It’s best to tackle financial problems before it gets to the point where you feel completely hopeless. The longer you leave it, the more severe the possible impact on your mental health and other aspects of your life, such as your physical health, your relationships and your overall wellbeing. 

Financial stress can lead to depression, anxiety, sleeping problems, arguments at home and feeling isolated. Some even consider suicidal thoughts or unhealthy coping mechanisms like gambling or excessive drinking. 

If you are feeling concerned about your financial position, the tips below are designed to assist you to get back on track:

• Get professional advice from a credible and accredited financial consultant. Using the advice from unqualified individuals and or family members, no matter how good the intentions are, can often make the situation worse. 
• Speak to your family and those who are dependent on you financially. Although money is often a taboo subject, financial issues often impact the whole family. Letting your family know what’s going on financially means that you can support each other and that they can get on board with helping you to implement proactive solutions. 
• Make a detailed record of your income, debt and spending over one month. It is essential to know what your financial picture looks like before you can start solving the problem. This will also help you to identify problem areas such as impulse spending and small purchases like takeaway foods that add up.
• Make a monthly budget and stick to it. Prioritize paying debt off first, and if you can’t pay contact the credit provider immediately to make a payment plan. It won’t go away if you ignore it. Click here to download a free budget template. 
• Don’t create more debt. Loans and store credit may seem like a good idea now, but consider the long-term impact it will have, especially if you are already over-indebted. 
• If you are over-indebted and are considering debt review, speak to a NMG SmartAssist Financial Coach to find out all the ins and outs.  If you qualify for debt review, you will be referred into our network of debt counsellors who are accredited by the NCR. The process involves restructuring your debt and distributing the available funds among your creditors over a number of years.

Financial stress and uncertainty caused by the pandemic are also at an all-time high. You are not alone. The festive season is notoriously hard on our pockets as well and can take months to recover from. You may have even been in debt before the pandemic hit, with unexpected expenses only escalating your financial woes. No matter how far down the line you are with your problems, NMG SmartAssist can offer you support and guidance. Set up a consultation with a NMG SmartAssist Financial Coach at no cost to you, to obtain assistance on matters of financial awareness.  

*NMG SmartAssist does not offer loans or specific product investment advice