Money is one of the most common sources of stress among Americans today. While this has long been the case, economic events of recent years have added to the pressure that many people feel as they look for ways to pay their bills and put food on the table. If you're feeling financial stress, consider the following suggestions.
1. Start with General Stress Reduction Tactics
As you seek to reduce stress related to your finances, start by trying some common stress reduction techniques in general. These include getting more exercise, meditating, getting enough sleep, petting your dog or cat, etc.
Think about the activities that bring you joy, and do them more often. Time spent having fun is time not spent worrying. That doesn’t mean that you should brush off the important things that are stressing you out, but you need balance in your life, and you will likely be more productive when it counts if you're able to reduce overall stress.
2. Talk it Out
Talking about the problems that are stressing you out can go a long way toward helping you feel better about handling them. A friend or loved one may be able to offer some perspective or angle that you hadn't thought of, or they can serve as someone who will listen. Just venting may make you feel somewhat better.
"When you’re facing money problems, there’s often a strong temptation to bottle everything up and try to go it alone," says nonprofit mental health resource HelpGuide.1 "Many of us even consider money a taboo subject, one not to be discussed with others. You may feel awkward about disclosing the amount you earn or spend, feel shame about any financial mistakes you’ve made, or embarrassed about not being able to provide for your family. But bottling things up will only make your financial stress worse. In the current economy, where many people are struggling through no fault of their own, you’ll likely find others are far more understanding of your problems."
3. Work Out a Budget
Taking care of yourself and talking to others are great places to start when it comes to coping with stress, but to make a real, tangible difference in what's stressing you out, you'll need to start taking action. If money is the main source of your stress, then work out a budget that you can live with, but that will enable you to start saving money or paying off debt in order to get to a more comfortable financial place. Don’t know where to start? Click here for a convenient tool to help you create a budget.
4. Find Expenses to Reduce
Review your expenses and compare them to the amount of your income. Figure out which ones you can eliminate or reduce. Cancel subscriptions you don't need. Look for ways to reduce your grocery bill. Walk more to save gas. Use any combination of money-saving tactics to get your budget to a place where it will help you make headway toward your goal.
5. Make a Career Move
If you're not happy with how your career is going, start exploring other opportunities. Maybe it's time to find a job in the same field or a new one entirely. Check the job boards, start networking, and see what else is out there.
A career move doesn't have to mean quitting your current job. If you feel that you're due for a raise, perhaps it's time to bring the subject up with your boss. If you're self-employed, consider raising your rates. Perhaps even a side hustle or second job is in order.
6. Get in Touch with Your Bank
You may be able to alleviate a great deal of your financial stress by seeking financial help. Maybe a personal loan2 or a home equity line of credit2 can give you the flexibility you need. It could even be as simple as getting a new credit card that you can use for emergencies or an extra layer of financial security. Get in touch with your bank to discuss options that can help put you at ease.
1. https://www.helpguide.org/articles/stress/coping-with-financial-stress.htm
2. Subject to credit approval. Terms and conditions apply. See a banker for details.