A study showed that talking about money was more difficult than talking about death, politics or religion. This is because our relationship with money is as individual as our personality. You can’t predict how people will respond. But it is worth it.
You will be creating a circle of support and draw on the resilience and resourcefulness that surrounds you. The dynamics of each household differ, but ideally you should engage who depend on your income. This is typically your partner, parents and children, but can extend further.
It is especially important for parents to be on the same page. Research indicates that parents, as well as children, benefit when parents feel more effective and capable. Parent-child relationships improve, and parenting feels less difficult and more satisfying. In turn, the wellbeing of children improves when there is less stress about money matters in the home.
Here is good advice:
Make one financial decision at a time so that the big picture doesn’t overwhelm you.
Identify financial stressors. Take stock of your financial situation and where money causes you stress.
Have a Plan. Although this can be anxiety-provoking in the short term, writing a plan and sticking to it can reduce stress. Write down ways you and your family can reduce expenses or manage your money more efficiently. Then commit to a plan and review it regularly.
Identify where you can apply for financial relief. If you’re having trouble paying bills or staying on top of debt, reach out for help by calling your bank, utilities or credit card company to set up a payment plan. Make sure you understand the terms.
Avoid temptation. Avoid opportunities for impulsive spending by leaving credit and debit cards at home and only carrying the amount of cash you can afford to spend.
Remember what’s important. Remind yourself that family, friends and relationships matter more than material objects.
Ask for support. Research shows that having a support system can help you reach your goals. Surround yourselves with people you trust who will support your financial goals and want to help you succeed.
Recognize how you deal with stress related to money. In tough economic times, some people are more likely to relieve stress by turning to unhealthy activities such as avoidance, smoking, drinking, or emotional eating. The strain can also lead to more conflict and arguments between partners. Be alert to these behaviours — if they are causing you trouble, consider seeking help from a psychologist at LifeAssist before the problem gets worse.
Reach out to LifeAssist for financial coaching, debt management and counselling.
Source: Inspire Wellness
https://www.apa.org/helpcenter/holiday-stress-finances
https://www.aamft.org/Consumer_Updates/Financial_Distress.aspx
27 April 2020