How to cope with financial stress

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young couple worried at home in bad financial situation stress asking for help

The Covid-19 pandemic has caused major concerns for consumers globally, including financial challenges due to the economic climate. Some will be facing pay cuts, loss of jobs and more. It is crucial to take care of yourself and your loved ones in tough times like this as you take steps to weather the crisis.

Here are some tips on how to deal with financial stress: Open up and talk about what is going on with the people you trust. It can help you and the people around you to understand what is happening and work out how to deal with it together. Make a plan and clear, realistic budget to get through the situation. Work together with your family or those you live with to set goals.

Set spending limits and rules, such as only purchasing essentials for the moment. You may wish to hold a family meeting to talk about how everyone can contribute. Identify the problem, then figure out available solutions to resolve it. For instance, if you are having trouble making your monthly repayments, speak to your bank. Find out if some repayments can be deferred and for how long, or if restructuring or refinancing is possible.

Take care of your health, both mentally and physically. You need to be in top shape to think clearly, as well as to take care of yourself and your loved ones. Know that there are agencies like Befrienders that you can call for counselling or other help during the MCO. Be proactive and face your challenges.

For example, if you are going into debt, seek professional advice or financial counselling on how to manage your debts. You can contact an organisation such as Credit Counselling and Debt Management Agency, also known as AKPK, which offers free financial and debt management counselling. You can also take charge of your credit health by checking your latest credit report.

This way, you will be better prepared for the future because a credit report will show you exactly how you are doing in all areas of your credit health. Your report can help you spot problem areas and make plans on how to improve your credit health and score.

CTOS_score

Established in 1990, CTOS is a leading credit reporting agency under the ambit of the Credit Reporting Agencies Act 2010. Its three-digit CTOS Score will show your creditworthiness. It is an evaluation of an individual’s credit history and capability to repay financial obligations. The higher the score, the higher your chances of securing a loan. Get your  free MyCTOS Score report at https://rewards.starproperty.my/ctosscorecheck when you register with CTOS


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