We’ve talked about how to proactively manage stress, including types and levels. Today I want to briefly talk about stress and money.
Stress & More Stress
Sometimes stress, even money related stress, can make it tempting to spend more money. Retail therapy is very common among consumers today because it offers a quick high when you pay for something new. However, spending money to relieve stress can quickly turn into a problem.
If you find that you’ve got a shopping problem, you may also find yourself in debt that you can’t manage. When debt gets out of control and you have no increase of future income to cover it, you risk financial disaster.
I’m not trying to scare. But starting a new business often feels like it gives us the license to invest in our new business and we end up spending too much.
Sometimes our spending is fear driven. We get stressed because things aren’t moving as fast as we planned. We buy software and courses and attend conferences hoping to change the trend.
If you’re spending money to relieve stress, it’s time to take a look at your habits and get control of them. The first step is to identify what specific issues or fears are making you stressed in the first place. If you can eliminate the things that are stressing you, that’s the best way to conquer your problem.
It may not be easy but it’s vital.
Do Something Else
But some stressors simply can’t be eliminated completely. In that case you may need to find alternatives for dealing with them.
For example, instead of investing more money into your business you can take time to learn about entrepreneurs who became successful over a longer period of time.
This will help you see that it takes time to build your business and each person is on her own timeline. You can also volunteer. This often provides you with feelings of worth without costing you money.
If your spending is getting you into trouble and you feel like it’s out of control, you may want to confide in a fellow entrepreneur or business coach. This is not uncommon so there is a good chance either will have experienced the same or at least is able to provide emotional support.
Above all, don’t be embarrassed about your problem. Many people have problems with money and stress and you’re not alone. When you get control of this problem, you’ll feel like your life is your own again.