4 Steps To Take When You’re Too Afraid To Look At Your Finances

4 Steps To Take When You’re Too Afraid To Look At Your Finances

It seems that everywhere you look another business is closing its doors, and a state of gloom is settling over the world at an alarming rate. It’s reasonable, therefore, that comparing your bills to your bank balance is an anxiety-inducing activity right now.

Assessing your finances can be scary at any point in time, but with so much going on, more and more of us are feeling the pinch. Unfortunately, money matters aren’t a problem that you can just ignore – they’re here to stay and can cause some pretty serious long-term consequences if you keep hiding from them. That’s why we’ve put together this guide outlining the steps to take when you’re too afraid to look at your finances. These 4 steps to take when you’re too afraid to look at your finances could diminish some anxiety and worry.

1. Buy Yourself Some Time

If you’ve got bills that are already past their due date, the first thing you need to do is get them paid so you can buy some time to plan your next move. Although payday loans should be avoided at all costs, there are some low-interest cash loans on the market that will provide the instant relief you need without sucking you further into debt with insane fees. Make sure you do your research and find a solution with favourable repayment terms, and you should be good to go.

2. Set A Plan

Now that you’ve got those stressful overdue bills out of the way, it’s time to get serious about how you’re going to fix things. Look over your monthly outgoings and cut anything that doesn’t need to be there. Next, set a realistic plan as to how you’re going to pay for the remaining necessities.

This may include hunting down a new job, fixing your budget, requesting extensions on bills that haven’t hit the horrible overdue stage, or bringing in a roommate to help cover rent. Only you know what you’re comfortable with and what’s achievable for your household, but setting manageable rules to help you get back to where on financial high ground will be immensely helpful.

3. Seek Help

Depending on where you live in the world, there will be a range of cheap (or possibly even free) services designed to help people who have fallen on hard times to better manage their money. Find out what’s available in your local area and book a session. Though it may come at a small fee, there’s no point pinching pennies if it’s going to lose you pounds.

4. Diversify Your Income

Now that you’ve got a solid foundation for managing the money you already have and can protect your necessary interests, it’s time to look into expanding your income so you don’t end up in this situation again. Yes, this is obviously easier said than done, but diversifying your income is possible no matter how little you make.

This step will look different for everyone as your options depend on your skillset. Some viable side-hustle examples include selling handmade products online if you’re crafty or offering local dog walking services if you’re good with pets and enjoy daily outings. Remember, every dollar you earn puts you a step closer to financial freedom.

Now that you’ve got an idea of how you’re going to fix things, we hope you feel at least a little better. Financial management is one of the scariest parts of adult life, but it doesn’t have to be soul-crushing. Do your best, ask for help when you need it, and remember to look after your mental health. You got this!

Featured image: Unsplash