Stressed about money? Join the club!
It will be no surprise that financial stress is extremely common and most of us have probably experienced it at some point in our lives already.
Studies show over 70% of people experience some kind of concern in their life when it comes to money. To be honest, I personally thought that figure would be 100%!
Financial health is so deeply tied to our ability to meet core survival needs, that it is no wonder we stress out about it! But worrying about money can have a significant impact on our mental and emotional wellbeing.
Stressing about money and your finances can feel suuuuper isolating at times but please remember, you’re not alone! Whatever your circumstances, there are ways to get through these tough economic times, ease stress and anxiety, and regain control of your finances.
Like all stress, if left alone to fester, it can snowball into something bigger and take a huge toll on your mental and physical health. Feeling beaten down by money worries can adversely impact your sleep, self-esteem, and energy levels. So to help you (and lots of other people) out, we have come up with five top tips for managing money stress.1. Tackle one financial decision at a time
Write down your worries to help you work out which issues to tackle first. Space out your financial decisions instead of making too many at once and becoming overwhelmed.2. Track your spending
Tracking your income and spending can be SUCH an effective tool to reducing financial stress. Keep a daily list of how you spend your money and this may help identify areas where you can cut back. Putting aside some money for bills, creating an emergency fund and paying for essentials first can all help ease the stress.
When times are tough, we re much more likely to relieve stress by turning to unhealthy activities such as smoking, drinking or emotional eating (guilty!). The strain can also lead to more conflict and arguments between partners. Be alert to these behaviors and try your best eat a healthy, balanced diet and exercise regularly.4. Talk to someone, or anyone!
When we’re struggling financially it’s tempting to bottle everything up and try to go it alone. Not having money to spend on socializing and/or feeling shame or embarrassment about our situation can add to the issue. Our best resource, however, is other people. Sometimes, just having others around to provide emotional support can help us feel less alone. Even better, friends and family might be able to help provide advice or help you problem-solve, especially if they’ve been in a similar situation before. Remember that financial stress is super common!5. Avoid temptation and remember what is important to you
While it may not be possible to stay away from shopping malls and stores altogether, limiting your time there can help you avoid temptation and better manage spending. Choose an alternative social activity over shopping. Avoid opportunities for impulsive spending by leaving credit and debit cards at home and only carrying the amount of cash you can afford to spend. Commercialism can make you feel like you need 'things' when in actual fact, you don't. Remind yourself that family, friends and relationships matter more than material objects.
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