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Understanding financial stress
Financial stress can affect anyone, regardless of age, occupation, or income level. It's not solely an issue for the unemployed; many individuals are unprepared to handle financial crises due to a lack of money management skills or by ignoring warning signs, leading to debt traps. The consequences can be severe, impacting mental health, relationships, and overall well-being.
Practical steps to manage financial stress
Taking control of your finances can alleviate stress and prevent future crises. Here are ten steps you can take:
- Create a budget: Establish saving goals and spending priorities, and adhere to them.
- Build an emergency fund: Aim to save an amount equivalent to three months' income.
- Avoid impulse purchases: Limit shopping trips and plan your spending.
- Use your own money: Pay for goods and services using cheques, debit cards, or Visa debit cards.
- Manage credit cards wisely: Pay off balances monthly, especially after significant spending periods like the New Year.
- Be cautious with credit cards: If you carry a balance, ensure the interest rate is reasonable.
- Avoid high-interest store cards: Department store credit cards often charge higher interest rates.
- Automate loan payments: If your salary is deposited electronically, set up automatic loan repayments.
- Consolidate debts: If you have multiple loans or credit card debts, consider consolidating them into a single personal loan for easier management.
- Communicate with creditors: If you're experiencing financial difficulties, contact your creditors promptly to discuss your situation.
Seeking professional help
If you're struggling to cope with daily financial pressures, consider consulting a financial counsellor. These professionals are trained to help you resolve current money problems and regain control of your finances. Additionally, Transport Mutual can refer you to a Bridges Financial Planner for expert advice on managing superannuation, saving for retirement, or investing redundancy payouts.
Why Transport Mutual?
We’ve been helping transport workers, their families, and the wider community reach their financial goals for over 50 years. As a member-owned credit union, everything we do is designed to benefit you - not big bank profits.
