Get Rewarded For Your Spending
Even if youre feeling good about your savings habits, you may still feel stressed about money when you spend. This stress can be exacerbated when youre spending on discretionary or fun expenses, even if they fall within your budget.
Another way to stop stressing over money is to get rewarded for your spend. Rewards checking accounts and credit cards, for example, can allow you to earn cash back or incentives for your regular expenses. With Discover Cashback Debit, for example, you can earn 1% cash back on up to $3,000 in debit card purchases each month.2 You can then use your debit spending to gain savings momentumsign up to have your cashback bonus automatically deposited into your Discover Online Savings Account every month so it grows with interest.
Remember That More Money = Just As Many Problems
So many of us are led to believe that people with more money than us are less stressed about their financial situation. A certain amount of money can help us secure relatively comfortable and safe lives, but more money does not remove the stress that comes with it. The reasons why youre stressed just change. But, when you understand your financial habits, youll understand how those habits affect your finances, at any income level.
How Do You Live In Abundance When Youre Heartbroken And Worried About Paying The Bills
Part of the problem is that money stress can actually serve a purpose. After a breakup, you may need to worry about something other than your broken heart or how your kids are dealing with the separation or divorce. Money stress can be a distraction, so you dont have to deal with the heartache of a breakup. And of course you also have very real financial concerns! Paying the bills, equipping your kids for school, and planning for the future are important considerations. If you have a history of mismanaging your money, you may need to learn how to protect yourself financially .
The good news is you can learn all sorts of practical ways to survive when you have no money but the bad news is that those practical tips dont lead to a permanent sense of peace or joy. You cant permanently deal with money stress by yourself. You cant think your way into financial abundance or heal your own heart after a breakup.
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What Can Cause Financial Stress
Financial concerns are very common in Australia. They can be caused by losing a job or being retrenched, being unemployed or unable to find sufficient work, having debts that cant be paid, or worrying about expected financial pressures. Some peoples financial problems might be a result of problem gambling.
Be realistic and take control of your financial situation. A good step is to seek help from a free financial counselling service .
What’s With Me As A Certified Personal Finance Adviser
The prints become real a Financially Counselor Education and certification. Amy Bellwether recently graduated a Private businesses and schools a Level of reasoning. It was my first experience a Financially Counselor .Amy x for Finance counselor Training, but at the same time also looks at opportunities to acquire practical experience. System, process and resources. . Practical Steps to Become a Financially Counselor Education and certification. Amy Bellwether recently graduated a Private businesses and schools a Level of reasoning. It was my first experience a Financially Counselor .Amy x for Finance counselor Training, but at the same time also looks at opportunities to acquire practical experience. System, process and resources.
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The Big Picture About Financial Stress And Dealing With Money Anxiety
To recap, financial stress can happen to anyone. Your most valuable tactics to navigate money anxiety are to identify what youre feeling, understand the pain points in your finances and how they contribute to your overall financial situation.
Ways you could deal with money worries include:
- Create the budget, savings or debt payoff plan you need to take action
- Prepare for the worst
- Educate yourself on financial topics you need a refresher on
- Redefine what it means to have money stress
- Remember whats important to you at the end of the day
Start Tracking Your Expenses
Another way to reduce your money stress is by tracking your expenses. This gives you a better insight into where your money is going.
Heres the truth:
It doesnt matter how much you earn youll always be stressed about money if you dont keep your expenses in check.
And if youre interested in creating a budget you can stick with, tracking your expenses for a few months will help you come up with a more realistic spending plan.
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How To Manage Stress Through Therapy To Live A Better Life
Regular physical activity is one of the best ways to relax your body and mind. Also, exercise will improve your mood. But you have to do it often to pay.So how much should you spend each week?Work up to 2 hours and 30 minutes of moderate exercise such as brisk walking or 75 minutes of strenuous exercise such as swimming trunks, running or other sports.Focus on setting goals that you can meet so that you do not give up. Above all, remember that any form of exercise is better than no exercise at all.
2.Relax Your Muscles
When you are stressed, your muscles tighten. You can help to free yourself and rejuvenate your body by:Stretching,enjoying massage,hot bath or shower,sleep well at night.
