Money Management for the OVERWHELMED
EXCITING NEWS: I was selected to deliver a national training in San Francisco this November entitled: Personal Finance Solutions for Busy Mental Health Professionals. This 3 hour workshop includes material from my upcoming eBook. Stay tuned to get first crack at the NEW EBOOK. And it’s FREE to my readers.
“The greatest weapon against stress is our ability to choose one thought over another.” William James
Stress and adversity hit us all. What defines a person of strength is how she/he handles the challenges. Follow William James’ advice, choose calm thoughts, and tackle one task at a time.
- Be calm & hang on to your sense of humor.
MAIN TOPIC: THINGS AREN’T GOING AS PLANNED
Have you ever felt like the s—t is hitting the fan? At every corner there is a new problem or difficulty to contend with? All of your plans and expectations are in the toilet!
Welcome to my world. There are a lot of stressors in play now-not really financial – but other things going wrong ALL AT ONCE. Unfortunately, when things go wrong, we still need to go on living and keep up with our responsibilities, especially our financial ones. What happens if in the midst of chaos, you let your finances go on the back burner? …….TROUBLE FOLLOWS…. Fees, interest, and more expenses make things WORSE.
This article is for those times when EVERYTHING SEEMS TOO MUCH. When your mind is consumed with lots of other things, do the bare minimum. Keep focused, don’t freak out, and only do what’s necessary.
PRACTICAL APPLICATION: READ THIS IN TIMES OF STRESS & CRISIS
Be in the present. I know your mind is going in all different directions, but you can’t concentrate with too much stimuli. Deal with the most important task first.
Take a deep breath. No, really, do it. Now, take another one.
During times of stress, your goal is this; do only these 4 money tasks.
- Pay all bills on time.
- Continue with debt repayments, pay more than the minimum.
- Continue to keep track of your money in your pocket and in your accounts.
- Maintain adequate balances to avoid fees in your accounts.
THAT’S IT. NOTHING MORE. Or maybe you could smile and think about something funny, like penguins.
When things get crazy, slow down and SIMPLIFY. But don’t forget basic money management. If you do, MORE STRESS WILL FOLLOW.
Read more about this topic at Funny about Money in Getting over it, Strategies to Conquer Stress and Money. Or consider the Power of 1, a powerful strategy for your personal finances from Simple Financial Lifestyle.
Add to the conversation. How do you deal with stressful and overwhelming times? What are the tricks that work for you?
ACTION STEP:
Get a notebook and label it: “(your name) Personal Finance” and keep it by the computer. Use it to keep all of your personal finance goals, thoughts, activities, and plans.
Take a moment to slow down and follow the 4 steps.
BarbaraFriedbergPersonalFinance Around Web
I am honored to have my work showcased at these sites recently. Why not stop by the CARNIVALS and round ups to check out the fine articles?
Carnival of Personal Finance at Budgeting in the Fun Stuff published No Brainer Money Management for College Students
KNS Financial referenced IF you Need Extra Money; Do not do this, on his site last week.
Dividend Monk and Invest it Wisely both included The Best of BarbaraFriedbergPersonalFinance; 6 Month Anniversary Edition in their round ups this week.
BarbaraFriedbergPersonalFinance Around Web
I am honored to have my work showcased at these sites recently. Why not stop by the CARNIVALS and round ups to check out the fine articles?
Carnival of Personal Finance at Budgeting in the Fun Stuff published No Brainer Money Management for College Students
KNS Financial referenced IF you Need Extra Money; Do not do this, on his site last week.
Dividend Monk and Invest it Wisely both included The Best of BarbaraFriedbergPersonalFinance; 6 Month Anniversary Edition in their round ups this week.
YAKEZIE PERSONAL FINANCE BLOGS
After every article for the next several weeks, you will be introduced to several Personal Finance web sites in the Yakezie network. Each one has their own unique voice and style. The consistency in all is their desire to help others. Consider visiting a few each day!
Suburban Dollar
Sustainable Life Blog
Sweating the Big Stuff
The Amateur Financier
The Centsible Life
The Consumer Boomer
Thanks for the link!
Yes, stress is the #1 challenge of financial problems. It’s so hard to make good decisions when panic and frustration are looming. Excercise or going for a walk also helps.
Stress is certainly a challenge and can derail your efforts. It is so important not to panic in the midst of a financial crisis. Otherwise, the wrong things may get paid while the important bills get missed.
Those penguins look so happy
#1 is important. Doesn’t help to add to stress by having others call you at all hours, asking for their money!
It’s amazing how much you can cut back with a little minimalising…. Also the stress saved by purging objects, bills and general distractions from your life is unbelievable!
I agree 110% about keeping your humour. That’s how I got through some tough times.
@Funny-You’re welcome.
@Carol-You touched on 2 of my favorite stress reducers, going for a walk & exercise. In fact, no matter what, regular exercise makes it easier to cope with life in general.
@Shawn-Where were you at the beginning of my stressors? I definitely needed a reminder not to panic, thanks!
@Kevin-Yes-sometimes just changing focus for a moment ie looking at penguins (or kittens) can help us refocus.
@Forest-ABSOLUTELY-In fact, after writing this article I rethought some of my “must do” activities. Minimizing is not too hard and offers widespread benefits!
THANK YOU ALL FOR STOPPING BY AND SHARING YOUR INSIGHTS!
I would love to spend my day thinking about penguins…
Your tips are great for managing money during stressful times. People tend to take on too much and it all just snowballs. Take care of what you have to, and focus on the rest when times are easier.
@Everyday-Me too…penquins are so cute
But, I don’t think a few minutes will hurt. Back to stress-reduction; prioritizing and cutting back whenever possible are helpful stress busters.
I sometimes discover that stress has sneaked up on me unaware. My favorite tool is (besides taking the deep breaths) to write down things I need to be working on, prioritize them and start knocking them off the list. Thanks for keeping us on our toes about dealing with stress.
Hi Joe, I agree, lists are really helpful. Somehow, when you get something down on paper, it’s weight is reduced.
Keep it simple silly! That’s my motto. I like your four points when things are completely out of whack. Many years ago, my life was a bit of a roller coaster and I let my finances get away from me. Let me just say that I had to pay for that mismanagement years later and am just now crawling out of the hole!
Hi Little House, The happy ending (crawling out) is the important thing to focus on. Everyone makes mistakes- moving on is the key to coping & not repeating the same mistake over and over.