Financial Stress Information

Coping with financial stresses

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With the current fragile state of the world economy is a time of increased financial stress for many. Results of a recent Newspoll survey commissioned by Lifeline found that 67% of Australians report finances as a key cause of stress in their life.

Increased stress in any area of your life can have an adverse affect on your emotional, physical and social wellbeing. Financial pressures can also affect relationships and create conflict.

A number of Lifeline Centres offer financial counselling services that assist individuals with assessing their situation, identifying options and taking practical steps to improve their financial status.

Jillian Fletcher, Practice Leader (Financial Counselling) for Lifeline Community Care Queensland reports that common issues facing people who use their services include; cost of living, rental and mortgage problems, credit card or personal loan debts, and loss of income.

Tips for relieving financial stresses:

• Understand your financial situation and take control. Get advice if you need it.
• Consider your priorities – focus on essentials and forget about luxuries.
• Know the difference between good debt (e.g. asset building) and bad debt (e.g. credit card debts).
• Understand that financial situations change – sometimes rapidly sometimes over a long period.
• Realise that every situation is different. Financial security can depend on earning power, life stage and spending habits etc.
• You can’t control everything – there are external environmental factors at play. Control what you can and learn to manage the things you can’t.
• Make small steps to improve your situation – change won’t happen immediately, you need to be committed to your finances in the long term.
• Don’t live in denial – if you have financial problems acknowledge them now, don’t wait for the situation to get worse.
• Empower others! Help others who may be experiencing the same problems that you’ve already learned to cope with.
• If you feel you are not coping emotionally, seek help from a counsellor or call Lifeline on 13 11 14.