Money worries are alarmingly common in today’s world. The American Psychological Association reports that 72% of Americans worry about their finances. It’s a dark cloud that hangs over the heads of most people in the country. When 80% of us are in debt, with the average debt per capita clocking in at a whopping $38,000, it’s no wonder people are so stressed about money.
Rather than buying your head in the sand and hoping your financial problems will go away, there are tactics that you can employ to alleviate your money worries. Stress in all its forms can have serious mental and physical consequences. If money worries are keeping you up at night, it may be time to do something about it. That’s why in this article I’ve outlined some tips that could form crucial steps to alleviating your issues.
Rebalance your budget
When you set out on the path toward financial freedom, a budget should be the first thing on your mind. This can be a simple as putting money in a different bank account to save for a rainy day, down to more complex decisions like planning to buy property.
During the coronavirus pandemic, you may have found yourself spending more money on some things and less on others. Everyone is pouring cash into food and home activities now we have become permanent homebodies. Likewise, because we aren’t going out as much, we all save on entertainment.
It’s important to always set aside money for bills, food, monthly subscriptions and fun. Having separate accounts or savings pots can be a great way to do just that. Knowing where you money is going, and where it should be going, will take a load off your mind.
One of the best ways to stop stressing over your finances is to learn more about them. The good news is that you have more information at your fingertips now than ever before. Whether it’s books, videos or even articles like this one, teaching yourself about money is a great way to start having more of it.
There’s no excuse nowadays to be ignorant about personal finance. Set aside a certain amount of time each month to teach yourself about money. Just like with savings, this knowledge will add up quicker than you think.
Stop comparing yourself to others
While it’s important to be inspired by others, don’t let comparison be the thief of joy. You should remember that there are people who probably are much worse off than you financially, so try to be grateful for what you already have.
It’s easy to get down about money when we are constantly bombarded with advertisements for the next piece of technology or the latest expensive craze. But if you set achievable financial goals then soon you might find yourself being the financially stable others are jealous of!
Get some advice
If you still feel bogged down by your financial issues, don’t forget that you can seek advice from others. This may be as simple as talking to a friend or a relative to get it off your chest, but you can take matters further still.
There are numerous ways to get financial advice free of charge. For example, many online tools offer chatbots you can talk with so you quickly find the answers you need. Similarly, there are non-profits all over the world, such as the CPF Board of Standards and the Foundation for Financial Planning, which offer free advice events every year to help people experiencing problems like this.
Take care of your health
A sure fire way to reduce the effects of stress in all its forms is to look after your health. Not just physically, but mentally too. Most studies recommend at least 30 minutes of moderate physical activity per day, which can really help improve your mood and help you unwind.
Likewise, eating healthily, getting enough sleep and staying hydrated are methods of managing stress that fall under the radar. Dr Matthew J. Kuchan, a senior research scientist at Abbott says stress negatively affects blood flow and that “There is a strong relationship between fluctuations in brain blood flow and brain health and these compounds over time.”
Nutritious foods help improve blood flow which in turn reduces stress. So, look after your health to look after your head!
While these five tips won’t work for absolutely everyone, if you’re stressing about money then one of them might just be the solution to your problems. A simple plan of action or a change in mindset might be all you need.