How to Alleviate Financial Stress
It is rare that anything good will come from stress.
Financial stress can bring on arguments, conflicts and even unhealthy eating. What is good about that? Nothing. So, why do we do it? Well, money worries may arise after the loss of a job, loved one, or beginning of retirement. Here are some quick tips to help you overcome it.
Write down what you’re feeling.
Stress can be very overwhelming, especially when it’s money-related. Try to write down all of the reasons why you are stressed out. Focus on 2-3 financial problems or financial stress points and write down ways you may be able to solve that issue. For example, 1. “I am stressed because I keep missing my credit card bill and now I am in debt because of the over-charge fees. Solution – Maybe I can set a reminder on my phone or sign up for automatic payments, so I don’t forget next time. Since I’m high in debt now, maybe I will put extra money towards my monthly payments instead of paying the minimum.” $5 extra a month can go a long way!
Track your spending and create a budget.
Since you are super stressed about money, then maybe you need to improve your money management skills. Check your credit card and monthly statements; write down all of your expenses and how much they were. Then, create a budget. Budgeting can be easy, fun and rewarding. Divide the budget into two lists: non-essential expenses and essential expenses. If you notice the majority of your debt is because of non-essential expenses, then you may want to cut back a little. Put that extra money towards your debt. Once you get more organized, your stress levels may start to decrease.
Shop around for rates.
Ask yourself, what is causing your financial stress? Is it the interest on your credit card? Maybe it’s too high and causing you to be in deep debt. Consider shopping around for rates and seeing if you can find a lower interest rate. Once you find one, then call your credit card provider and try to negotiate your rate. If they don’t budge, then work to pay off your debt and close your card. Make sure your next card is at a lower interest rate.
Get a good workout in!
That’s right, working out can help improve your financial stress – who knew! You don’t need to go into debt over a gym membership; take a walk outside. Consider eating a healthier diet. All healthy contributions to your lifestyle will only promote a positive mind.
Read a financial book written by an expert.
You may be stressed out over your finances and not know what to do. You might want to consider picking up a book about debt and teaching yourself a thing or two. Who knows you may even enjoy it! Life & Debt by debt attorney, Leslie Tayne has great advice on ways to budget and gives you a fresh approach to achieving financial wellness.
Set goals and pay off your debt!
Goals can give us something to look forward to. You may want to make a list of all the financial goals you plan to achieve in the next 12 months or so. This may even shift your focus from stress to excitement; it may even help you get motivated! Focus on one small financial goal that you can achieve right away. It will feel very rewarding once you have officially saved up for it. You may even want to include on this list to pay off your debt! To help improve your financial stress, focus on a high interest credit card and work to pay it off in a certain amount of time. This may evoke a storm of positive emotions; now that you got that debt out of the way, it’s on to the next!
Healthy alternatives and positive thinking can help improve your financial stress. The important thing to know is you’re not alone. Many people have the same money worries as you, the only difference is now you will know how to overcome it! Are you financially stressed? How do you fix it? Share your advice by leaving a comment below.