7 Steps to Cope With Financial Stress
Nov 23, 2021
Are you overwhelmed with financial stress? These days one of the most significant sources of stress is money worries. It has been challenging and unexpected during the pandemic, and we still feel its effects. We know that financial stress can take a toll on your physical and mental health and affect your relationship with your loved ones.
However, it is not all lost. There are ways that we can ease stress and anxiety and regain control of our finances.
The lack of financial knowledge is the main culprit of financial stress.
But it is not your fault. We were not taught in school how to manage our finances. According to a survey by the Council of Education, 21 states require a Personal Finance Course in High School. However, it is a recent event, as, before 2017, only five states required the class. These classes teach the basics, like how to qualify for an apartment, balance a checkbook, or apply for student loans.
Financial Advisors are not interested in teaching their clients about managing their finances because they get paid for managing them themselves. The financial jargon and complexity of retirement tools feel so out of reach to many women, making them think they are inept at handling their own money.
And don't get me started with how these concepts don't consider the challenges we encounter as women. Some examples are the pay gap, the pink tax, and breaks in their careers due to maternity and caring for children or an elderly family member.
We don't have the best example from the Government either. Do you know how much the lack of financial literacy is costing you? It costs each individual in the U.S. a minimum of $10,000 a year!
That is a lot of money if you think about the 328 million people who live in the U.S. And this is without counting all the recent printed money to try to help the economy, devaluing the dollar and getting us in even more national debt.
But do we need to become experts in managing money and reducing financial stress? Is our only relying option for schools, Government, or financial advisors?
We can no longer afford to stay in the dark regarding financial literacy. It is time to take charge of our money and become financially fit.
Today, I will share SEVEN steps to reduce financial stress and feel more confident about your future.
Start by Looking For Relaxing Techniques
We need to take care of our bodies and minds. Find ways to relax your body. Walking, exercising, practicing meditation or breathwork, journaling, and eating healthy food. Remember, no matter what, please understand that some things are out of control. But there are some things that you can do for yourself. And please, avoid unhealthy behaviors like self-sabotage, emotional spending, or denial.
Take An Inventory Of Your Finances
I know it might be challenging, but open those bills! Do not ignore creditors or banks. Denying your financial reality will not make it go away; on the contrary, it will worsen. Talk to them, explain your situation, and ask them to work with you during these strenuous times. Negotiate interest rates and payments.
Calculate your income and your expenses. Separate your expenses by your living expenses, debt, and savings. Be honest with yourself; what things are wrecking your budget or making you live above your means?
Trust Your Intuition
Trusting your intuition, or in other words, listening to your gut feeling, is a significant factor for financial success. Listen to experts, acquire the facts and make informed decisions. Recognize that your internal radar is robust and trustworthy. It is a matter of having confidence in yourself.
Learn From Your Mistakes
Please don't look at financial mistakes as failures; look at them as lessons you can learn from. You cannot change the past, but certainly, learn from those mistakes and make better financial decisions now and in the future. So make sure to keep looking for ways to grow your money.
Start Small, But Diversify Broadly
One way to feel more confident about financial decisions is by starting small but starting. Even if it is $20 into a retirement account or a stock, you want to allow yourself to invest in your future consistently. The second part is not to put your eggs in one basket; I am pretty sure you have heard that before. It is good to start with one option but then open yourself to other growing methods, like real estate, starting a business, and different types of investments.
Acquire The Proper Protection
It is vital to be prepared and protected to relieve stress in the future. The best place to start is having life insurance for you and your loved ones. Most people associate life insurance with death, but these days, life insurance can protect you even when you are alive, and it can also be a source of income in the future. Knowing everything will be taken care of if something unexpected happens is enormous stress relief. Do you agree?
Hire a Financial Coach
Financial literacy is not just about knowing but more about doing. You can have all the knowledge in the world, but it is a waste of resources if you are not doing anything about it. That is why it is so essential to hire a financial coach.
It would help if you had someone who keeps you accountable until you create your money habits. Changing your habits and behaviors can take up to six weeks to 3 months. However, once you do, your life will be much better, stress-free, and enjoying financial freedom.
Remember, "financial education is the path to freedom." Financial freedom means being prepared to make those decisions without stressing over the money impact. And you truly deserve that kind of peace in life!
Sara Chevere is the Creator and Founder of the Financially Fit Women. She is an Intuitive Financial Coach and helps professional single/divorce women that are struggling to manage their finances and feel stuck trading time for money and are ready to become financially fit and solve their financial problems by learning money strategies proven to work. Sara's methods are not typical of financial advisors. What she teaches and the way she teaches are considered non-traditional, unorthodox, and revolutionary. www.financebabe.com https://www.financebabe.com/pl/268075
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