Coping with Financial Stress
Six takeaways:
- A recent World Economic Forum survey showed that 1 out of 4 people were experiencing financial struggles, and another survey showed that more and more people are adding debt to deal with their struggles.
- The first tip for dealing with financial stress that the article offers: Speak to someone. Talking to someone about your problems is a proven means of stress relief. Keeping them to yourself only makes them seem more impossible to overcome.
- Tip Two: Take Inventory of Your Finances. You must give yourself a clear picture of where you stand. Knowledge is power, and anxiety is often related to unknown and ambiguous understanding of a situation. Full understanding of your finances will allow you to identify patterns and problem areas. A great starting position would be to create a balance sheet listing all your assets and liabilities.
- Next, Make a Plan and Stick to It. Once you have a clear idea of your financial outlook, you can eliminate excess spending and make other life changes that help ameliorate your problems.
- Create a Monthly Budget. Not only will this help you keep your spending in the right range, but it will also alleviate stress by giving you a much-needed sense of control.
- Lastly, Manage Your Overall Stress. Steps like regular exercise, healthy sleeping and eating habits, and meditation are proven to help with overall stress levels and will help fortify you against financial anxieties.
From HelpGuide
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