6 Ways to Cope with Financial Stress
We’ve all had financial stress at some point in our lives. It happens. However, feeling constantly stressed over money isn’t healthy for your body or your mind. But that’s also happening.
Mobile Banking company, Varo Money recently conducted a survey on financial stress and found out that 30% of people feel constantly stressed over their financial situation, while 85% feel stressed sometimes.
Coping With Financial Stress
Whether you are feeling stressed about your finances all the time or occasionally, here are a few ways to cope with financial stress...
Your financial problems aren’t going to solve themselves on their own. You have to do something about them. Get ahead of the problem with a solution. Sit down and figure out if your money problem is as big as you think it is. For instance, if it involves RJM Acquisitions, it probably is. Or can you solve the problem through just budgeting?
If you feel your financial problems are beyond your control, talk to a financial advisor. Explain your problems and map out a solution. Get a plan for yourself.
If getting a financial advisor is outside your budget, for now, look for government assistance or non-profit organizations that might be willing to help.
Are you spending more money than you are earning? If that’s so, then stressing about your financial situation is a given. Most financial situations can be solved with a little budgeting. Don’t spend money without thinking. Create a budget plan. Once you have a plan in place, you will worry less about your financial situation.
How Do You Create a Budget Plan?
List down all your expenses, even your daily expenses. Start with the big important expenses. This includes your rent, utilities, loan payments, and other necessary expenses. Tally them with your income.
Once you have a plan for your basic expenses, then next thing to do is put your money into a savings account. Look for a high-interest savings account. A good ballpark figure for your monthly savings is 30% of your income.
The amount remaining should be put towards your daily expenses. You might have to cut down some of your expenses. Find out a feasible plan to achieve this. If you feel you aren’t able to create a feasible budget, look for a side income or a side business.
Change Your Money Mindset
Oftentimes, the biggest problem for our financial health is our money mindset. We are either spending too much money or overstressing our money problems.
Take a step backward and think about why you need money. Remember that money is supposed to solve problems, not create ones. Why is it a source of stress in your life?
A simple change in our mindset is sometimes all we need to stop stressing about it.
Set and Accomplish Goals
Remember the happy feeling you get when you accomplish something. It could be something as small as praise for a job well done or big like a financial raise. But remember the feeling. It can be a great motivator to do even more good.
Start by setting small financial goals for yourself. For instance, saving $5 a jar in your tip jar. At the end of the month, that money could have saved you an extra $150 at the end of the month. You can use that money to reward yourself. What we want to do is feel financially happy about our situation.
With time, set higher goals. This could be investments or a specific amount to be put in your savings account every month.
Network with Successful People
Networking and making friends is often the last thing you want to be doing if you are in a financial fix. But it can be very beneficial for you in the long run.
When you network with successful people, you get to hear about new trends and opportunities in the market. You don’t feel lost anymore because you are getting direct advice from people who have made it big.
Listen to them. Hear out their ideas. Even ask for advice. You don’t need to take a class in financial health anymore. You are getting it for free. As your friends, these people are always willing to help you navigate through your financial problems.
Review Your Situation
Once you start following all these above-mentioned steps, you should sit back and review your situation periodically. After two months, figure out whether all these steps are helping you out. Look for tangible results. Is your financial position better off than it was before?
If it is, then be happy about it. Enjoy it. Give yourself a treat. If you feel that the stress is still there, figure out why. What can you do to correct the problem? Don’t be afraid to ask for help.