Learning to Deal with Financial Stress is an Important Life Goal
The past three years have been especially difficult, financially. This current financial stress – in most part stemming from the economic changes brought about by the coronavirus pandemic – is affecting people in countries around the world. People of every financial status: from low-income-earning families to wealthy families, are feeling some level of personal financial hardship and stress.
If you are dealing with financial stress, know that you are not alone – and then take the steps to properly cope with the stress. Take note that any coping lessons you learn during this difficult financial time will be part of your mindset in the future: dealing with stress the right way is a goal we all need as part of our lives!
Proven Stress-Relieving Techniques And Tips
We have some terrific ways to help you reduce the pressure you’re feeling from current (and future) financial stress.
So read on for various healthy and important financial stress coping strategies that you can use today – and that will become important “lesson-learned” life goals for your future.
Meditate or do some relaxing yoga exercises. If you don't already know any meditation or yoga relaxation techniques, they are quick and easy to learn. Do an online search and -- ta-da! -- learn beginning steps that will make a huge difference in your financially stressed period of life.
Talk it Out
The act of talking to someone else about a problem or stressor is, in and of itself, healing practice for your body and your mind. Talking stressful situations out – just saying them out loud and getting the worry off your chest – promotes the production of several calming hormones within your body. If you don’t feel comfortable talking about your financial difficulties with a friend or family member, reach out to a therapist, a financial counselor, or if you have an Employee Assistance Program at your place of work, reach out to them (these EAP Programs are meant to help you and they keep your information completely confidential).
Stay Hopeful! Learn to Be Optimistic About Finances and Life
Being hopeful and keeping optimistic doesn’t always come naturally, but you can learn how to keep hope in your heart and see the positive side of things -- even during times of financial distress.
It may sound odd, but it really isn’t – and research has shown time and time again that it works: smile, or laugh out loud, when a stressor or negative thought raids your mind. The simple act of smiling or laughing automatically produces endorphins in your body. Smiling, laughing, and having feelings of optimism also lower your heart rate, steady your pulse, and – quite simply – make you feel better.
It doesn’t matter if you are “faking” the smile or the laugh or the optimistic outlook. Your body still reacts in the same positive way. This is a great little trick to incorporate into your life for any stressful situation!
Letting off steam by enjoying family fun doesn't have to cost any money. And it's a wonderful way to relax and reduce the financial stress you, and your family members, are under. Break out those family board games, go visit a park together and have a picnic, take walks or jog or take bicycle rides together as a family. Rest assured, these family-time activities will ease your stress and also create positive family memories
Set Financially Realistic Goals
Without any type of financial goal set for yourself and your family, stress increases because, without these goals, your financial situation and knowledge are basically floating in the wind like a thin piece of blank notepaper.
Set some financial goals and wave goodbye to major financial stresses. Knowledge is power, especially when it comes to your money.
Having a long-term goal is ideal, but if you’re already under enough pressure, then creating short-term financial goals works just as well. The simple act of creating these financial objectives will greatly help reduce your stress and help you to relax.
Make sure you eat well and healthfully. Avoid junk food binges that often accompany stress and opt for vitamin and protein-rich foods.
Take walks and participate in other types of exercise. Exercise is a proven stress reliever!
To begin setting your financial goals, simply start with deciding how much of each paycheck will be placed directly into your savings. Starting with a small amount is just fine; the important thing is that you just start! You can also think about an amount taken from your paycheck to be set aside for debts. Again, a small amount is fine. It’s the action itself that is most important for your life goals and for money stress relief.
Make a Budget, and Stick to It
Are you ready to help your financial state now, next month, and for years to come? Of course you are!
Utilize the coping strategies discussed above and start making your financial budget. Budgeting is a crucial finance-related life goal. All you have to do is start; we know you’ve got this!
Deal With Each Financial Stressor One at a Time
Today, more than ever, debtors have a variety of “wait to pay” solutions. So make some phone calls, and don’t avoid or ignore what’s in front of you. You’ll be SO happy you spoke to those companies you owe money to and are stressed over!
Important note! You are already overwhelmed, so don’t increase that stress by calling companies about, or dealing with, your financial issues all at one time. Spread your phone calls to debtors out over a period of days. Furthermore, work out situations with those you owe in a way that ensures you spread out any payments decided upon. For example, don’t make promises to your debtors where you end up having to pay out debts within one week. Ensure you spread agreed-upon payments out over a month or more. It can be done! And you CAN relax!
Financial Stress in 2023: How to manage our finances in a time of crisis
KeyBank’s 2023 Financial Mobility Survey shows Americans are in an increasingly difficult financial position as we enter 2023:
- 55% of people faced financial challenges over the last year, a substantial increase from 2021 when the number was only 37%
- Federal Reserve data released this week show consumers increased their borrowing by $28 billion in November.
- More people have experienced a loss of income, fewer feel financially savvy, and burnout is rising among younger respondents.
Debtry is Full of So Much More Financial Info You Can Use!
Our information-filled Debtry – part of our Goalry mall – is custom-built to help you relieve your financial stress. Find articles and blog posts and expert advice all in one place. You’ll also discover easy-to-use tools for budgeting, debt payoff planning, financial goal setting, and more. You need “easy” in your life, so we happily provide it for you!
Debtry gives you the “big picture” view of your financial life. No sweat; just stress-free financial fitness at your own pace.
Need Extra Help Managing Your Debts? Meet Debtry.
How Financial Stress Can Impact Your Health and Wellness
When we are stressed out about money issues (or any other life issue) we tend to worry more -- and take care of ourselves less.
This lack of self-care only increases the mental burdens and stress hormone production in our bodies, while reducing the essential wellness and health-promoting hormones we need to feel good and stay well.
Taking care of our minds and bodies helps us better deal with pressure and allows positive immune system -- and other body functions -- to keep flowing within us.
Final Thoughts
You may be experiencing stress and fear about your current financial situation and debts, but know that your money problems will not last forever. Especially if you take action!
Even the smallest action to help achieve your present and future money goals, such as a budget-beginning, phone calls to debtors to arrange payment amounts and timelines that are workable for you, socking away even a bit of your paycheck towards savings and debt-paying ALL add up to financial stress relief.