Five Lesser Known Causes Of Financial Stress
Here are five surprising causes of Financial Stress to be watching out for.
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Unless you were born with a silver spoon, you’ve most likely encountered the bane of Financial Stress in your life at some time or the other. While some causes of money stress are not in our control, there are a few simple habits we can inculcate to reduce the impact of this pernicious phenomenon in our lives. Here are five surprising causes of Financial Stress to be watching out for.
Overuse of Social Media
The relentless incoming inflow of information about other people’s lives and careers from Instagram, Facebook, LinkedIn and a smorgasbord or other social networks, can exacerbate your financial stress greatly by leading to unrealistic comparisons with others’ standards of living; potentially kicking off a vicious cycle of overspending and borrowing in order to keep up with the Joneses.
Window Shopping on e-commerce Apps
“All I want is everything!”, says the avid browser of online shopping sites and apps. That Chinese blinking LED lamp? Yes! A Buddha painting to decorate my living room? Yes again! A brand new I Phone which is at a 34% discount? But of course! Before you know it, you’re either caught up in a web of zero cost EMI’s, or ruing the fact that you cannot buy things that you didn’t bother existed a few minutes back.
Not turning off the “bubble-vision” ever!
Doomsday predictions sell – and attract eyeballs. Which is exactly why business media channels (the “bubble-vision”) tend to build up on the hype and keep viewers on the edge of their seats in the style of a James Bond thriller movie. Reading a Financial Daily to keep abreast of global events is perfectly OK; but having business media channels playing as background music throughout the day will only increase your panic levels and incite the action bias.
You many be really good at your job – but unless investment advisory is your profession, there’s somebody out there who can help you with your portfolio better than you can help yourself. Beyond asset allocation and the selection of investment instruments, a good Advisor can also play the role of a behaviour coach, helping you sidestep many emotionally driven investment decisions that you could have come to regret later.
Not talking money with your spouse
There’s a hidden danger in making money a taboo topic at home. Sure, obsessing over money and fighting over it with your spouse will undoubtedly cause your financial stress levels to spike; but sweeping things under the carpet and letting underlying financial issues fester to uncontrolled levels, would be even worse. Set aside a designated time each week or month to discuss things like the house budget, shared financial goals, investment & saving objectives and even purchase decisions with your spouse, and watch the financial stress melt away!