Financial crisis can hurt you a lot. It can make you feel guilty and ashamed of yourself. It can make you emotionally numb and drained.
Money problems threaten your very existence. Financial therapists help you deal with the emotional issues that come along with the money management troubles. The recent economic downturn was very painful for the people. Almost half of the population was experiencing job related problems. Nearly 32% of the employees were skeptical about their capability of retiring. Family members were deeply affected too. They had to watch their near and dear ones struggle a lot.
It is not that you can't recover from emotional and financial problems at all. Life is long and you can make a fresh start anytime you want. All you need to do is take a few steps which are given below.
1. Accept your failure and share problem with others: Embarrassment and guilt are 2 things which make people commit financial mistakes such as incurring debts. People think that they haven't been able to live up to the expectations of their family and friends. In fact, they try their best to not reveal their financial plight to others. This is totally a wrong approach as per the financial planners and therapists.
Accept your mistake and narrate your story to a person you trust. This person can be your friend, colleague, spouse, family member or anyone. Sharing your problem with a close friend of yours can actually help you get over your guilt.
2. Look back into the past and find out your mistakes: It is very easy to blame a person for your current financial condition. However, you need to keep it in mind that you're in this situation because of various factors. Ill luck does a play a role in bringing a person's misfortune. Nevertheless, bad luck is not solely responsible for your financial problems. Your past actions and behavior have changed the course of your life.
It may be the case that you trusted the wrong people, succumbed to the social pressure, or purchased things which were bad for your financial life. Find out when and how you have made financial blunders. This will help you take steps to make a better financial future. Your decisions and actions had the capability to ruin your financial life. They have also the ability to better it.
3. Change your way of looking at things: Don't blame credit cards for present situation. If you're in credit card debt, then it is you who should be blamed for this. Credit card is a wonderful financial tool which can potentially help you save money through cash rewards, free miles, bonuses, etc. So, it would be wrong to say goodbye to credit cards. You have misused credit cards. This is why you're in the present situation. Change your behavior and use financial tools wisely. These tools will make your life comfortable.
4. Inculcate healthy habits to lead a better life: Making brave resolutions is not enough. You need to change your attitude and behavior in real life. You've to develop new habits which will help you deal with the emotional and financial crisis. For instance, you can develop a new habit of saving 10% monthly income throughout the year. You can also decide to pay your credit card and utility bills regularly.
Past lessons can help you come out of the emotional and financial crisis. In fact, your past mistakes can help you become a better individual. So, don't get disheartened if you've fallen into a debt ditch. You can come out of it and start a clean financial life again.