It’s a monthly ritual for us all. When the paycheck hits the bank account, we automatically look at how much of our income disappears because of our monthly bills.

Even if you own a home and only have a single credit card, over 40% of your income could be going to someone else. That’s why having debt can be a stressful experience.

Before working on your finances this month, consider stocking up on some Neurobiologix to handle the stress. Once you’re in a great headspace, you can think about using these other coping skills. 

1. Acknowledge the Debt

Write down each debt to get everything organized. By taking this step, you’re acknowledging its existence. 

2. Prioritize Its Removal

Once you have an idea of how much you owe to creditors, it’s time to prioritize a specific debt to remove. It should be something that impacts your living situation, such as your utilities, mortgage, or rent. After that, you can tackle those credit cards. 

3. Identify Spending Habits

Most people get into debt because of medical bills or emergency expenses. If you’re an impulse buyer, those spending habits might contribute to your current status. Try to make positive financial changes after identifying your routines. 

4. Set a Budget

Budgeting makes it easier to stick to debt repayment plans. Whether you can contribute $5 or $500 to what you need to pay, it’s easier to feel some hope since you’re making progress. 

5. Take Care of Your Mental Health

If you experience any symptoms of declining mental health, you should call a trusted practitioner when you’ve got a moment. A wellness exam can let you get a peek into what might be bothering you. 

If you need help with any of those steps, it might be worth contacting a credit counselor or a financial advisor.