Financial anxiety is a common issue that can significantly impact your mental and physical well-being. Fortunately, there are strategies on managing anxiety caused by finances. This guide will provide you with practical tips. Continue reading “Managing Anxiety Caused by Finances”
Measuring financial stress.
In the second part of our financial stress webinar series, Dr Nicola Gates provides a detailed look at measuring financial stress.
In the first part of our financial stress webinar series, Dr Nicola Gates provides a detailed look at financial stress.
Why women suffer more financial stress.
Recent studies have found women feeling considerably more financially stressed than men – but why?
Dealing with financial stress from increased cost of living.
Australia is in the grips of cost-of-living crisis which poses a threat to the financial stability of many, with high levels of financial stress almost guaranteed for millions experiencing rising costs.
Continue reading “Dealing with financial stress from increased cost of living”
Keeping up with the Joneses.
In a recent article on how renters can avoid fear of financial failure we referred to the pressure people feel to stray into unhealthy spending patterns out of the type of peer pressure known as ‘keeping up with the Joneses’.
What renters can practically do to improve their finances.
In the first part of this series, we examined the mindset problem that can plague renters: fear of financial failure that comes with not owning your own home.
Continue reading “What renters can practically do to improve their finances”
How renters can avoid fear of financial failure.
Whether or not it’s always true, renting your home rather than owning it is seen as a marker of financial struggle in Australia.
Continue reading “How renters can avoid fear of financial failure”
The beginning of the New Year in Australia is a delightful period, however, as February approaches, we gradually return to our routines, facing the realities of the debts accumulated during the festive season. Here are our essential tips to tackle post holiday debt.
From mid-November to mid-January, many of us rack up additional debts through Black Friday and Cyber Monday sales, Christmas shopping, and back-to-school expenses.
These debts often pile up on credit cards, store cards, and Buy Now Pay Later (BNPL) services like Afterpay. As the saying goes, “The piper always needs to be paid.”
“The reality of holidays is over, kids go back to school, and credit card and BNPL statements have started to roll in, making us count the cost,” says Andrew Fleming, founder of Financial Mindfulness.
Accumulating debt can lead to significant financial stress, especially when it becomes a recurring pattern.
“While a limited amount of debt isn’t necessarily bad,” says Lea Clothier, a behavioral money coach, “an excessive amount can delay us from reaching our goals.” Not all debt is created equal.
Some debts, like those used to purchase income-generating assets, are better than consumer debt, which is often used for household items, clothing, and vacations.
A valuable investment is paying off the interest on your debt. Repaying debt frees up cash flow and provides a return higher than other investments. Problems arise when multiple debts accumulate, and warning signs are ignored.
Clothier likens debt to weight gain: manageable if addressed early, but much harder to tackle once it has become significant.
Ignoring debt can lead to acute or chronic financial stress. It’s crucial to face your debt situation head-on to prevent a crisis. Here are signs that debt might be a problem:
Let go of shame and guilt associated with debt. Forgiving yourself and taking positive actions can build confidence.
Honest conversations with creditors are crucial. The Financial Mindfulness app offers tips on managing debt and paying bills effectively.
Logical Approach: Pay off the debt with the highest interest rate first, as it costs more to repay.
Heart Approach: Pay off the smallest debt first to achieve quick wins and free up cash flow for larger debts.
Both strategies are effective, and the key is to stop ignoring debt and start addressing it.
By adopting these strategies and changing your mindset, you can navigate post holiday debt and start the New Year with a fresh financial perspective.
Continue reading “Essential Tips to Tackle Post Holiday Debt”
Pandemic put’s young families under huge financial stress.
Even if you don’t have children, you may be aware through your friendships and networks of the burden that the Covid-19 pandemic has placed on families.
Continue reading “Pandemic put’s young families under huge financial stress”
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