Suicide has been in the news lately. With two U.S celebrity lives lost to suicide this past week, many researchers have been looking into causes and prevention. Although no one can pinpoint one single reason for anyone’s suicide, money could be a major stressor for many people — and certainly the last straw that could lead them to take their own lives.
Financial problems, like debt and investment losses, also strain personal relationships, which can be another cause of stress and depression. With that in mind, it is important not only to look into how to avoid money problems, but what to do with them when they happen.
Here are some tips to keep in mind.
Solvable problems
If you don’t see a solution for your financial problems, you might feel trapped, which is a symptom of depression. Before you jump into conclusion that your problem can’t be solved, try to talk to friends and family. In some cases, you might want to consult a financial adviser. You might be surprised at how your problems are not actually as big as they appear and can be sorted out.
You may be able to consolidate debt or work a settlement with your creditors. But you won’t be able to know that unless you seek help. Don’t let your pride or concerns get in the way of getting financial advice. The sooner you seek help, the easier it will be for you to find a workable solution.
Protect your relationships
Although you do want your spouse and adult family members to know about any major money issues you might have, it is important not to let your money issues spill into marital or relationship issues. Of course, you are not the only player here, but try your best to embrace your partner’s concerns and de-escalate the situation.
By doing so, you are not only helping yourself experience less stress, you also will be able to win a trusted ally. Because any solution you will reach to sort your money issues will require some tough decision, having this sort of support in essential to your family’s success. If your spouse is open to an open conversation, without blame or guilt, share as much as possible about the magnitude the problem. The information should guide both of you to the best solution.
Understand your options
Not only your money issues can be solved, you might even have a few options to choose from. Talk to your bank, creditors and a financial adviser before making a decision. Your willingness to work things out should open doors.
Understand the costs that might come with each solution as well as the commitment. You don’t want to get an additional obligation, like a personal loan, unless you’re sure you will be able to fulfil it. In addition, avoid anything that can cost you your job or your freedom, if you default.
Lesson learnt
There are always lessons to be learnt from money troubles. You could have made some wrong investment choices, have been irresponsible or simply have been a victim of a market crash. Learn your lessons without beating yourself up — as much as possible, because that won’t help you survive your troubles. Moving forward, try not to repeat mistakes of the past. If you or another family member have been irresponsible, learn how to follow better financial discipline. If you made wrong investment decisions, get help from a professional or simply hire a professional to run your accounts and investment. The point is: Your learnt lessons are better used in your future decisions rather than in beating yourself under pressure now.
And the good news is that you will even learn more about how money works by sorting out your troubles. And while no silver lining might be immediately seen on the horizon, your resilience will eventually get you there.
The writer, a former Gulf News Business Features Editor, is a Seattle-based editor.
Dealing with money troubles
■ Get professional help as soon as possible
■ Involve your family without blame or guilt
■ Know your solutions and their costs
■ Carry your learnt lessons for the future
