(Expansion) – In the current situation, it is more and more common to hear people with serious problems with debts or who, due to inflation issues, cannot finish their fortnight or are considering seeing drastic alternatives to be able to stay afloat. This is worrying because a phenomenon is taking place: the stress associated with finances.
Indeed, it is not something new, but today it requires more attention. It begins with the same symptoms of stress, it is practically the same; however, the origin is different, it goes unnoticed and we are not aware of it, we think we have all our finances under control, but this is not the case.
It takes great maturity to accept financial mess. The beginning of the problem lies in my inability to maintain a lifestyle which exceeds my capacity, I want to live far beyond my means and I start to get indebted to such an impossible degree to stop. With popular phrases I self-deceive to continue, “that’s what I work for”, “I deserve it” or “without fear of success”, among many others, are very frequent.
When I least expect it, my credit cards are maxed out, with one I pay the other and that’s how I take it, paying the minimum; The situation is getting worse and now I ask for a personal or payroll loan, which is becoming more and more complicated to cover because there is no way to get resources. The next thing is to start borrowing from friends and family to whom I will pay the least, I think I can postpone payments because they are trustworthy and they will not charge me as an institution, but I do not consider the impact on their finances due to my recklessness.
The next thing is to resort to instances and financial institutions with very high interest rates, but it doesn’t matter if I fall into their clutches because I’ll go out of my way to cover another hole, but without considering the hole opened on the other hand. Not to mention, my recurring visits to the pawn shop.
With all this, the insistent calls to collect, endless negotiations begin, without counting, the repercussions on my mental health due to the worries to find how to get out or who to borrow from because I have already closed all the doors with all my creditors. Loss of sleep, appetite, anxiety and despair arrive.
Does all this sound familiar to you? Stop! It is even for your health, excess stress can end your life, it sounds very dramatic but it is true. Take charge and accept the problem, begin to put your life and finances in order, do not live above your capacity, if you want something save to achieve it and do not abuse credit.
How to get out? Sort all your debts, I have mentioned it in previous collaborations, identify the largest, either by amount or interest. Second, make the blessed budget and stick to it! Establish an amount destined only to pay your debts, no longer get into debt, save credit cards or outright break them. Approach your financial institution to be able to establish a payment plan, as well as with your friends and family, to everyone you owe.
Accept the problem and face it, it may be necessary to resort to professional help in two ways: a financial advisor and a psychologist. Unfortunately we forget an important detail, our relationship with finances is a reflection of how we interact with our environment. We unconsciously cover affective deficiencies with material goods.
The process to heal may be complicated, but do not be discouraged, you will achieve it and I bet you, it will not happen to you again, there is nothing like being able to sleep peacefully, being able to enjoy the peace of mind of having healthy finances and making money really work for you. Do not take lightly or as a myth, financial stress exists and is detrimental to your health.
Editor’s note: Adolfo Ruiz Guzmán is a graduate of the Bachelor of Communication Sciences and the MBA from the Universidad Anáhuac México Campus Sur, has different certifications and specialties, among them, Investment Strategies Advisor by the AMIB, by the IORTV in Spain and Harvard Business School; in addition to being an aviator pilot by the AIRE School. He currently works as Director of Communication and Public Relations of Grupo Financiero B×+, national and international speaker. He has a 13-year career in communication in the financial sector and promoter of the creation of financial culture in our country. Follow him on . The opinions published in this column belong exclusively to the author.