Some level of financial stress is unavoidable. What really matters is how you cope with that stress. Following these tips can go a long way towards putting you back in the driver’s seat.Save more, spend smarter, and make your money go further. With a little forethought and a lot of soul searching, even the most anxious consumer can start to gain a sense of control over their financial – and mental health.
Face the Music
The first step to managing financial stress is taking an honest appraisal of your situation
- Make a list of every aspect of your financial life that’s stressing you out
- Set up alerts for due dates so you don’t miss a payment
- Check your credit report for free
- Consolidate your financial accounts to simplify the process
Feel Your Feelings
When you’re feeling stressed, it’s easy to soothe yourself with food, alcohol, or binge-watching.
- While it’s important to relax, make sure you’re not using an unhealthy coping strategy to avoid processing your emotions. Take some time to sit with your feelings.
Ask for Help
Make a list of all your lenders and contact each of them to see if there is a deferment or forbearance program.
- If you have a balance on any credit cards, contact each company and ask them for a lower interest rate. If they say no, set a reminder in your phone to ask them again in a few months.
Create a Budget
The act of budgeting and tracking your expenses might seem like a punishment for your past spending mistakes but think of it as the road to salvation.
- Being able to direct your money toward savings or debt payoff with a budget will ultimately lead you to a healthier financial – and emotional – place.
Take Care of Your Mental Health
72% of respondents said their mental health problems worsened their financial situation. Consider talking to a licensed mental health expert as a first step to developing a healthier relationship with your finances.
- Use resources like the Open Path Collective, which only charge between $30 and $60 for each session.
- Depending on your particular healthcare policy, your insurance provider may also cover some sessions.
Break Down Your Tasks
Get a notebook or computer and write down all the tasks that will help you feel better
- Try to break them down into manageable assignments
- The goal is to make the tasks less overwhelming, helping you feel more motivated to tackle them
- Allocate more time per task than you think it will take
- If you do hit a snag, take a breath and brainstorm some possible solutions
