Topic: How do you deal with financial stress? - page 14. (Read 1819 times)

I know what you feel but fortunately, I guess that I am in a better situation since I don't rent. But I know how it really goes when you know your expenses and you're keeping up with what's happening with the world.

Everything has gone up in prices and that's giving us headache every end of the month. With your degree and what you've noticed, you can also learn IT skills if you want to.

There are free materials from different companies like, Amazon for its AWS, Microsoft, Google, Cisco, etc.

Things are going to be fine soon, let's just keep on doing what we typically are doing that are helping us to survive.

I stay pessimistic and try to adjust my financial portfolio to reflect the worst case scenario. In the modern era, although quality of life has increased, I don't remain optimistic about how things are doing. Within the last two decades alone we've seen two major financial meltdowns in 2008 and in 2020 which were both government induced. The cost of living increases are also mostly government induced as well with central bank policies and COVID related money printing.

My advice to you is finish up your masters degree in a field that's high demand and obtain marketable skillsets even beyond what your degree holds to make yourself as attractive as possible in the job markets. Then, maximize your savings potential and begin investing ASAP to create a retirement fund that will be there for you when you retire.

The Corona crisis has contributed to the further deterioration of the financial conditions of low-income people, most of whom failed to find alternatives to meet their basic needs. That stage taught us that it is very important to diversify sources of income, whether for the purpose of saving or securing financial surpluses. Relying on a fixed source of income is not enough to achieve financial balance for any individual, let alone when you do not have a source of income at all.
This situation did not only include individuals, but also many companies in different sectors, as well as countries that found themselves in a state of complete helplessness, especially when talk began about acquiring vaccines.

Remaining optimistic in a financially depressed situation is very difficult to do, you are right to cover it up with false optimism will not make the problems we face go away just like that we need to solve them. Everyone has experienced financial stress but they have different ways of solving it. I prefer to keep doing any job to be able to generate income to meet my needs rather than not doing any work and not getting an income.


Yes, you are right, if we experience stress in any case, we really need to get together with people like you mentioned there are indeed some people who are able to solve their problems without needing help from other people, but it will be very easy to solve the problem if we have people closest to us who can listen to the problems we face, of course they will provide input for us to solve these problems.

COVID 19 has shaken the whole world. It has affected the whole world.  Especially in developing countries the impact has been more.  The unbridled increase in commodity prices has endangered the way of life.  Unbridled prices of everything, the value of money has decreased in many countries, some countries have gone bankrupt.  Nothing can be worse than a financial crisis.  Your entire family depends on you but what can be more painful than you failing to give them a proper life.  Still have to live. Fight with life and survive in this race.  Moreover, there is a forum!  By gaining proper knowledge about the forum you can move forward.  You can benefit by acquiring proper knowledge about investing, trading.

Everyone of us experience financial stress at some point, and what you are feeling is really valid. The pandemic had really affected us in terms of finances and our mental health.
And sometimes, it's hard to be optimistic in situations like this and there is nothing wrong if you feel bad about it. I think the first step is to acknowledge that there is a problem, because covering it with false optimism would not really help you fix things out. Because the moment you recognized that there is a problem, you will notice that certain measures should be done in order to solve your problem.


On times where I am stressing about things, the only thing that keeps me optimistic is my support system. I think the best way to deal with stress is to surround yourself with supportive and positive people. Because these people are your emotional support during your difficult times. Lastly, take your time, and do what needs to be done, and everything will fall into places.

Probably most or all of the countries are already experiencing this due to inflation, I mean it's already a big problem all over the globe, even in my country inflation is really difficult to fight especially if you just have a minimum wage earning you can't really survive or at least have a good enough lifestyle that you really wanted. Personally, I'm doing okay since I already found a good job, compared to my last shity job where I didn't do most of the work for 10 people probably, my new job is a great one it wasn't really paying a huge amount but its already okay to survive and the good thing is has a good schedule, there are only 4 on-site and 1 work from home and weekends are free. At this point, I wasn't really a very experienced worker so I wasn't able to demand a very high salary but at this schedule, I was able to find a side hustle that could help me with my spending, usually, I used all of my side hustle salaries just for investment and then my main job salary was used for everything that I needed.

In my experience I think the main trick here is having the knowledge and the correct mindset, when I got conscious of my money and started to document every I was able to manage my finances easily, I learned a lot from a podcast on how can I manage my finance one of the trick is to always take note of your spending and income. Sometimes we just dont know where our salary goes since it easily disappears, it is because we dont document and record everything. The moment I do it I easily avoid having that feeling. Also just do not buy anything that you cant really afford, I think this is just the one that really is good advice when it comes to financial, most of people just buy anything since they have a credit card or something not realizing that they cant really afford it.

Hi Dear OP

Hope you doing well. i was reading your post and come to realise that this financial stress relates to many people this time it is also due to lack of knowledge because many of  the people don't know how actually they can generate alot of revenue while staying at home.

