There are a lot of negative financial thoughts that can cloud your judgment. Once you cannot think straight, it will start to compound and make matters worse. These thoughts can take over and could make you feel worthless. You start to drift away and lose the urge to plan ahead for your financial needs.
At this point, you are already beaten and could spiral down to a life full of regrets, financial problems, and debt. These thoughts could very well be a good reason why you have lost the desire to manage your finances. The problem is there are a lot of reasons why these thoughts persist. There are a number of financial problems American consumers are preoccupied with.
According to Gallup.com, one of the biggest concerns people have is not having enough money for retirement. Then there are some whose concern focuses on getting a decent job. While others are trying to buy their own house. There are a lot of things people are trying to accomplish that it is easy to fall into the trap of having negative financial thoughts when they do not accomplish them
Negative thoughts about your finances are never easy. Here are a few things to remember when you are going through the same ordeal.
Check the source of your negative financial thoughts
There would always be a reason why you are having negative financial thoughts. Are you experiencing physical pain? Are your investments not panning out the way you intended them to? Would there be marital issues looming over your relationship? You might even be on the verge of losing your job and you do not have any back plan when you are let go.
Those negative thoughts persist because they are being triggered by a deeper problem. You need to identify these problems to have an idea what you are dealing with. You might wallow in your thoughts and fail to see through and pinpoint what is causing all of them. Understand that these financial thoughts would not creep up all by themselves.
Look for ways to address the main issue
Now that you have an idea where your negative thoughts are coming from, you can address the main issue. There are instances where you have to face several issues in your life. The way to approach this is to look for the one that needs your most attention. Focus on the main problem and everything else should follow.
Financial education is one of the ways to prevent getting into any financial trouble. You do not have to go back to school for it. It can be as easy as looking through educational sites that promote financial literacy. You can also pick up books or simply just talk to other people who has been in your situation. The important thing is to
Never make rash decisions
Knee jerk reactions to negative financial thoughts could land you in hot water. It could even compound your problem and make it more difficult for you to get out of your situation. Washingtonpost.com shared one tip to avoid making impulsive financial decisions. Rather than simply saying no to an expense, a few questions can help you decide. Affordability and usability are two points you can look at before making a purchase.
The main point is that when you are dealing with negative financial thoughts, you might be lured into thinking an expense would make it all better. Similar to how retail therapy is thought to work for most people. You might think that you can find comfort when you feed your inner desire to purchase your wants. This will just be a temporary high that could cost you long term financial troubles.
Solve it one problem at a time
If you are dealing with a lot of issues, it would be easy to have negative financial thoughts running through your head. It is quite tempting to tackle them all at the same time. You could feel that this is the best approach because who does not want to solve all their problems at once. However, there is a downside to this financial approach
You are stretching yourself and your resources out too thinly. This strategy might not even get to solve any of your problems. On top of this, money mistakes might compound and add more trouble than they already are. The idea is to detect early money mistakes and address them accordingly so they do not blow up into bigger problems in the future.
Talk to people that you trust
You might pick up some valuable lessons along the way when you talk to people you trust. It can help you determine how to deal with any negative thoughts you have with your finances. The idea is to talk to people that you know and trust. The last thing you need at this point are fake friends. They might seem to listen to you but they start gossiping about your problems as soon as you turn you back.
You can start looking at your immediate family, relatives and even friends. They are the usual suspects when you are in need of people you can trust. However, this usually works both ways. Just as they lend an ear when it comes to your problems, it would not hurt if you return the favor. You can be a friend to them as well in times of their need.
Find an outlet
There are times where you just need to blow off some steam. You can look at your hobby and see if you can put in a few hours into it. If you love photography then do a photo walk near your place. It could inspire you and have a new sense of purpose when dealing with negative financial thoughts. The idea is not to deflect but to take it on with a refreshed point of view.
Exercise is another way to clear your mind. It also helps you relax and think straight. Not to mention that it is also good for your health. It is challenging for anyone to get started with exercising early in the year. This is especially true when you had a lot to eat over the holidays. The trick is to just get started and you will slowly find your groove.
Learn from your challenges
This is easier said than done but it can help you manage your finances better. Just like what people say, the biggest room in the world is meant for improvement. As you overcome challenges in life, use the lessons that it teaches you and be a better version of yourself. Being able to accomplish this can make you more equipped in handling even bigger problems that could come your way.
Negative financial thoughts are things you should never entertain in your life. They will make you feel inadequate and could lose your desire to budget and prepare for the future. This is a dangerous road to take. You are not only putting your immediate finances in danger. You are also putting at risk all your long term goals. It might be difficult to pay off your mortgage, car loan or even student loans if you do not snap out of it.