Financial Fears: The Rising Cost of Living
The soaring costs of food, fuel and bills are affecting all of us directly. With many of us seeing a change in our financial positions, how can we cope with financial fears?
Jeffrey Dodd Fall 2019 - Vogue
A HARD REALITY
Over the recent months, we have seen the increased cost of living go from an imminent possibility to a living reality.
With this shift, money worries may no longer be associated with how to make our next business plan come to life or what our next big purchase will be, but simply, how to find a way to pay the next bill.
Even if we’re lucky enough to find ourselves untouched by rising costs, we don’t have to look far to find someone who is feeling the strain.
Money tangibly changes how our lives look on every level, so the squeeze on the cost of living understandably creates very real concern about what the future looks like and holds.
What can we do if we’re experiencing financial worries or if we know others who are?
PRACTICAL SOLUTIONS
Practically there are some well-revised tips on how we can be looking to save money such as tracking spending, budgeting and cutting down where we can.
These steps can be helpful in a genuine way and are good habits to practice in whatever position we’re in.
Other times, however, advice is offered that’s not so welcome.
British TV presenter, Kirstie Allsopp came under fire after saying: ‘I bought my first property when I was 21. Yes, I had help. But when I bought, the lifestyle of EasyJet flights, coffee, gym memberships and Netflix didn’t exist…. There is an issue around the desire to make those sacrifices.’
Many took this to believe that Allsopp was implying that saving for a house was as simple as giving up our daily coffee.
While it’s true giving up our coffee shop stops might help save over several years, for nearly all, it wouldn't allow us to save enough for a deposit on a house.
Out-of-touch statements like these made by anyone in a financially comfortable position can make those worse off and more isolated in their concerns.
The truth is, even when we take on all the advice, helpful or not, for some, it’s not enough to change the situation and anxieties remain.
LETTING GO OF FEAR
Here, a faith perspective can help.
It would be naive and even harmful to suggest that if we shut our eyes and pray we’ll automatically see the number in our bank accounts increase, but prayer can help with fearful emotions surrounding money.
In fact, The Bible has a lot to say about it.
‘Cast all your anxiety on Him, because He cares for you.’ 1 Peter 5:7, NIV.
We tend to deal with anxious thoughts by entertaining them or burying our heads in the sand, but faith gives us a third option, to give our worries to God.
This does not mean that we should be careless about our situation, but it means that we don’t have to be fearful as God wants us to trust Him with whatever is weighing us down.
When we relinquish our worries, we are also able to create more space for gratitude in our lives, and with that, an opportunity presents itself to look at how we deal with the pursuit of ‘more’.
It’s not wrong to pursue a lifestyle with luxuries and comfort, and as women who work hard for our positions in life, it is not a shameful thing to desire nice things for ourselves.
But, it can be easy to get caught up on what the next thing on our wish list is.
Without ignoring the real problem cost of living poses to some, for all, we can take this moment to take stock of what we do have and find appreciation and contentment in that.
Even when we see the financial positions unstable for many, as we do our best to seek practical solutions, and look for ways to help those struggling most, we can find relief for worries, and hope for change, through prayer.
WORDS BY
Ellie Dalton
Your place is waiting.
This Edition is a nod to the potential that exists in all of us. The stories and interviews featured honour the quiet work we all put in behind-the-scenes daily to change the space we operate in. Although not a linear journey, any barrier we seek to overcome requires us to step into the people God intended us to be.
To commemorate 10 Editions, we are honoured to present two covers featuring the team behind E! News: The Rundown, Erin Lim Rhodes, Beverley Crawford, Carly Konsker, Kalyn Huntley and Kylie Gayer. Their stories as individuals and a collective show our true potential is rarely realised alone.
With other interviews from women paving the way in their spheres and articles tackling the big questions like ‘is being successful enough?’ this Edition will encourage you in the areas that matter most.
The 10th Edition of Magnify Magazine is special to us, not only because it marks a milestone, but because of the authentic stories and aspirational content displaying how faith can help us uncover our potential and defy limitations.