Nearly 40 percent ofAmericans struggle to pay for basic necessities like housing and food, according to a study conducted by U.S. News. And 78 percent of Americans are living paycheck to paycheck according to CNBC. For many people, financial hardships are a regular source of stress and anxiety. It’s important to remember that worry doesn’t solve much. So ask yourself the question; “How do I overcome financial hardships?”
Identify Where Your Stress is Coming From
Whether it’s the realization that you need to get more serious about saving, spending, building an emergency fund or even retirement, it’s important to recognize the events that lead up your financial hardship. Once you identify the occurrences that lead you to this path, begin making changes to ensure that you do not continue to dig yourself in a deeper “hole”. This is the most important time to look back and reflect on those things in order to make sure that you do not continue with the same behaviors.
Your mindset can help keep you motivated to fix your financial hardships. Rather than get stressed out by thoughts of never getting out of debt, imagine the amount of stress you feel decreasing as your debt load gets smaller and smaller. It’s important to believe in yourself! You can’t expect for others to “cheer you on” if you are throwing yourself a “pity party”.
Surround Yourself With Positive People
Be selective with the people you surround yourself with. At a time of financial hardship, you should surround yourself with people how will encourage you, inspire you, and empower you. Human beings will conform to those around them. Conformity is the change of behavior caused by another person. Overcoming financial hardship can be a challenge; but when you have a support team helping you move forward, it’s much easier to eliminate your debt.
There’s a book “The Total Money Make Over” by Dave Ramsey which can serve as a great motivator. The success stories speak for themselves in this book from money maestro Dave Ramsey. Instead of promising the normal dose of quick fixes, Ramsey offers a bold, no-nonsense approach to money matters, providing not only the how-to but also a grounded and uplifting hope for getting out of debt and achieving total financial health.
Write Your Goals
There is something so peaceful in writing down your thoughts. However short or long your journal entries are, the process of writing down your emotions allows you to reflect. If you want to succeed, you need to set goals. Without goals, you lack focus and direction. Goals not only allows you to take control of your life’s direction; it also provides you a benchmark for determining whether you are actually succeeding. Setting goals gives you a figure to aim at.
If you’re looking for practical information to answer all your “How?” “What?” and “Why?” questions about money, this book is for you. Dave Ramsey’s Complete Guide to Money covers the A to Z of Dave’s money teaching, including how to budget, save, dump debt, and invest. You’ll also learn all about insurance, mortgage options, marketing, bargain hunting and the most important element of all―giving.
Make a Budget
Creating a budget for your spending is one of the smartest things you can do for your finances, yet it’s the most overlooked solution to most people’s financial problems. Having a budget makes life so much easier because you’ve given yourself a guide to decide how you want to spend your money.
Start investing in yourself. There is no greater investment than the investment within your own personal development. Experiencing financial hardship is a great excuse for people not to take charge of their finances. We all face financial hardships in some way. What makes one individual succeed and another not is how they handle their financial hardship. Many of us allow challenges in your finances to defeat us and we give in to credit cards and taking out outrageous loans.
Learn From Your Experience
Your adversity is a blessing in disguise. You may not think so at the moment, but it will eventually make you stronger and wiser. Learn from your journey and your experiences.