When you are working hard at maintaining your investments, but something doesn’t go according to plan, it can be incredibly difficult to break out of a negative spiral. Likewise, when we have problems with our finances, it has a psychological impact, an impact that we can struggle to escape. But when we have people we care about that are struggling with their finances, we don’t always notice, because we’re so enveloped in our own! But, let’s have a look at some of the issues that we all need to be aware of, so we can overcome them effectively.
Avoiding Spending Money
When people avoid spending money, we can be quick to judge them because we believe them to be “tight”. But when people avoid spending money, and they are avoiding meeting up for dinner or drinks, they can avoid the issue by cancelling plans at the last minute, so you don’t need to give a reason.
Shying Away From Bill Paying
We all panic when a bill comes through the door, but we usually open the envelope, take a deep breath, and pay it. But, if we are actively avoiding bill paying because we just don’t want to face up to what we owe, this can become a very difficult cycle to break out of, especially when we are penalized with late payment fees. But, we can always get help with debt and problems paying our bills through professional advisors, or actually just contacting the creditor to negotiate a payment plan. Because a lot of us tend to avoid paying our bills when we have money problems, it a simple way to keep the problem away from our minds. Unfortunately, out of sight, out of mind doesn’t work here.
Not Knowing The State Of Your Bank Account
If you are someone who pays with credit cards or standing orders, you may not know the state of your bank account. And in fact, you may avoid checking your bank balance for this very reason. But if you are someone who actively avoids checking your bank balance, you may find that you are paying too much in terms of bank fees, but you need to know that it’s time to get into the habit of checking your bank account on a regular basis. There are apps like Plum that can send you a reminder every day, so you can actually get into the habit of what you are spending on a regular basis. The fact is a lot of us don’t know how much we spend in comparison to how much we earn, and only then can we begin to redress the balance.
Emotional issues come in many different ways, shapes, and forms, but when you are feeling stressed about your money problems, it’s important that you undertake some form of mental evaluation within yourself, not just so you can tackle the financial aspect, but to make sure that it’s not pointlessly stressing you out. We can all suffer from emotional problems when it comes to our finances, but we can’t do anything about it until we tackle the problem head on.