The National Commission for the Protection and Defense of Users of Financial Services (Condusef), through his official social media accounts, he gave recommendations to free yourself from financial stress.
Firstly, according to the official website of the BBVA bankfinancial stress can be defined as that which occurs as a “consequence of economic problems that generate anxiety and produce a feeling of vulnerability or scarcity. Good management of financial health is essential to prevent this type of stress and its possible negative effects on physical and mental health”.
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Under this understanding, according to the information released by the National Commission for the Protection and Defense of Users of Financial Services (Condusef), If you want to eliminate financial stress, you should put into practice the following strategies:
*Examine your incomeexpenses, outstanding debts and financial goals.
*Prioritize debts: Identify and start paying off debts with higher interest rates; Make sure you make minimum payments on all your other debts.
*Updated budget: A solid budget will help you allocate funds consciously and avoid unnecessary expenses.
*Savings for emergencies: save at least three to six months of basic expenses.
*Reduction of vampire expenses: Delete subscriptions or apps you don’t use frequently.
*Renegotiate debts: Consider renegotiating the terms of your debts with your creditors.
*Full payment of credit cards: Avoid the minimum payment, as this can lead to accumulating interest and permanent debt.
*Set realistic financial goals: They may include reducing debt, increasing savings, or investing for the future.
*Continuous Financial Education: Commit to improving your financial knowledge.
It should be taken into consideration that financial stress can directly impact people’s health, causing insomnia, depression, alterations in the immune system or cardiovascular problems, among other conditions, hence the importance of treating it.
Finally, we must not lose sight of the fact that the first thing to do is study the situation and focus on the aspects that cause the greatest financial stress. The best tool to locate the root of the problem is a detailed budget.
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