5 Strategies to Deal With Financial Stress - The Balance
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Money stress can be tough to deal with. Learn Five strategies you can implement today to help you start managing your finances and reduce the stress. TheBalance Budgeting 5StrategiestoDealWithFinancialStress By MiriamCaldwell FullBio LinkedIn MiriamCaldwellhasbeenwritingaboutbudgetingandpersonalfinancebasicssince2005.SheteacheswritingasanonlineinstructorwithBrighamYoungUniversity-Idaho,andisalsoateacherforpublicschoolstudentsinCary,NorthCarolina. Learnaboutour editorialpolicies UpdatedJanuary19,2022 Reviewedby MargaretJames Reviewedby MargaretJames FullBio LinkedIn Twitter PeggyJamesisanexpertinaccounting,corporatefinance,andpersonalfinance.Sheisacertifiedpublicaccountantwhoownsherownaccountingfirm,wheresheservessmallbusinesses,nonprofits,solopreneurs,freelancers,andindividuals. Learnaboutour FinancialReviewBoard Factcheckedby LeilaNajafi Factcheckedby LeilaNajafi FullBio Twitter LeilaNajafiisaluxurytravelandlifestylewriterandeditorwithoverfiveyearsofexperiencecoveringtravelrewardsprograms,destinationandbuyingguides,andmore.Leila'swritinghasbeenfeaturedinNBCNews,Thrillist,Fodor's,10Best.combyUSAToday,HuffPost,EaterLA,andReader’sDigest. Learnaboutour editorialpolicies Financialstresscanstemfrombeingindebt,notearningenoughmoney,theexpenseofraisingkids,orevenbeingmarriedtosomeonewhoisn'tgoodwithmoney. Ifyoucanreduceyourfinancialworry,youwillbeabletofocusonotherimportantareasofyourlifeandrelax,knowingyouhaveaplantohandleyourfinancialsituation.Hereareafewthingsyoucandonowtorelieveyourfinancialstressandmakeiteasiertofunctioneachday. CreateaBudget eli_asenova/E+/GettyImages Youmayfeeloverwhelmedandthinkthatabudgetisonlygoingtoaddtoyourfinancialstress,butitisthebesttoolyouhavetogetcontrolofyourfinancesandstopworryingaboutmoney. Abudgetallowsyoutodecidewhenandhowyouaregoingtospendyourhard-earneddollars.Thisspendingplanmakessureyoucoveryourimmediateexpenses,whilestillworkingtowardyoursavingsgoals.Itcanalsohelpyoufindextramoneytoputtowarddebt. Thefirstfewmonthsofplanningandstickingtoabudgetarethemostchallenging,butonceyouunderstandwhattodo,youcanoftenreducetheamountoftimeyouspendonitand,inturn,reducetheamountoftimeyouspendworryingaboutmoney. GetanEmergencyFund sorbetto/iStock Anemergencyfundisasavingsaccountmeanttocoverunexpectedexpensesandfinancialemergencies.Althoughacarrepaircanbeexpensiveandstressful,ifyouknowyoucantapintoyouremergencyfundtocoverit,alotofthestresswillgoaway.Itisalsoeasiertousethemoneyinyourbudgetthewayyouplannedifyouknowyouhavetheextramoneyinthebankreadytocovertheunexpectedemergenciesthatmaycropup. Youshouldhaveatleast$1,000inyouremergencyfunduntilyouareoutofdebt.Thenyoushouldaimtohavethreetosixmonths'livingexpensessetaside. Buildinganemergencyfundmayseemtoughatfirst,especiallyifyouarestrugglingtomakeendsmeeteachmonth.Startbyputtingasideasmallamount,whetherit's$10or$100eachmonth,soyou canbuildupyouremergencyfund.Youmayalsoconsidersellinganyunuseditemsaroundthehousetobuildupthatcashasquicklyasyoucan. GetOutsideHelp MiodragGajic/GettyImages