In the past some month i was also thinking to leave the home country due to the increasing in inflation rates but i can feel that nobody wants to leave their motherland. Motherland is loving place where we all grew up at To be very honest only think of living homeland feels to hard. So, i thought to share some of my experience through which you can also have benefits. I'm actually the student of BsCs and my degree is about to end it is my final year....

Along with studies i'm doing multi-remote works like Drop-shipping, content writing, cryptocurrency, and affiliate marketing as well at the same time to overcome my financial crises. So, dear OP we need to educate our-self to be more stable in future. we can't deny this fact like inflation rate getting worse day by day even in my country inflation rate has been increased after Covid-19 Pandemic. in Conclusion i would say this is the time we need to stay more smart to overcome our financial crises by doing multi-works. it is only possible when we educate our-self accordingly to cover our future expenses.

Kind Regards

Snowpega    

The real estate market is highly inflated and most likely to bubble in the near future which will bring down the costs of rent but it may not act as a solution for your condition as of now, you need to compromise comfort and just get into where you can afford and also find the job as soon as possible to survive. If its still out of hand then just sell any asset you have to ease of the stress.

Changing the career path is not easy either so you may need to work hard as well and act smart to grasp the opportunity, for now, you can look for jobs in which you can side with your primary job and this is the internet era you can make money just if you have smartphone and internet and of course, saying is easier than doing it but just to remind you that you can go through the hard days too.

That's easier said than done. When prices of basic necessities are already way above the average price pre-covid and our salary isn't also increasing, we really need to do something like turning off the heater just to minimize the bills. When going out just to buy something, I just use my bike.

Easy for a person with no mouths to feed actually but if you are a family man with responsibilities, you are really going to sacrifice stuff that you used to have. No beers and sodas but water. I have a neighbor that I regularly check because as of now I look after one of his kids sometimes, he cooks food and this food is what they eat for the rest of the day from morning til evening. Thats how tight the budget is.

I can afford a more expensive house, the issue is that I'd prefer not to spend a large portion of my salary just to accomondate myself. You can never predict what may happen in a year or two. I wouldn't want to get stuck in a house I may not be able to afford in case something happens and I'm out of work, or is simply becoming a financial burden in the long-run.

The governments haven't taken the necessary precautions to minimize the effects of such phenomeno, however, the root of this issue is that as the years progress, we're going to face a lot extreme weather conditions more often than we're used to.
This is actually some great advice and it's confident to know that there are others who share a similar mindset to mine. Yes, I tend to worry quite a lot, but it's because I want to be a responsible adult with a settled life, and want things done in a proper way. I know plenty of other students from my university that are still jobless, living with their parents and literally not worrying about their life, this isn't something I'd ever want.

Although I'm relatively careful with my money, writing down my expenses would allow me to scroll through the end of the month and see were I spent money that I could have avoided. Now that I've mentioned it, I could probably have avoided making that order from Temu, or buying something just because it was on sale. Writing down is the key to keep track of everything, whether it's money or a reminder.

It can come down to your career prospects ultimately and even a vastly expensive university education might not even offset that if you end up getting worthless degrees. For many people it will only be into their late 20's or 30's before they actually get a solid grip on their finances, enough that it is possible to think about buying a property. At that point you really need to have at a minimum a basic "emergency fund" which will be your fall back for any unexpected bills that pop up, whether car problems or replacing appliances that break. That can greatly help to bridge the gap, because the alternative for many people will be going into debt and that can make it so much harder to progress in life.

Since covid19, the world has not been affected economically, but we see great disaster because of the war between Russia and Ukraine. Due to the increasing economic recession in the world, people are now desperate to meet their basic needs. No new jobs are being created anywhere, rather jobs are being lost due to the crisis. They are worried about how they will survive in the coming days. As the new year approaches, there is also an increase the pressure of the citizens of every country. It is very difficult to get rid of this until the world leaders consider this situation and take the decision to stop the war.

I'm sorry you're struggling with housing, I know it's a big problem in some countries. In my country, it's very simple to find accommodation because I think there's more of it than people around, so at least that's not a major stress factor, although a lot of other things that you've mentioned plus some additional ones are. Economically speaking, my country has certainly been deteriorating for almost a decade, but I've been going against the flow, feeling kind of stable although not great financially.
Since you're asking how I'm staying optimistic, I guess I should mention my circumstances, which is living in the capital of Ukraine during, you know, the war. I'm trying to balance out the big problems with small pleasures like appreciating time with loved ones, enjoying the weather when it's nice, allowing a bit of unnecessary spending on eating something fancy, etc. I've stopped making long-term plans, and I'm trying to overall do what I like to do, as long as it's enough to pay the bills, without putting pressure onto myself to earn more, work more etc. Maybe lowering your own expectations of what your life should be like and focusing on the upsides can help you as well.

