How to Cope with Financial Stress

When it comes to different kinds of stress, financial stress may be among the most difficult. The concerns you may have about your financial situation may be overwhelming, and can lead to health problems if not managed. A recent survey showed that more than 60 percent of Americans are living paycheck to paycheck, which can lead to money problems down the road, and can certainly be a cause of financial stress.

If you have concerns about your finances and are looking for ways to deal with the stress that comes with it, here are a few ways to cope:

  • Go over your current finances.  Taking a step back to take inventory of your financial situation can help you understand it with a clearer head. Find out where your biggest financial stressors lie; it might be a medical bill that takes a chunk out of your paycheck every month, rising utility costs, or even a need for a better paying job. Also, take a look at your current budget, and see how you might be able to make changes to it to accommodate your biggest stressors.
  • Make goals that you’re confident you can keep.  Let’s say you want to set a savings goal, whether it’s contributing to your IRA or even just adding money each month to your savings account. How much do you want to set aside each month? Whatever that amount may be, make sure to add it to your budget – but also make sure it’s an amount that won’t hurt your budget as well.
  • Speaking of saving… create an emergency fund.  Having a solid amount of money set aside specifically for emergencies, such as a job loss or unexpected medical bills, can be a big comfort for anyone who experiences stress over their finances. Visit one of our branches, and our team will be happy to help you get started with one of our savings tools.
  • Don’t be afraid to seek help.  If you’re experiencing physical or mental health issues that stem from your financial stress, you aren’t alone. Don’t be afraid to reach out to your medical provider if you’re concerned about your health, and consider reaching out to support groups.