Finances/Money
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Money plays a huge part in most people’s lives, and although it can’t buy happiness, most people believe it does help towards it to some extent! Being financially secure can reduce the pressure and stress from other areas of an individual’s life, such as their relationships, work and lifestyle. However, those who are struggling financially may feel enormous pressure to provide for themselves and their family. If bills can’t be paid at the end of the month, or debt has mounted up into an unmanageable amount, many people find themselves in an extremely stressful situation.
According to research, UK personal debt currently totals £1.4 trillion and there was a 15% increase in debt calls to Citizens Advice in the last year. Five million people, or one in ten adults, spend more than they earn on a monthly basis and half of those living beyond their means rely on overdrafts and credit cards (figures from the BBC, 2008). So if you’re experiencing financial difficulties you’re definitely not alone.
There are many reasons why individuals get into debt, generally though the reasons often involve a change in their personal circumstances such as divorce, a new baby or a job loss. Facing up to debt problems as soon as possible is best, as ignoring the situation won’t make it disappear. These few initial steps can help begin with the management of debt:
There are organisations that can help with debt management; Consumer Credit Counselling Service, National Debtline and Citizens' Advice Bureaux all offer free advice for those struggling with debt problems. Life coaching can also help individuals release the stress of financial difficulties, and help them to understand how they can rebuild their life.
It’s not only being in debt that can cause financial stress. Money can affect other decisions too, such as starting a new career, setting up your own business or meeting someone new. Risking current financial security to fulfil a dream may also mean that dream is never fulfilled.
How can life coaching help with my finances?
A life coach may be able to help you fully understand your current debt situation and explore the facts to help you understand how you got into the situation in the first place, and how to make sure it doesn’t happen again. Life coaching can also help you to discover how using a little money can have a huge effect on your current debt situation, and how to alter your thinking about the situation to relieve stress.
A life coach can also help you look at decisions such as career changes and fulfilling a dream that may risk financial security. Exploring the options and discovering what is most important to you in life may make these decisions much easier to make.
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This content is provided for general information only, and should not be treated as a substitute for the advice given by any professional.