Just remember this. When you are stressed, that just means that you are focusing too much on the things you cannot control. So if you want to get back in the right track again out of your adversities, you just simply need to feel that you are in control of you own finances and your own whole life. So take a pause in your life. Remind yourself that you are the only person responsible.

There's two things you can do. Minimize your expenses or maximize your income. Along with that you have to payoff your debts and start saving so that you have something to invest later in your career and life. Anything outside of your control are just distractions.

I see you very honestly and as you are. the first thing "Thankfully, this forum has been a blessing and probably the only thing giving me hope" and this was born by itself from what you have felt. I'm very inspired.

Well, I think it's normal if your condition is like that. A place to live is the main thing that will provide a sense of privacy, especially in completing your study assignments and resting your body when you are tired. My advice is to try looking for one that is a little further away from urban areas. I'm sure there will be a difference in price and definitely look for an environment that is friendly and suits your lifestyle.

Handling it through a solution. I am always seeking ways to earn more in order to cope up with vast increase of daily needs. Well yes, government of countries should be doing their part to resolve the problem but that would take huge amount of time so I am just creating adjustments. As you’ve mentioned not only our countries are struggling but the majority. It is valid to stress with such concern ‘coz it is something being tackled on a daily basis. There are many ways to earn from this industry such as providing services or joining reward contests. We should also help ourselves with this issue ‘coz majority are highly affected by it. Choosing to stay with the problem and to blame people why such thing happened,won’t do good to us. Since such issue has been present for years, the only thing we should does to cope ip little by little”

I used to be like that in my "youth" and it was a good thing to be stressing about these things, at least for me. It made me learn the value of money and most importantly to plan ahead financially speaking.
You've already the first step correctly by thinking about these things but of course you have to try not to get overly anxious. Don't worry about making mistakes, after all you're at the beginning of your journey in life and even mistakes are a valuable experience.

I can't tell you what to do because the situation is different in different countries and different times. But I can tell you what I did.
I basically went on a very "strict financial mode" where I wrote down all my little expenses and little incomes. I worked hard and earned as much money as I could then made wise investments while controlling my expenses. That helped me maximize the amount of money I saved up (income, interest, passive income, profit).

I have to emphasize that writing down stuff helped a lot, as it is not enough to just be "careful about expenses". It helps a lot to be able to visualize and analyze your expenses (and incomes). For example at the end of the month you can look back and see for example you wasted money somewhere that could be avoided or better spent. I even have a little excel file that dates back 20 years
Not to mention that it helps you to stay organized a lot better and if you set targets for yourself, it also helps you reach those targets and feel "optimistic" about your future as you would be going through life according to your plan or at least closes to your plan as possible.

Speaking of planning ahead and setting targets one of the things I did was to figure out what would be the biggest expense I would have in my life and in my country it is rent. For example today as an engineer if I had to rent an apartment specially in the capital, that would eat at least 50% of my salary.
Knowing that, my goal became to eliminate that cost. The solution was to buy a house so that became the plan. I eventually saved up enough money to be able to buy my first apartment. It didn't have to be a fancy one or a big one but it helped me eliminate a large expense. That's extra money in my pocket which I were able to save or invest to improve.

That's not new though. "Economic hardship" has been part and parcel of our world, even though from time to time we see a longer period of stability (eg. after 2008 disaster up until 2019-ish) which makes people forget what's happened before and what's coming (or rather repeating).
You also shouldn't expect to become wealthy in short time, as I said nothing has changed. It just takes hard work and wise decisions.

Housing has become a really big problem. It is now very difficult to find a place to stay and everything is very expensive. Many landlords are opportunistic. The state has tried to intervene in the renting out of houses at very high prices, but without success. Landlords set the price at which they want to rent their houses.

I am glad the forum has helped you, but you still need to find a job. Even if your income is low, you still need it. It is really hard to be a student in such an economy. But don't stress yourself. Many people are in this situation and you seem determined to do something about your goals.

When it comes to accommodation you have to choose houses that you can afford because it is a recurrent expenditure. Some persons make the mistake of borrowing to get a house only to struggle later to renew the rent. The only option you have is to increase your income or manage what you can afford. I had to move to another house to reduce my cost of living.

You are not alone in these terrible times. COVID-19 made things complicated and the war in Ukraine is now making things worse.  This has led to an increase in the price of fuel, electricity and some basic grains. I was considering moving to Europe but the stories I am hearing from my countrymen over there have made me reconsider. It is better to suffer only economic hardship than to combine it with racism and xenophobia. Many online jobs have been replaced with Artificial intelligence making the few available jobs very competitive.  Some of us are not technically inclined so we have to still fight for less technical jobs.

The increase of these natural disasters makes life very uncertain. The Libyan flooding gives me so much concern because it was caused by negligence and my country has some dams that have not been maintained for a long time. It will not be a surprise if such a disaster occurs.

It is natural to worry about the future but we shouldn't stress ourselves much because it will not help us. I always console myself with the fact that my condition is better than some people so am always grateful to the creator.