7 Tips For Managing Financial Stress
Financial stress is one that occurs when there is a debt due to having expenses greater than what you perceive and, also, due to poor financial management. Like any other type of stress, it produces symptoms such as anxiety and trouble falling asleep. In fact, it is much more common than you think.
Managing financial stress also leads to improved organization of finances. The first sign that you are going through it is that you spend almost your entire salary in paying debts to third parties or on credit cards. Be careful because this type of stress can lead to physical and mental problems.
However, don’t worry. Here are some tips to better identify and manage financial stress ; as well as so that you have the peace of mind that comes with a good administration of your financial income.
Keep track of all your income and expenses
You definitely have to start by taking control of the situation. This point involves keeping track of both your income and your expenses. There are some that are fixed and important like rent and utilities; By taking note of all this, you will be able to determine what unnecessary expenses you are making so far and what is your savings margin.
Be realistic and consistent about your income and expenses
Spending more than you earn is a habit that can cause problems for your financial, physical and mental health. Therefore, you should start by being realistic and spending only what you can.
If you want to start managing financial stress, then you must also be clear about your financial limitations. To do this, you can make a list of your income, your expenses and your debts. You shouldn’t feel bad about it, as this step is critical to your mental health and financial well-being.
Allocate a percentage of your money to savings
Yes, saving is very important to keep financial stress at bay. To do this, it is necessary to identify those superfluous or unnecessary expenses that you are making so far.
Instead of spending that money, you can save it where you know you are not going to touch it and, thus, it will be a kind of economic fund that you will have available in case of any emergency.
Make a financial plan and goals
Do you want to travel or make an investment? So the best option for managing financial stress is to make your own plan with those goals in mind. By determining the budget you need to meet your goal, you can set aside a percentage of your income in order to collect money and be able to achieve it in the established time.
ULab, one of the best coworking centers in Spain, indicates that the main benefit obtained from a financial plan is having knowledge of your income and expenses; This will be the key factor to achieve your financial goals.
Avoid superfluous expenses
Superfluous expenses are one of the main causes that are not allowing you to handle financial stress. These are all those that do not add anything useful to your life, but are only about whims.
It is understandable that, on some occasions, you make emergency expenses that were not in the plan; However, in order to be calmer, you must reduce the other unnecessary expenses of the month in order to assume the unforeseen with greater calm.
Practice gratitude
Believe it or not, being thankful is a pretty effective habit for managing financial stress. In addition to everything you have read, it is also valid to take it as a habit to thank for everything you receive in financial matters.
You can do it at the end of the day and you will see how everything around you conspires to make things go well ; and you feel much better about your finances.
Go to a professional if you consider it necessary
Now, if you feel like you can’t handle financial stress on your own and that the situation is getting out of hand, then you may need to turn to a professional.
Brad Klontz, co-founder of the Institute for Financial Psychology in Boulder, indicates that unmanaged chronic stress can cause headaches, digestive problems, inflammation and other conditions. If you have already reached this point, it is better to go to a professional!
As you can see, financial stress can make you feel like it’s a dead end, but it’s not. An expert, such as the psychologist, can help you control this situation so that it does not end in serious physical and mental health problems, such as those mentioned in a study from 2016.
Avoid financial stress by taking care of your expenses
Properly managing financial stress is crucial to your overall health. Not sleeping well at night because of thinking about debt is, without a doubt, something that could affect you over the years. If you wish, you can also help yourself with the practice of yoga or any type of exercise that you like ; With this, you will drain energy and feel better.
With these tips, managing financial stress will be much easier. Don’t be ashamed to ask for help if you think you need it ; From the hand of a trusted professional, you will be able to get ahead and control your finances in general much better.
