Strategies to deal with Financial Stress
Post: April 16, 2020
When left unchecked, financial stress finds its way into every area of our lives, including our physical and emotional wellbeing.
Leading finance company, Yes Finance, have a few things you can do now to relieve your financial stress for the benefit of your physical and emotional wellbeing.
Research by the Commission for Financial Capability (CFFC) released shows that 69% of New Zealanders are concerned about money, with 49% of people feeling stressed, 34% missing out on social activities, 31% not accessing health services when they might have otherwise, and 28% making unhealthy eating choices.
Additional effects include problems with personal relationships, feeling ashamed about their finances, hiding their financial situation from family and friends, failing to exercise, feeling unwell and taking regular days off work due to financial stress.
When money issues begin to affect your mental and physical wellbeing, the easy option is to ignore it and pretend it isn’t happening to you. But by ignoring it and continuing with your spending habits, nothing will get solved and those worries will begin to fester.
One of the first steps to take towards financial wellbeing is to start talking. Talking about money can sometimes be seen as some sort of social taboo, but that is simply not the case anymore. Even if they can’t help, just talking to someone could help you see the problem from a different angle. “By opening up, and having a money chat with someone close to you, you’ll find ideas and support,” says Peter (Yes Finance Limited director).
If you feel more comfortable talking to someone that is professionally trained and educated, then talking to a financial advisor is a great option. A financial planner can help you sort out a budget and lay out a pathway you need to succeed. The process is akin to seeing a therapist, but for your money. “Make sure you take a list of goals of what you want to achieve with your finances” advises Peter. They can also assist you in developing a long-term saving and investing strategy that will help you plan for the future.
Communicate with your loan provider, help them understand your financial position, the earlier the better.
Talk to your lenders at Yes Finance and work with them by explaining your situation. Here at Yes Finance we may have options to get you through the difficult times.
YES Finance are helping New Zealanders who are in economic complex financial predicaments to re-strategize and simplify their current budget plans, maybe you could qualify for a Debt Consolidation loan.
Creating a budget is one best courses of action you can take, to help get control of your finances and stop worrying about money. A budget makes sure you cover your immediate expenses, while still working towards your financial goals.
Keeping a positive mind-set can help keep you motivated to fix your financial problems. Determine that which you can rationally accomplish and then dedicate yourself to following through each week.
A great tip for managing your day to day stress, is to keep track of your progress. “While this won’t solve your financial issues, it can make a great difference in the amount of stress you feel each day, and give you back a sense of control,” adds Peter.
Take active steps
Financial stress will likely affect everyone in some point of their lives. But by taking active steps, you can lessen your financial worry, so you can focus on other important areas of your life and relax, knowing you have a plan to handle your financial situation.
Everyone’s financial situation is different
At Yes Finance they understand that everyone’s financial situation is different and requires a unique solution that will put you in a comfortable position before and after borrowing.
Peter adds, “When you call Yes Finance, you will be talking to a real and empathetic Yes Finance staff member, not a call centre or chatbot”.
Personal and Business Lending
Yes Finance specializes in personal loans, including cars, boats and holidays, and business loans for those looking to take the next step up in their business through expansion or upgrade.
Check out Yes Finance’s simple and easy to use online applications
Have a listen to Yes Finance director, Peter Steel, talking to Marcus Lush on Newstalk ZB talking about why Yes Finance is the first choice in finance company for New Zealand businesses:
About Yes Finance
Yes Finance can assist you with SME finance, personal finance, travel loans, boat loans, chattel finance, plant and equipment finance, business loans, loans for equipment and machinery and asset finance. But no matter what kind of finance you need, the team at Yes Finance can offer you a real solution.
Yes Finance have been in business for 20 years, making them one of the oldest privately owned finance companies in New Zealand. They are an alternative to the rigid approach of the banks, providing customer focused solutions for commercial and personal finance. They are based in Auckland but operate throughout New Zealand.