60% of respondents indicated feeling anxious when thinking about their personal finances, while 50% of respondents indicated feeling stressed when discussing their finances.
Everyone is always thinking about how they’re going to make money, how to save that money, and how they’re going to manage it. Yet no one ever thinks about how to handle the financial stress that is associated with those thoughts.
Let’s talk about how we can deal with this stress through simple tips:
- Make one financial decision at a time
- When a lot of financial decisions that require people to take action come up, people tend to become overwhelmed and go into a frenzy. This causes a lot of stress and can lead to irrational decisions being made, financially. To avoid this, people can try to space out decisions regarding finances.
- Prioritize what you control
- Even if it’s saving a few dollars on your grocery bill, it counts! You want to make sure you’re focusing on financial numerics that are in your control such as food, utilities, entertainment, etc
- Save money
- This is a classic but is underrated, you want to make sure that you always have a backup. And this saved money should be your backup. You can look into savings accounts, high yield savings accounts, CDs, etc., as a way to store funds on the side
- Track your money-saving progress
- When you make progress toward your financial goals, like paying off debt, the positive psychological effects can lift your mood and health. If you aren’t tracking your financial goals, you may not realize how much progress you’re actually making.
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