Improve your finances and ease your mind with these 5 tips to reduce financial stress.
Living paycheck to paycheck can put anyone under a lot of stress. When your financial situation is unstable, it can cause you to feel overwhelmed and short-fused and make it hard to cope with other things going on in daily life. Over time, this can even make a person feel depressed. If you are feeling the squeeze, here are some simple tips to reduce financial stress.
5 Simple Tips to Reduce Financial Stress
Set some goals – When we set goals, we feel like we have more control over our situation. Goal setting also helps us realistically look at where we are at financially and be honest with ourselves. When making financial goals try to think of immediate ways to solve pressing financial issues but also how to fix some long-term challenges as well.
Build an emergency fund – When we have money set aside for unexpected expenses, it can make us feel more financially confident. You don't need to have thousands of dollars set aside either. Just knowing I have a few hundred dollars set aside in case I need it helps ease a lot of my financial stress. Ultimately, creating a larger emergency fund is going to really come in handy if something like job loss occurs; however, a couple hundred dollars is a great starting point.
Be proactive about changes you can make – When I feel overwhelmed, I feel like I am stuck in one place. I feel like I can't do anything to change my situation, and that is usually not true. After goal setting, make sure to put things into motion even if it's baby steps. As you meet small goals, ‘check' them off the list, even if it's just mentally.
Try to stay healthy in other ways – When stress hits, it's easy to give up on our health. You feel like just crawling under your covers and never coming out! Stress is very exhausting; however, taking care of your health is especially important during these times. Eat a balanced diet and try to get some exercise as well as find ways to relax to give your mind a break.
Ask for help – Sometimes the best thing we can do when we are in a financial bind is to ask for help. This isn't necessarily in the form of getting a loan. It can be simply setting up some auto payments for bills so we don't have to worry about them or setting up a meeting with a credit counselor. Check with your financial institution too. Many of them offer free financial resources and counseling.