Financial Tunnel Vision: Can It Be Fixed?




Financial stress is not illusion. More than half of the population of the UK stays stressed and anxious. Money problems are ubiquitous, so are the solutions, but not everyone successfully implements them. Nobody in the world likes to stay broke, but some people are so obsessed with money that they develop financial tunnel vision.
In general, tunnel vision is a tendency to focus only one part of the problem, ignoring general understanding of the whole situation. Now you may have got to know what financial tunnel vision means. If you begin to focus on generating more and more money desperately as you have a mindset that you are badly off, you have developed financial tunnel vision.

It can throw you in a predatory debt cycle

The poor including those who are making do find very hard to think about anything except money. Most of the day they spend thinking how they can earn more money and get out of their financial problems, however, this attitude can be seen among those who have a better financial condition too. If you just keep thinking about money, there will not be enough room to think about anything else. Over thinking about money will even make you believe that it is true even though it is not.
Taking hold of your finances is a bit tough, but dominating the size of cash inflows is impossible. You can make efforts, but whether they pay off or not is not in your hand. Money obsession will not let you take a decision deliberately resulting permanent financial ruin. If a big unexpected expenditure catches you on the hop, you are likely to take out payday loans (very quick funding source) without analysing your repayment capacity. Once you fail to pay back your debt on time, your credit score will go down and you will end up either rolling over the debt or taking out payday loans for really bad credit from Instant Bad Credit. Since these loans carry high interest rates due to high default risk, the end of the story will be a debt spiral.  

How to change your outlook

You cannot get over it unless you know you have a financial tunnel vision. If you have developed financial anxiety that lurks round the clock, you should have sensed its presence. It is important that you change your mindset. However, it is easier said than done. When you start worrying about your finances, you should think that you are not alone who has money problems. They are pervasive and cannot be extirpated. Try to control over your thought process. If your brain starts hitting that you are badly off, you should distract your mind. Try to do something productive and more important or enjoy a few moments of your life with your family and friends. It will be quite difficult not to think about your financial problems in the beginning, but be determined. Set a target that you will not think about them, for instance, until next 24 hours. This will help you control your anxiety and enjoy peace of mind.

Organise finances

Instead of ranting what is wrong with your finances you should focus on organising your money. A financial situation exacerbates when you take your attention off financial commitments. You have credit card bills, small loans, mortgage payments, rent and utility expenses. If you do not pay them, you are not only going to deteriorate your credit score but also better deals for the future. Your first priority should be paying utility bills, credit card dues, loans and mortgage instalments. Otherwise, you will risk your house.
The rule of thumb says that you should create a budget to take hold of your spending. It does not matter whether you have high or low wages, budgeting will help you have a clear idea of where your money is going. Calculate all of your expenses to find out your net worth. As long as your expenses are less than your incomings, it is better. Further, it will let you take a sigh of relief. You will not constantly feel that you are broke.
If your expenses are more than your income, find out the reason for it. Maybe you have been paying more than necessary. Look over your monthly expenses and figure out where you could cut down. Of course, you will have room to cut back on variable expenses only. If it continues to be the same despite reducing discretionary expenses, you should expand earning ways. Extra income source will help you meet all of your recurring expenses and always try to give priority to debts because they quickly add up due to interest penalty and late payment fees. Since you know how much you will have to pay toward the debt every month, you should set aside that chunk as immediately as you receive your salary.

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