How to Manage Debt Stress: 8 Ways to Keep Your Mind Healthy

How to Manage Debt Stress: 8 Ways to Keep Your Mind Healthy

‍Did you know that stress can affect your mind as much as your body? And not just any kind of stress — financial stress, specifically?

Financial stress has been linked to increased stress hormones, slower cognitive processing and less effective memory functioning. If you’re struggling with the tension of managing debt, you’re definitely not alone.

Today, more than ever before, Americans are going into debt for a variety of different reasons. According to The National Institute on Consumer Debt Stress report released in February 2018, American households owe an average of $1,465 per person in credit card debt alone.

That’s a lot of cash for any individual or family to handle at once! However, with the right tools and strategies, managing your debts can be easier than you think.

Here are some helpful tips on how to manage stress so that you don’t end up damaging your health from all the tension:

Don’t Be Afraid to Talk About Your Debt Stress

First things first — talk about your debt stress with anyone you trust. If you’ve never let someone in on your struggles, you’re probably going to keep struggling in the dark.

Whether it’s your parents, siblings, friends or your significant other, you’ll feel a lot less stressed if you know that someone is there to listen.

You might feel embarrassed or like you’re talking about something too private, but trust me — there is nothing to be embarrassed about. You’re human, and you’ve got to talk about it, especially if you want to get out of debt as soon as possible.

Eventually, someone is going to ask you what’s going on with your debt. When that happens, talk to that person like you’re talking to a therapist.

Let out all your emotions and feelings and then try to figure out a plan for what you want to do about it.

Be aware of how much you owe

Before you take out a single loan, you need to know what you owe. Keep a running tab of how much you owe, and make sure you’re not paying more than you have to.

Once you know what you owe, you can make a plan to get out of debt — or at least make a realistic plan. The more aware you are of how much you owe, the better chance you have of managing your debt stress.

Start keeping tabs on how much money you’re spending and make a plan to bring that number down.

Shop around and compare prices, then stick to your budget as much as possible. Set cash dates for when you need to have money spent and have a plan to get there if you miss any of them.

It might feel like you’re being penny wise and pound foolish, but remember — it’s the only way to stay out of debt.

Set Goals and Have a Plan

If you want to get out of debt, then you need a plan to get there. Set a goal for how much debt you want to pay off each month and make a plan to reach that goal.

If you can keep a running tab on how much debt you owe each month, you’ll be able to see exactly how much you have left to pay each month. Once you know how much is left, you’re able to make a realistic plan to pay it off.

Once you have a plan, you’ll be a lot more comfortable with debt management. Make sure you have a plan for everything — including your finances. If you don’t have a plan for your money, it will overwhelm you.

Take Breathing Exercises

If you’re feeling the tension of debt, try taking some breathing exercises. These can be really helpful because they help you calm your breathing down and focus your attention on something else.

You can also use breathing exercises to help you cope with stress. There are a lot of different types of breathing exercises, but they all have one thing in common: they help you calm down and focus on something other than your debt stress.

Try counting backwards from 100 or counting down from 5, 10 or 15.

Exercise and Eat Healthy

You should try to keep a healthy diet and exercise routine no matter what your financial situation is — but it’s especially important for managing debt stress.

When you’re under a ton of stress, you’re more likely to forget to eat or skip a workout. You don’t want either of those things to happen, so make sure you’re keeping a healthy diet and exercising regularly.

If you’re under a ton of debt stress, try to keep a positive mindset and keep your stress levels down. If you’re constantly frustrated with your financial situation, you’re going to lose track of what’s really important — like eating healthy and keeping fit.

Try a Mindfulness Meditation Technique

A lot of people find that mind exercises and meditation have helped them to manage debt stress. Try to engage in a mindfulness meditation technique if you’re looking for something to take your mind off of debt.

There are a ton of different kinds of mindfulness exercises you can try. Some of them are really simple, like counting backwards from 10 and thinking about what you’re thankful for.

Other exercises are a bit more complex, but they all have one thing in common: they help to put your mind somewhere other than your debts.

Don’t Over commit and Stay Organized

It’s easy to contract and become overwhelmed when you’re under a ton of debt stress. One thing you want to avoid is over committing yourself to things. This can easily turn into a spiral of feeling overwhelmed and stressed.

The best way to avoid over committing is to make a list of everything you need to do. Once you have a list of everything that you need to get done, you can divide the list up among the different things that you have to do.

Try to break down the list of things that need to get done into small, bite-sized pieces. That way you’re more likely to stay on top of things, but you’re not overwhelmed by the list.

Take out Payday Loan

If you have to take out a payday loans online no credit check instant approval, do so only if absolutely necessary. Loans such as these can have high interest rates and high fees, which can really add up over time.

If you’re going to take out a short-term loan, make sure you know how much you have to pay back. Be aware of how much you owe, and make a realistic plan for how you want to pay it back.

Final Thoughts

Debt is something that many people struggle with, but it can be especially hard to manage when you’re under a ton of debt stress.

Working hard in all aspects of your life, no matter what they are, will help you to better manage your debts and stay out of debt.

Make sure you have a plan in place, stick to your budget, and don’t over commit so that you can better manage your debt.

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