April is Stress Awareness Month, a time to recognise the impact that stress has on our mental, physical and emotional health. One major source of stress for many people is debt. In this blog, we will explore some ways to deal with debt and alleviate the stress it can cause.

Debt can come in many forms, including credit card debt, student loans, and medical bills. No matter the source, it can feel overwhelming and create a sense of hopelessness. However, there are steps you can take to manage your debt and reduce your stress.

1. Face the Reality of Your Debt.
The first step in dealing with debt is to acknowledge and accept it. This can be difficult but ignoring it will only make the problem worse. Take a deep breath and gather all of your bills and statements. Add up the total amount you owe and make a list of each debt and the interest rate.

2. Create a Budget.
Once you know how much you owe, it is then time to create a budget. This will help you to prioritise your spending and pay off your debt. Start by listing your monthly income and your fixed expenses, such as rent or mortgage payments, utilities, and groceries. Then, factor in your debt payments and any other expenses you have.

3. Cut Your Expenses.
To pay off your debt more quickly, you may need to cut your expenses. Look for areas where you can reduce your spending, such as eating out less or cancelling subscription services. Every penny you save can be put towards paying off your debt.

4. Increase Your Income.
Another way to pay off your debt faster is to increase your income. Consider taking on a side hustle or selling items you no longer need. You could even ask for a raise or look for a higher-paying job.

5. Prioritise Your Debt.
It is important to prioritise your debt payments. Start by paying off the debt with the highest interest rate first. This will save you money in the long run. Once you have paid off that debt, move on to the next highest interest rate.

6. Seek Help.
If you are struggling with your debt, don't be afraid to seek help. There are organisations and professionals who can assist you in managing your debt and creating a plan for paying it off. Consider speaking with a financial advisor.

Debt can be a major source of stress, but it doesn't have to be. By facing the reality of your debt, creating a budget, cutting your expenses, increasing your income, priortising your debt, and seeking help, you can take control of your financial situation and reduce your stress. Use Stress Awareness Month as an opportunity to prioritise your mental health.