Local NewsNews

Financial loss: how to deal with it, see warning signs

In light of recent developments with Choice Lifestyle (Pty) Ltd, many people are faced with the harsh reality of having to deal with the unexpected loss of income.

POLOKWANE – This not only causes financial hardship, but emotional distress as well which can lead to anxiety and depression. Review spoke with local psychologist, Zelda Buitendag, about how financial loss can affect a person’s physical and mental health.

You might also want to read: Choice-debakel brei uit

“It is normal to experience a range of emotional responses in reaction to an unexpected loss or change in financial circumstances. These include shock, distress, anger, guilt, worthlessness, sadness, powerlessness as well as helplessness. Although such feelings might dissipate for some over time, there are common reactions which directly relate to such circumstances. Interrupted sleep and problems falling asleep are common as well as fatigue, loss of appetite, memory and concentration problems as well as feeling overwhelmed and anxious. This loss can also manifest physically in the form of a rash, heartburn or stomach ache among others. If these symptoms are experienced over a prolonged period of time, it will have a negative impact your quality of life,” Buitendag explained.

You might also want to read: Beleggers in Choice Lifestyle dien aansoek in by Hooggeregshof

She advised individuals to do research regarding anxiety and depression if financial loss is experienced, to make it easier for them to identify the symptoms and warning signs, as well as enable them to get a general understanding of what it entails as well.

“Mental professionals can help you process the loss. When severe emotional reactions persist, however, it is a definite red flag and it is important to seek professional help immediately. The inability to function and carry out day-to-day tasks, self medicating as well as thoughts of self harm or suicide are also red flags and should not be taken lightly,”  she said.

She gave advice on how to stay in control of your emotions.

“Working through emotions with the aim to stay positive will make it easier to cope with situations as well as reduce the risk of developing anxiety.” These include write down all worries, become informed regarding financial issues, identify a support group to help you, manage your stress levels, maintain a healthy diet, don’t expect to find all the answers, be patient with yourself and draw on your strengths and positive attributes. This all seem to be easier said than done and might seem intimidating at first, but taking one step at a time, progress will stimulate positiveness which in turn will speed up the recovery process.”

Although the state of the economy cannot be changed, she said, neither can losing money in a bogus investment scheme.

Suggestions to restructure finances:

• Seek advice regarding your entitlements, options and support systems.
• Draw up a budget. This will make it clear where you are financially standing.
• Set up a personalised pay system for all living expenses. Deposit redundancy payments into a separate account and arrange for weekly payments.
• Take control over your financial situation. Contact all institutions or people you owe money to as soon as possible to change loan repayments. Most financial organisations have policies regarding repayment for customers with financial hardship.

reporter03@nmgroup.co.za

For more breaking news follow us on Facebook Twitter Instagram or send us a message on WhatsApp 079 418 4404

Related Articles

Back to top button