Financial stress is a form of stress that can impact on you and your health. By focusing on self-care and prevention, not only will you alleviate some of the symptoms of financial stress, but you’ll be more resilient when pressure mounts. Minimising financial stress will also help you work more efficiently during business hours and allow you to be present in your home life. Below are some tips to help:
Organise, categorise and schedule your finances
Good records make it easier to manage money.
Get help for managing finances
This might be financial advice, financial counselling or if possible, someone to help manage your finances. Consider the benefits not just monetarily, but for your wellbeing and peace of mind.
Make a plan and set short and long-term goals
Planning and goal setting will help you see in advance when finances might be strained and allow you to deal with issues before they lead to stress.
Keep personal and business finances separate
Try to keep separate bank accounts, credit cards, and legal identities for business, or at least keep a good record of when you’re using personal items for business and replenish them when you can.
Don’t panic if you make mistakes
If you make an error, work to resolve it quickly and move forward. Try to keep the big picture in mind.
Deal with debt
If debt is a serious concern for you, consider whether there are ways to negotiate, consolidate or plan a settlement. It’s always better to deal with debt early before it becomes a bigger problem.
Useful resources include:
https://www.asbfeo.gov.au/my-business-health/categories/cash-flow