How I Cope With Financial Stress In Uncertain Times
Money brings a lot of stress to our lives, in this video I explain how I cope with the uncertainty that comes with money.
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Chapters
00:00 Start Here
01:09 Keeping My Expenses Low
02:21 Having A Financial Safety Net
03:23 Taking Life Two Months At A Time
04:46 Only Focusing On The Things I Can Control
05:55 Perspective
07:35 Remind Myself It’s Worked All Out Up To This Point
Money brings stress to all of our lives because in many ways our lives revolve around it. I believe that a lot of this stress comes from the uncertainty of life. In order to navigate this uncertainty, it is important to develop coping mechanism to help you get through. In this video, I share 6 coping mechanisms that help me deal with financial stress in uncertain times.
1. Keeping My Expenses Low
I believe many people stress about money because their living expenses are very high. I get a lot of peace of mind by keeping my living expenses low because I know that if I lose my job or I enter uncertain economic times, my lifestyle is very affordable to maintain. If you keep your living expenses low, it gets rid of some stress from the uncertainty of life because you know that you don't need much money to survive.
2. Having A Financial Safety Net
Another thing that helps me deal with the uncertainty of life is creating a large financial safety net to back me up. By creating an emergency fund of over six month of expenses and having investments of over a year of expenses, I get a peace of mind that if something happens, I won't end up on the streets. If you create a financial safety net in life, it will get rid of some stress as you know that you have money in case something comes up.
3. Taking Life Two Months At A Time
Oftentimes when I think far in the future, it brings a lot of stress to my life because there is so much uncertainty. One way I deal with this uncertainty of the future is to just take life two months at a time. If I know that I am comfortable financially for the next two months then chances are I will also be comfortable the following two months. If you avoid looking too far into the future and focus more on the present, it will get rid of a lot of the stress the future brings.
4. Only Focusing On The Things I Can Control
When it comes to money, most things we have no control over like recessions, stock market crashes, or inflation; however, we often focus on these things which brings a lot of stress to our lives. One way I avoid this stress is just to focus on my own personal finance situation because I do have some control over that. If you only focus on the things that you can control financially, it will get rid of a lot of stress in life.
5. Perspective
In my life I have been able to see how people live from different parts of the world, which has given me this perspective of my own problems. Many people around the world are trapped in tough situations that are impossible to get out of. Whenever I feel overwhelmed by my own financial problems, I like to put them in perspective because I realize how small my problems are.
6. Remind Myself It’s Worked All Out Up To This Point
I have experienced a lot of uncertainty in my life, but no matter how bad things got, in the end it turned out fine. Life always finds a way of making things work out in the end. Whenever I get stress from the uncertainty of life, I always remind myself that things have worked out up to this point and will probably continue working out in the future.
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