Extravagant lifestyle is being promoted to the masses through digital technology. We see it everyday in reality shows, home shows, garden shows and cooking shows influencing people to think it is within their reach. People who are desperate to keep up with the Joneses to show off are more likely to live above their means and fall into debt. The desire to buy new things particularly high-status items drives people to overspend and max out their credit card. The uncontrollable urge to spend without restraint can drive people into debt. Women have more tendency to overspend and rack up debts on credit cards and store cards with high interest rates according to research.
A study shows that 30-40 year old women with children with annual income under $60,000 are more likely to be struggling in debt and have a lot more financial stress compared with men earning $100,000 with no children. Women typically find themselves deep in debt such as credit card debt, mortgage and student loan which is the common source of financial stress. Having kids and low income contribute to lifestyle stresses. Women in this condition are faced with higher stress level. They are nearly twice more likely to be overwhelmed with financial stress than men. The significant discrepancy between men and women in earning, saving and investing can be the reason why more women are struggling with debt today. Because women generally earn less than men, they also have less money to save for emergency. Savings become less of a priority not because women do not find it important but because they are left with fewer resources to set aside. The wage inequality and their lower earnings contribute to higher levels of debt and lifestyle stress.
Women in debt face more lifestyle stresses primarily financial in nature. The most common cause of stress is debt-related, mainly concerning credit card, student loans and mortgage. Regardless of how they get into debt, being in debt can trigger overwhelming emotional response.They may continually be worried and restless, some may be unable to sleep or their eating habits may change. The stress build up can lead to serious physical and psychological problems. The threat of legal action or being pursued by Sydney debt collection agency should force women to change their lifestyle and begin making decisions to overcome stress.
Overcoming lifestyle stresses needs discipline to take practical steps to deal with the problem. It is important to identify the emotional cause of overspending. The feeling of loss of control causes stress. Take control of the situation by avoiding unhealthy ways of coping, such as smoking or drinking. A good stress management strategy is by building emotional strength. Don’t just avoid the feeling associated with overspending but relax and try to feel the opposite of it then shift your spending habits. Good money management habits help to minimise lifestyle stress.
Reducing your wants by refraining to look at want generators like emails and catalogues helps to save money and avoid overspending. Start solving your problems by acknowledging your debt and establishing a pay-off plan. Having a clear strategy to pay your debt regularly will motivate you to become debt-free and worry-free. Look for other source of income, get temporary job or part time to boost your income. The best way to overcome financial stress is to increase income, reduce expenses, pay off debts and develop good financial habits to avoid being in financial trouble. Also having a good social network and adopting a positive outlook in life helps to lighten the financial burden. A good support network of family, friends and colleagues can ease the load by helping you see things in a different way. Spending time with friends and family helps us relax and sustain our well-being in long term.