Taking Charge Of Your Financial Stress!
If you are trying to cope with stress and anxiety due to financial challenges, you are not alone. The coronavirus has caused financial uncertainty for too many people. Either yourself or someone you know. Worrying about money and bills can cause a big burden on your daily life.
Financial stress can also play a role in many other mental health issues that can be hard to cope with such as
According to a 2019 blog, “Financial stress is keeping us up at night – but it doesn’t have to!”, money is the #1 cause of stress among Americans. Read more for other interesting facts about financial stress.
What is Financial Stress?
Financial stress is an emotional effect due to money problems. Many people have probably felt financial stress at some point in their lives.
Financial stress can occur for many reasons such as
- You lost your job
- You are in the process of buying a house
- Paying bills on time
- Increase in bills such as rent
- personal debt
- Trying to stay on a budget
All of these factors can play a role in why you or someone you know may be dealing with financial stress. Although dealing with financial stress can seem like it’s never ending, there are ways to manage stress in your daily life.
How to Manage
While dealing with financial stress can seem unbearable, there are many ways that can help you manage and live a happier lifestyle. You probably have heard the saying “money is not everything” and while that is true, it can certainly cause a lot of weight for one person to handle when struggling. When dealing with the burden of bills and debt it is important to understand that it may be a long process before you are able to see the light. However, here are some tips on how you can manage your financial stress by taking control of your situation!
- Identify your challenges
- Create a budget
- Consider ways to reduce your bills
- Consult a financial professional
Identify your challenges
When managing your financial stress it is important to understand why you’re having financial challenges. It helps to make a list of what you are struggling with to see where and what you can improve on. Doing this will help make you feel like you are taking control of your situation because you now know where to begin!
Create a budget
As we always mention, because it is important, it is now time to create a monthly budgeting plan. This can be done on a piece of paper, through a budgeting template or app, or with a financial professional. Budgeting can be hard, which is why many people do not have one. Although it can be tough, it is essential to living a debt free lifestyle. Budgeting will help you take control of your current and future financial situation.
- Add up your net income (after taxes)
- Calculate your monthly expenses (this should include everything from needs to wants)
- Don’t forget to include your savings
- Create a realistic plan!
It is never too late to create a budgeting plan! For a step by step guide on how to budget check out Creating a Budget to Help Solve Your Finance Crisis.
Consider ways to reduce your bills
After you have identified your challenges and created a budget, you should now be able to implement your plan. One way to help you stick to your plan is by finding ways to reduce your bills. It may be time to find a cheaper phone plan or cancel some subscriptions. There are so many ways that people can reduce their bills. Reducing your bills is a good way for you to be aware of your finances and how much you actually spend on things you may not need!
Consult a financial professional
The next step to taking control over your financial stress is by finding a financial professional to help with your situation. There are many people out there who are ready to help you, however make sure to do your research on the person or company you are planning to work with. It is important for you to keep your control over your situation. Ask questions, learn about their company, understand their process and their values. Dealing with financial stress can be hard enough so it is important to find a company that takes the time to make you a priority and understand your situation.
Here at Roundleaf we take pride in creating a partnership with every one of our clients. We understand the burden and hardship of financial stress. While eliminating your debt is important, we strive “to help people achieve their most important financial goals through educated decision making.” We provide the necessary resources to finish the journey, provide support and care to understand the anxiety and stress of going through financial hardships, take pride in laying out options for you to achieve short and long term financial goals as well as educating you, so you can make the right financial decisions to achieve those goals.
Learn more about how Roundleaf can help support you on your journey to financial freedom!