Coping with Financial Change

There are many financial changes we may have to face in life, these can include loss of employment, loss of child maintenance from our child’s other parent due to their job loss, new worries about debt/the future or a general change in lifestyle due to rising prices. This can produce a variety of feelings, some of them unexpected. It’s important to look after yourself during this time.

The Change Curve

With any change, there are stages along the way, namely disbelief, anger, sadness, trying out new behaviour and integration. Let’s take the example of suddenly losing maintenance money. The first reaction may be “I don’t believe this has happened, there’s no way I can cope”, then “Why does this have to happen to us, don’t I have enough troubles to cope with?”, followed by feeling low, despairing and worried. Then, in time, you maybe look around for sources of help, for hints and tips, for coping strategies, and gradually pick up the pieces and move forward.

Losing Your Job

 This can be a shock, or an expected event. In either case, it does not only involve money worries but also a loss of status and the prospect of claiming benefit and you may feel just too emotionally exhausted to start another job hunt. Find out if you are entitled to any redundancy and, indeed, whether your job loss was legal. Have a look at Redundancy And Leaving Your Job Give yourself a couple of weeks’ grace if you can, to recharge your batteries, before you have to cope with the changes that a new job may bring.

Losing Your Power

 One of the issues that comes up time and time again with change is the loss of power people say they experience. No wonder we feel angry and sad! Looking at the change curve process above, it can be seen that the way to seize that power back again is to move (at a comfortable pace) towards the end of the change curve when we can once again make choices and participate in outcomes. Our physical and emotional health need extra care throughout this process.

Top Tips

• Be prepared to go through all sorts of emotions.
• Remember how energising anger can be and use this energy to help the situation.
• Worrying is a waste of time and energy.  If you can do something to help the situation then do it; if not, then stop worrying.
• Be kind to yourself. That means getting enough rest, eating healthy foods, getting plenty of fresh air and not blocking out your emotions with alcohol or drugs-they won’t make the problem go away.
• Find someone to talk to, whether it is a money adviser from the Citizen’s Advice Bureau, a counsellor or a trusted friend who will give you some support.

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