Managing Financial Stress

As most of us know, money can be and often is one of the main reason people stress. Money is a can bring stress, especially in the times we are currently facing, where the future is uncertain and you feel worried, eager for the next step, and overwhelmed.

While it is completely normal to experience these feelings but you have to remember not to beat yourself down. Here are some ways to help you manage your financial stress while also taking care of yourself during these unprecedented times.

Determine the root of your financial stress

Write down the areas of your finances that bring the most stress to you. Examples could be medical bills, hard-to-manage payments (like mortgage or car payments). Evaluating your situation will often help you determine and create the best plan of action to help you manage these expenses.

Understand that you’re not alone

You may often feel ashamed of your financial situation, do your best to put it into perspective. So many people, world wide face financial hardships. You are not alone, try to focus on how to move forward.

Make a plan

Identify what’s within your control like a possible refinance? Also determine what can you not control? For example, furlough from your job due to the COVID-19 pandemic. Make a list of what’s in your control and tackle your stress as best you can.

Take small steps

Try to work towards your financial goals in small steps, don’t try to make the biggest payment right off the bat, try making multiple small payments to help take the stress away from other financial priorities as well. After slowly taking the steps to meet your goal, you will have made progress without feeling overwhelmed.

Work to long-term goals

Working to have financial freedom can be a long process, however, you can build some valuable habits when it comes to finances. For example, building an emergency fund so the next time you feel overwhelmed with finances, you have a savings account you can pull from instead of feeling like you’re behind.

Stay Positive and take care of yourself

A shift in your attitude and mindset could potentially flip the whole situation to help you feel motivated to conquer your financial stress. Stress can be a hard thing to go through, it can lead people into a place of unhealthy habits and coping mechanisms. If you notice you’ve developed unhealthy habits due to stress, you may consider talking to someone to help you through the process. Try your best do take things one day at a time and take a few breaks here and there to do something for yourself, like a hike or bike ride.

We hope these will help you get through any financial struggles that may come your way and take some stress and worry away during the times we are facing as a community.