Unless you’ve been living off the grid and completely self-sufficiently, you will have noticed that the cost of living just keeps rising. And world events in the last few months have had a significant impact, with everything from rent, house prices, to food and fuel costs going up and up.

The recent budget made big promises about addressing the cost of living issue immediately but, while some of the promises may help, they won’t fix everything and the stress caused by the sudden increases to our everyday living expenses won’t necessarily ease any time soon.

So, how do you cope with these sudden changes? How can you keep yourself mentally and emotionally resilient so that you can get through the hard times?

Here are five tips for maintaining your resilience and keeping yourself well and less anxious when faced with sudden increases to the cost of living.

1. Look after your mental and emotional health.

Sudden increases in the cost of living can lead to stress and anxiety. Practicing selfcare is vital to maintaining mental and emotional health as well as boosting your resilience in the face of difficult situations. Everyone will have their own preferences when it comes to selfcare but here are some ideas that can be effective:

• Practice Mindfulness – Mindfulness can help you to sit with and safely explore the underlying causes of anxiety while creating a space around them, giving you the opportunity for peace and calm. Practicing mindfulness can also benefit you physically in a number of ways such as reducing stress, lowering blood pressure and improving sleep. If you’re interested in trying it out there are some great resources online such as Smiling Mind that you can access for free.

• Exercise –   Exercise can boost your mood and reduce stress and give you a positive outlook on life and can be a great outlet for frustration. If you can exercise in a social way you will gain the added benefits that connection with others provides. You might like to join a walking group or start your own, play a team sport or find a local park run. Check out Better Health for more information on the benefits of exercise on mental health

• Join a craft or other hobby group – This can be a great way to make friends while doing something that you enjoy. Hobbies can also be mindful activities that take you out of your head and give you a break from the constant stream of worries that you might be experiencing. Check out your local library or neighbourhood centre to see what’s available in your area.

• Volunteer – Helping others can be a great way to boost your own wellbeing. Again, check out your local neighbourhood centre to find opportunities.

• Take up Gratitude Journaling – Gratitude Journaling can improve mental health and help to strengthen happiness and resilience in times of stress, and it’s free.

• Speak to someone – If you find that you are struggling or feeling overwhelmed reach out to friends or family or seek out counselling. If you’re in distress you can contact Lifeline either by phone – 13 11 14, or online for support.

Reference:

https://www.mindful.org/mindfulness-meditation-anxiety/

Benefits of Mindfulness – HelpGuide.org/

https://www.betterhealth.vic.gov.au/health/healthyliving/exercise-and-mental-health

2. Face your financial situation head-on.

If you are struggling financially, don’t stick your head in the sand and hope that it will all work out somehow. Be honest with yourself about your situation. Avoiding it will prolong and intensify the feelings of stress or anxiety you might be feeling, but if you tackle it head-on you will be able to take control of your situation and feeling in control can help to reduce stress and anxiety.

If you are feeling overwhelmed and don’t know where to start, or your situation is too difficult or complex for you to sort out on your own, reach out. For help dealing with debt or to find financial counselling you can check out the National Debt Hotline

3. Reduce financial stress by cutting out superfluous costs

Cut back on subscriptions – if you have multiple streaming services, look at which ones get used a lot and which ones don’t and cancel the unused ones. Do the same with any other paid subscriptions. If you can use a service for free it may be a good time to switch to the free version – put up with the ads for now and once your financial situation improves you can decide if you want to go back to paying for the service.

Remember free resources like your local library. Libraries can be a great source entertainment. They have books to read, eBooks, movies (in DVD form), magazines, as well as access to streamed content.  And all are free.

4. Avoid making a stressful situation even worse

Don’t let your anxiety or stress drive you to make decisions in a panic. The temptation to use things like pay-day loans might seem like the way out of a difficult situation but these can make things so much worse.

Buy Now Pay Later (BNPL) are a debt trap. The interest is high and if you don’t have the cash now to buy something that is not a necessity, sit with the impulse for a time and do something else.  If the item is a necessity, work out the future income that you have to set aside to pay for the item by then.   Media like TV ads say you can have it NOW, but you may not be able to afford it later.

If debt is an issue, ask for help – approach the lender to see if they can do anything to make it easier for you. Contact a local financial counsellor or call us for guidance on what you can do.

5. Remember to treat yourself

When we are under financial stress, we are focused on our survival. We can sometimes forget to have fun. Treat yourself with kindness and compassion.  We are in difficult times and finding it hard to manage.  Come up with ways to have some fun that don’t cost a lot of money – spending time with family or friends can help us to feel better. Go for picnics in the park, explore your local area, go on a scenic walk or visit free local attractions. Organize a special night in such as a family movie night or a spa day at home with the girls. Remember things don’t have to cost money to be fun.

Sudden changes to the cost of living are an unavoidable part of life, but you don’t have to let yourself be overwhelmed by your situation. Prepare yourself for the unexpected and make sure that you have healthy financial habits and follow the tips above and you will have the resilience to ride out the rough and thrive in the good times. And if you find yourself struggling, reach out and ask for help.

You are not alone. Reach out to us and see how we can assist.  Sometimes it is really helpful to have someone to talk to.