Sadly, finances are a very common source of worry for many Americans. According to the American Psychological Association’s 2018 Stress in America report, adult survey respondents ranked money and work as top stressors — even above concerns over health or the economy. Money worries can bring with them feelings of anxiety, depression, shame, guilt and inadequacy. But there are steps you can take to start taking control of your fears instead of having fear take control of you.
Identify the source of your stress. Are you worried about providing for your family, losing your job, being unable to pay off debt or retire? Once you can pinpoint the focus of your concerns, you can start hashing out a plan to address them.
Deal with debt. If debt is keeping you up at night, it’s important to come up with a plan to get out from under it. The first step is to perform an audit of all your debt — mortgage, HELOC, car, student and other loans as well as credit cards. Get all of them down on paper along with their interest rates. You can work with your financial advisor to come up with a plan to tackle them one by one and maybe even take steps to consolidate or lower your interest rates, if possible.
Start small. You may not be able to solve all your financial problems overnight, but there probably are some small steps you can start taking to start moving in a better direction. Perhaps you can make adjustments to your budget, increase contributions to your 401(k) or make some extra money with a side hustle or yard sale. Once you start seeing progress, you may find your money worries start to dissipate.
Develop a plan. A financial advisor can help walk you through a planning process in a step-by-step way that can be less overwhelming than trying to tackle things on your own. He or she can help you come up with a strategy so you can see the light at the end of the tunnel.
Practice self-care. Taking care of yourself is very important when you’re stressed out, no matter why. Binge eating and recreational spending in response to stress will only make matters worse. Getting adequate sleep, exercising, eating well, staying connected socially and using stress-reduction techniques such as meditation can be very beneficial in helping you cope.
Get some emotional support. If your fears and concerns start to create impediments to living your life, it may be time to get in touch with a mental health professional who can help give you tools to deal with your feelings. You may have access to counseling through your health insurance or employee assistance plan (EAP) at work. If possible, enlist the support of your family to help you cope. And if everyone works together to curb spending, you can potentially turn things around a lot quicker.
If you have money worries, you’re not alone. And you don’t have to face this challenge alone. Talking to friends, family, a financial advisor and even a therapist can give you the support you need to face your financial worries head on and overcome them.
Source: https://www.apa.org/news/press/releases/stress/2018/stress-gen-z.pdf
Perhaps you’ve lost a job, faced an illness or have been delt a family crisis that emptied out your emergency fund. What are your next steps?
You’re eyeing center-hall colonials in your neighborhood and dreaming about the garden you want to plant in the backyard and all the holiday celebrations you’ll host. You’ve saved toward this goal and think you’re ready to pull the trigger. But the real question is: How much house can I afford?
Or is it?
Social Security’s financial cliff is coming closer into view. Experts project that the fund that pays for government retirement benefits through FICA taxes will be depleted within the next 15 years.
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