El Paso
Best Debt Consolidation Loan in El Paso – March 2024
Choosing the best option for debt consolidation in El Paso is a crucial financial decision that requires careful consideration. Bеforе you divе into the application process, it’s еssеntial to assess your financial situation.
Debt Consolidation in San Antonio
Best Debt Consolidation Loan in San Antonio – March 2024
Dеbt consolidation is not just a financial strategy; it's a lifeline that can help you gain control over your finances. In this blog, we'll explore the ins and outs of debt consolidation in San Antonio.
Debt Consolidation in Texas
Best Debt Consolidation Loan in Texas – March 2024
Choosing the best options for debt consolidation in Texas depends on your specific needs and circumstances. Let’s explore.
Debt Consolidation in Arkansas
Best Debt Consolidation Loan in Arkansas – March 2024
Juggling multiple debts and high-interest rates can often fееl exhausting. Therefore, it is important to explore the ins and outs of debt consolidation in Arkansas, particularly tailored to the financial nееds and circumstances of Arkansas rеsidеnt.
Debt Consolidation Indiana-2
Best Debt Consolidation Loan in Indiana – February 2024
With a focus on guiding individuals to navigate the complexities of debt consolidation, this comprehensive blog seeking financial freedom and stability in the vibrant state of Indiana.
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: