Stop Stressing About Your Finances: 5 Tips to Reduce Financial Stressors
Do you have financial stressors? Maybe you’re worried you can’t pay all of your bills, or you’re already late on some payments. Money creates problems when it’s not flowing in at a steady rate. It can affect all aspects of a person’s life, making them suffer the results of financial stress. Living in a state of stress causes poor sleep, a negative attitude, and even worsening health. The key to overcoming the crippling anxiety that comes from financial stress is to gain control of your money. Here are 5 ways to reduce your stressors.
Stressor Reduction 1: Face Your Situation
Financial stress often comes from a sense of uncertainty about being able to meet financial obligations. It follows, then, that removing the uncertainty is the first step to removing the anxiety. Ideally, the replacement of uncertainty is accomplished through awareness.
Financial awareness comes by creating a budget where all expenses are matched against all income. However, simply writing down a list of all your bills and the amounts in the order of their due dates will provide a timeline of action for solving any problems in a logical way. There are even a few smartphone apps that track those dates to make things easier for you.
Stressor Reduction 2: Assess your Actual Spending
Sometimes even after creating a budget, you may continue to feel the strain that money matters can cause. If this is happening, it’s likely your budget isn’t as inclusive as it should be. Perhaps all the monthly bills are accounted for, but products and services throughout the month, like groceries, fuel, or hair care, are not. Coffee, ride services, and entertainment expenses add up quickly, too. Reviewing bank account purchase logs helps you to make honest assessments about what you are actually spending and whether or not it’s actually a necessary expense.
Stressor Reduction 3: Make More Money Available
If the source of financial stress is a lack of funds available to cover your pressing debts, then making more money will help to reduce the stress. Sometimes making extra money is a task that simply means getting a job. Other times, there are barriers that make things difficult for a second job, like school, children, and transportation, and those will limit your opportunities. Where there’s a will, there’s a way, though. Find legitimate online jobs, offer to babysit in your home, take clients to teach a skill.
Look into other ways to make more money available. Call some of your creditors and see if you can change payment amounts. Look into debt consolidation. Stop eating out as frequently, and make homemade meals. Most importantly, if people try to borrow money from you, say no.
Stressor Reduction 4: Learn a Skill
Find a way to make yourself more valuable in society. That is, learn a skill that people will pay you to do. Some people do odd jobs like changing the oil in their neighbors’ vehicles, learning to sew and providing hemming services, or learning a few songs on the guitar and making money as an entertainer. Learning a new skill can also come from a formal education, of course. Look into getting a degree or learning a trade that has a practical use. If getting back and forth to a brick and mortar university is a dealbreaker, research online universities—many of them offer online accounting degrees. In any case, educate yourself so that you have better chances at earning extra money.
Stressor Reduction 5: Get Help
When in a state of stress, it’s often impossible to see the light at the end of the tunnel. Talk to a trusted friend, parent, or even a professional financial advisor about money matters. They may be able to see a simple solution you can’t, or they may have experienced something similar and can show you the best ways to get out of your current situation. At the very least, you will learn you’re not alone in your feelings of being overwhelmed by money.
Take control of your life and stop letting stress take a toll on your health. By following the above tips, you can reduce the stress and lead a more fulfilling life. It may take a lot of work, but when you find yourself not worried about paying your monthly bills, it’ll be worth it.
Stressor Reduction Bonus!
Make it ok for you to laugh, enjoy family time, and even on occasion – be ok with just doing nothing.
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