Ifyouarereallystrugglingwithgettingahandleonyourbudgetandspendingissues,donotbeafraidtogetoutsidehelp.Youcantakeclassesonbasicmoneymanagementandinvesting,whichwillhelpyouplanoutabudgetanddothethingsyouneedtosucceedfinancially. Afinancialplannercanalsohelpyoucreatealong-termsavingandinvestingstrategythatwillhelpyoutakecareofyourcurrentneedsandplanforthefuture. Ifyouarefeelingoverwhelmedbydebt,youcanworkwithacreditcounselingservice tohelpyourestructureyourdebtand,insomecases,negotiatewithcreditors.Youcanalsotakefinancialclassesthatcoachyouthroughbudgetingandotheraspectsofyourpersonalfinances. DetermineWhatYouCanChange PeopleImages/GettyImages Ifyouarehavingfinancialissues,youmayhaveanincomeissue,aspendingissue,oracombinationofthetwo.Ifyouknowthatyoudonotmakeenoughmoney tokeepupwithyourcurrentbills,decidewhatyoucandotochangethesituation.Itmayincludeoptionssuchasgoingbacktoschooltoqualifyforahigherpayingjob. Ifyouthinkyouhaveaspendingproblem andit'sacompulsivebehavior,youmaywanttoattendaspecializedgrouporgetprofessionalhelpdealingwiththeissuesyouarefacing.Onceyouhaveaplanthatwillhelpyouchangeyoursituationpermanently,youshouldbeabletoreduceyourstress. TrackYourProgress BURGER/GettyImages Whilethismaysoundlikeit'snotasolutiontoyourfinancialproblem,itcanmakeabigdifferenceintheamountofstressyoufeeleachday. Findpositiveaspectsofyourfinancialsituationbytrackingyourprogresstowardyourfinancialgoals.Lookingatthepositiveaspectsofyourcurrentfinancialsituationcanalsohelpalleviatestress. Remember,youcanchangeyourfinancialsituationandyouwillfinditeasiertodoifyouarenotlivinginananxiousstateallofthetime. FrequentlyAskedQuestions(FAQs) Howmanypeoplecannotcomfortablypaytheirbills? AsofOctoberandNovemberof2021,24%ofU.S.adultsindicatedthattheywerehavingtroublepayingalltheirmonthlybillsorthattheywereclosetoit.Another10%saidthattheywouldn'tbeabletopaytheirbillsiftheyhadanunexpectedexpenseofjust$400duringthemonth,accordingtotheFederalReserveSystem. WhataresomeoptionsifIjustdon'tearnenoughtomeetmybudget? Youmighthavetoconsidersomebigchangesifyouthinkthesituationislong-term,suchasrelocatingtoaless-expensivehome.Butnumerousgovernmentprogramsstandbytohelpaswellwithrentalassistance,energybills,medicalbills,andevengroceries.Contactyourlocalsocialservicesagencytofindoutwhat'savailableinyourarea. Whatisafinancialstresstest? Afinancialstresstesthasnothingtodowithmeasuringthereactionsofindividualswhocan'tmeettheirmonthlyexpenses.TheFederalReserveandotheragenciesuseittogaugewhetherbanksarepreparedtodealwiththesituationiftheeconomytanks.But,ofcourse,thestateofthenation'seconomyhasadirecteffectofconsumers,soit'ssomewhatrelated. ArticleSources BoardofGovernorsoftheFederalReserveSystem."EconomicWellbeingofU.S.Householdsin2021,"Page36. USA.gov."HelpWithBills." BoardofGovernorsoftheFederalReserveSystem."StressTests." Share Tweet Share Email IGotaNewJob.NowWhat? SticktoYourBudgetDespiteaSpendySpouse. HowtoKnowWhetherYouNeedtoMakeMoreMoney HowCanIEnjoytheMoneyIEarnWithoutOverspending? 20FinancialSkillstoMasterinYour20s WhenShouldIBecomeFinanciallyIndependent? FinancialPlanningTipsforRecentCollegeGraduates BestBudgetingApps FinancialSecurity HowToExplainFinancialProblemstoYourKids HowToCreateYourFinancialPlan HowtoCreateaMonthlyBudget TiredofBeingPoor?DoThese5Things. HowToTellIfYouAreReadyToMoveOut ShouldYouKeepMoneyinaSavingsAccount? HowToSpringCleanYourFinances
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