3. Deep Breathing
A few stops and breaths can relieve pressure from you. You will be amazed at how much better you feel when you do it right. Just follow these 5 steps:Sit in a comfortable position with your hands on your hips and your feet on the floor. Or you can lie down,close your eyes,imagine you are in a place of rest. It can be at the beach, in a beautiful grass garden, or anything that gives you a peaceful feeling,slowly breathe in and out.Do this 5 to 10 minutes at a time.
4. Eat Well
5.Talk About Your Problems
How To Deal With Financial Stress
6 Minute Read | August 26, 2021
Your palms are sweaty, you havent been able to sleep soundly for a week, and your stomachs in knots. If you think thats from last nights pizza, think again. Youre probably suffering from a little something called financial stress. But dont worryyoure not alone.
You guys, 78% of Americans are living paycheck to paycheck . . . every single month.1 Not only are you seeing your bank account dwindle, but youre also feeling it. Another study by the American Psychological Association found that 60% of Americans feel stressed about money.2
So, what can you do? Make more money? Maybe in some cases. But oftentimes, this nice little salary boost can lead to spending even more money on all those things youve been keeping in your online shopping carts. Sounds nice, right? But if youre not careful, that kind of spending could cost you your health, your relationshipsand maybe even your future!
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Let It Out Talking To A Friend Or Even A Therapist Can Help You Deal With Your Worries
Talk to someone. Anxiety sucks, but being open about your feelings can relieve stress. When dealing with money issues, you might feel embarrassed or ashamed, so it can be hard to voice your feelings. However, it is imperative to your financial and emotional stability to be able to talk about how you’re doing.
If you are struggling, dont suffer in silence,” says Gerstler. “Talk to a friend, family member, professional who can help you out. Speaking of which, if you’re looking for affordable mental health services, check out these lower-cost ways to take care of your mental health.
Tip : Create A Monthly Budget
Whatever your plan to relieve your financial problems, setting and following a monthly budget can help keep you on track and regain your sense of control.
- Include everyday expenses in your budget, such as groceries and the cost of traveling to work, as well as monthly rent, mortgage, and utility bills.
- For items that you pay annually, such as car insurance or property tax, divide them by 12 so you can set aside money each month.
- If possible, try to factor in unexpected expenses, such as a medical co-pay or prescription charge if you fall sick, or the cost of home or car repairs.
- Set up automatic payments wherever possible to help ensure bills are paid on time and you avoid late payments and interest rate hikes.
- Prioritize your spending. If youre having trouble covering your expenses each month, it can help to prioritize where your money goes first. For example, feeding and housing yourself and your family and keeping the power on are necessities. Paying your credit card isnteven if youre behind on your payments and have debt collection companies harassing you.
- Keep looking for ways to save money. Most of us can find something in our budget that we can eliminate to help make ends meet. Regularly review your budget and look for ways to trim expenses.
- Enlist support from your spouse, partner, or kids. Make sure everyone in your household is pulling in the same direction and understands the financial goals youre working towards.
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Where You Live Can Add To Your Financial Woes
People living in the city and in the country are impacted in different ways. Jakob, commenting on our forum, says that living rural can be tough because the areas arent getting the funding and resources they might have had in the past: I’ve noticed changes over the years. There are fewer jobs in the rural places…. For sure, there is pressure on you to try to find a job, and it’s not always easy. Some people have a lack of transport or funds to even have that option to move closer to where the jobs are, and have limited funds for study in general.
Find Opportunities And Tools To Help You Today And In The Future
One great way to reduce your financial stress it to put much of your money management on autopilot.
First, take advantage of autopay options to reduce how many bills and payments you have to remember each month. At the same time, set up automatic savings plans to build an emergency fund for future economic downturns.
Leverage apps and other software to track your spending and find areas to cut back. There are many wonderful free ones available. Sign up for alerts from your bank or credit card providers to make sure you can fraudulent charges quickly.
Lastly, try to implement good financial management and planning and maintain that program beyond the downturn.
