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Top 5 tips on coping with financial stress

The tension and worry that comes with finances is a fact of life for many and most of us have been there, including solicitors.

Many solicitors find themselves experiencing financial strain and reach out to their charity for a number of reasons. These include job loss, bereavement, family breakdown and poor health (including accidents, illnesses and burnouts).

For whatever reason you may find yourself in hardship, it’s important to use tactics that will help you cope and keep your mind healthy.


1: Focus on the positives

A positive mindset can motivate you to turn things around financially. It can be difficult to escape negative thoughts such as ‘I’ll never recover financially’ or ‘I’m a failure’ etc, but with a clearer head-space, you will be better placed to take stock of your situation and make positive moves.

Positive slants to think about could be:

  • To-do items ticked off each day
  • How you are supported
  • Belief that you can overcome this
  • Sharing your worries with a family member or friends

While it’s wise to be realistic, remember to focus on the here and now – not in the past.


2: Stick to a budget

Creating a budget will give you a sense of control, thus giving you a better peace of mind.
By using this tool, you’ll be able to see what you need to put aside regularly for essential expenses. In addition, it will allow you to know what is achievable and what to save to get back onto an even keel.


3: Keep active

A jog or walk can work wonders in decreasing stress levels. Physical exercise can help you to escape the downward spiral of negative thinking. Although it can seem difficult, being social will benefit you. Spending time with friends and family can take the edge off the mental pressure.

Remember to avoid the temptation of unhealthy activities that are known to increase anxiety, such as drinking or impulsive spending.


4: Face your problems

For a lot of people, it’s tempting to bury your head in the sand. This can be especially true for legal professionals who have had a satisfying career.
But if you put issues out of your mind, reality will inevitably catch up with you. It’s important to determine what you can change and reduce expenses.

If your money worries are too overwhelming, it might be time to reach out.


5: Get support

The good news for solicitors (and their dependants) is that you don’t need to suffer alone. Many legal professionals have turned their lives around through financial assistance from SBA The Solicitors’ Charity. Support can be offered to help to cover items many of us take for granted. These include groceries, furniture, health costs, household repairs and even access to a career transition programme.

In addition, our sister charity, LawCare offers confidential support with emotional well-being for lawyers.

A problem shared is a problem halved. Find out if you’re eligible for financial assistance.

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