Finances can be quite stressful. One of the biggest pressure points in relationships is money. When you have a significant amount of debt, it starts to really affect you mentally. Time and effort that you may have been spending on hobbies or with friends is instead spent thinking about how much you owe and what you need to do to pay it off. Creating a plan to pay off your debt can help relieve that stress and put you in a better position to improve your mental health. People who have paid off their debt report feeling as if a weight had been lifted off of their shoulders. Here’s why finances can be stressful and what you can do to get out of debt.
Financial Trouble Is One Of the Biggest Pressure Points In Relationships
A significant portion of divorces are caused by fights over money. When money becomes a divisive point in your relationship, it can be difficult to agree on pretty much anything. That is why it is important to recognize when and why money is becoming an issue with your partner. Does one of you have significant debt? Have you both contributed to the debt? What can you both to do be constructive and work your way towards financial empowerment? Answering these questions can go a long way to improving your financial outlook and maintaining your relationship for the long term.
Getting Out Of Debt Can Provide You With More Time To Focus On Things You Love
When you are stressed over your finances, you don’t have time to focus on your hobbies or your relationships. Instead of going out with your partner, you may stay home stressing about how you are going to make your next credit card payment. If you want to improve your finances (and your mental health) then start by making a financial goals list. Detail what you want to do in the next five years. Then write down all of your debts and your interest rates. Create a financial game plan for getting out of debt. When you hold yourself accountable, you can achieve amazing results.
Sound Finances Means Less Stress
If your finances are causing you stress, it is time to start thinking about ways that you can improve your financial outlook. Your finances are more complicated than how much you eat out and what you like to shop for on Amazon. You need to really think about how much you are spending on key items like housing, and how your debt to income ratio looks. Sound finances really does mean less stress, and that means better relationships with your loved ones and more time for the hobbies that you love and enjoy.
Regina Fasold is a seasoned Executive Coach and Leadership Expert. Her extensive professional background and her 10+ years of experience as a Global Executive Coach have allowed her to assist over 300 senior executives in corporations throughout the United States and in over 25 countries around the world.