This is a turbulent time, but just know that it will end, says Eisenberg. The reality is that we have gone through one crisis or another every few years. This too shall pass.
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Set Realistic Financial Goals
Financial stress often stems from our beliefs about what is ahead of us. Perhaps you have a low income and worry about how that will affect your ability to do things in future. It is completely normal to feel this way. However, there are small steps you can take now to reduce this stress and regain a sense of control over your financial situation.
If you want to reduce your financial stress, it is important to be aware of what money is coming in and how you are spending it. You can gain this knowledge by making a personal budget.
Try to find any unnecessary spending or areas where you can save money without negatively affecting your wellbeing. Perhaps you can redirect this money into a savings account. Even if it is just a small amount of money each month, it will move you in the direction you want to go. A little goes a long way over time.
Read more about how to save money.
Defining Financial Stress And How To Navigate Money Anxiety
People at all income levels and all ages feel some level of financial stress at some point. But figuring out why youre stressed about money and how to navigate those anxieties can be difficult to work through. The most important thing you can do when you are stressed about money is to identify exactly what youre feeling. Some of the emotions you may be feeling about money can include:
Understanding exactly what youre feeling is the first step to taking control of the financial stress youre feeling. This may take some time and effort to uncover . Consider taking an evening with your partner or a trusted friend to discuss whats bugging you about your finances. You may find that simply talking about your emotions can help, or that the discomfort youre feeling is shared among the people in your life.
You may not be able to control everything thats causing you stress. But once you know what youre dealing with, its easier to take some action on the things you can control.
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The Relationship Between Financial Stress And Mental Health
Chronic stress also affects mental health. In fact, the symptoms can be so severe that they mimic post-traumatic stress disorder . When you feel like you cant get ahead of the bills no matter how hard you work, it can destroy your self-esteem and sense of self-efficacy. It can isolate you from your friends and family, making you feel like you should stay home and causing you to miss out on gatherings and events. You may spend all your time worrying about bills, waiting for your next paycheck, or wondering whether youll be able to handle an emergency if it arises.
Get An Emergency Fund
An emergency fund is a savings account meant to cover unexpected expenses and financial emergencies. Although a car repair can be expensive and stressful, if you know you can tap into your emergency fund to cover it, a lot of the stress will go away. It is also easier to use the money in your budget the way you planned if you know you have the extra money in the bank ready to cover the unexpected emergencies that may crop up.
You should have at least $1,000 in your emergency fund until you are out of debt. Then you should aim to have three to six months’ living expenses set aside.
Building an emergency fund may seem tough at first, especially if you are struggling to make ends meet each month. Start by putting aside a small amount, whether it’s $10 or $100 each month, so you can build up your emergency fund. You may also consider selling any unused items around the house to build up that cash as quickly as you can.
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Face Up To The Situation
If it looks like you’re getting into debt, get advice on how to prioritise your debts. When people feel anxious, they sometimes avoid talking to others. Some people can lose their confidence about driving or travelling. If this starts to happen, facing up to these situations will generally make them easier.
Tip : Make A Planand Stick To It
Just as financial stress can be caused by a wide range of different money problems, so there are an equally wide range of possible solutions. The plan to address your specific problem could be to live within a tighter budget, lower the interest rate on your credit card debt, curb your online spending, seek government benefits, declare bankruptcy, or to find a new job or additional source of income.
If youve taken inventory of your financial situation, eliminated discretionary and impulse spending, and your outgoings still exceed your income, there are essentially three choices open to you: increase your income, lower your spending, or both. How you go about achieving any of those goals will require making a plan and following through on it.
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When Should You Get Medical Help
Most people who experience emotional distress will pick themselves up after a few days or weeks and then feel able to tackle challenges, such as finding a new job.
See a GP if you’re still feeling worried, anxious or low after a few weeks. If you think it will help, the GP can advise you about psychological therapy services in your area.
You can also refer yourself directly to a psychological therapies service near you.
Seek help immediately if you cannot cope, if life is becoming very difficult or if you feel it is not worth living.
Either see a GP or contact a helpline such as Samaritans for confidential, non-judgemental emotional support.