Healthy Ways You Can Cope With Loan-Related Stress
Financial responsibilities are a part of life. Student loans, mortgages, vehicle loans, and personal loans are examples of such obligations in Singapore. However, loan repayments can be difficult, and this often causes stress. In fact, it can become so overwhelming that it affects mental and physical wellness, adding to the problems folks have with money.
However, there are ways around this issue for those who wish to avoid such stress.
Self-Care is Key
The mind is deeply connected to the body. When you feel stressed, your body releases stress hormones, making you feel slow, ill-tempered, and prone to health problems. Managing stress thus requires taking good care of yourself.
There is some good news: Singapore has many free or affordable ways to stay active in Singapore. Use their massive network of parks with jogging trails and public exercise areas. Sometimes, all you need to reduce stress is a brisk walk along the beach or yoga during lunchtime at the park.
Healthy eating is possible even on a budget. Inexpensive, yet nutritious, food choices can be found in hawker centers in Singapore. Try to eat more fruits and vegetables because they contain essential vitamins and minerals, which improve your energy levels and moods.
Lastly, getting enough quality sleep is important. Get at least 7-8 hours of sleep each night. Establishing a relaxing bedtime routine before you go to bed—such as having a warm bath or reading—will make it easier to fall asleep quickly.
Take Control of Your Finances
Financial uncertainty is a major source of stress. By taking charge of your finances, you will better understand your situation and be more able to manage loan repayments.
The best way to start is by making a budget and sticking to it. Use half of your income for essentials like housing, food, and transport. Next, use 20% of the budget for wants such as dining out or entertainment while saving 30% for debt repayments.
However, we also recommend setting aside some money to build an emergency fund or put into savings. Doing this helps you build a financial buffer for emergencies.
Explore Debt Management Options
If you have difficulty paying back your loans, we recommend seeking professional help. Singapore has free resources to get you back on track.
Debt consolidation is another solution to look into. It means you borrow one loan to pay off all other debts owed to banks and instant money lenders. It makes debt easier to repay and probably lowers the interest, making your debt manageable. However, only consider debt consolidation if it will actually improve your financial condition.
Open Communication is Essential
Sometimes, simply talking about your situation can already be a big help. If you’re struggling with your loan repayments, Talk to your lender. Many lenders, such as 96bm Credit, offer flexible repayment plans under specific circumstances. Open communication can help you find a solution to remove some of your stress.
Also, sharing your situation with trusted friends or family gives you much-needed emotional support. Just be mindful of who you disclose your financial situation to.
Wrapping It Up
Loan repayments don’t have to be stressful. Looking after yourself, taking control of your finances, and asking for help makes debt management less of a burden.
Singapore offers several mental health hotlines that provide free and confidential support. Taking care of your mental health is equally important as taking care of your finances.
