May 20, 2021
4 Ways to Deal with Financial Stress
The stress that comes from financial worries can be overwhelming. Fear and anxiety over bills and debt can actually affect you physically, leading to more migraines, cardiovascular disease, insomnia, and absences from work, which can then add to your already existing stress. If you’re finding yourself losing sleep over financial matters, you’re not alone. According to a survey by information technology company, Highland Solutions, 63 percent of Americans are living paycheck-to-paycheck which means that most people are feeling a tight squeeze. Here are some ways to help loosen the grip of financial stress.
Assess your financial situation
There are lots of things that can contribute to financial stress like debt and economic insecurity and one of the best tools that you can have to help with those issues is a budget. Take inventory of your financial worries and look at where most of your financial stress stems from then work to build a plan to help you tackle that goal. Building a budget will also help you figure out where to cut or shift costs and put more towards paying off debt or put more towards savings. Use financial tracking tools like Hughes’ myHUB to help you get an overview of your spending habits and help you stick with your budget plan.
Keep your goals realistic
Biting off more than you can chew can lead you to choke on your financial commitments. Make sure you set goals that will help keep you motivated. Begin with taking a look at your income and expenses, then think about what you can actually accomplish. Remember to stay positive and acknowledge that any contribution, no matter how small, is a move closer to your goal. Figuring out how long it’ll take you to pay off a debt or save for a big expense will help you build a better budget with a clearer path towards your goal. Take advantage of Hughes’ financial calculators to help you with home and personal finance and retirement and investment goals.
Start building an emergency fund
Give yourself peace of mind to help you alleviate any future financial stress by opening a savings account for an emergency fund. Aim to save up to three to six months of your living expenses but if you’re struggling to even begin, start small and realistically contribute what you can. Your budget should come in handy in helping you find ways to enable you to put more towards an emergency fund.
Reach out for help
If you're having a hard time sticking to a budget, look to some friends and family for support. Sometimes having the people you care about hold you accountable can help you keep with your plan. Look at available resources online and start with some money management courses to help you get into the mindset of setting better financial habits. But if you find yourself in need of some bigger help, consider talking to a financial planner to go over your options.