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Everything You Need to Know About Managing Financial Stress

Managing Financial Stress

We all make financial blunders and mistakes. Part of being an adult is learning from these blunders and not repeating the same actions again and again. If you find yourself continually spending more than you earn, you need to take a hard look at where your money is going. Write down every amount that comes out of your checking account or is charged
to your credit card.

Financial stress is prevalent in all walks of life. Even though financial stress is common, this doesn't mean that you can't do anything about it. At some point, you have to face the reality of the situation and work to fix it.
Here are some action items you can take if you find yourself on the
verge of financial ruin and in a dire financial situation:

  • Track Everything You Spend:
    You can do this by using a basic (free) spreadsheet on your computer or by writing down the charges on a piece of paper. Try to avoid the software that automatically records your electronic charges and instead, write down each transaction so you can think
    in terms of real money.
  • Determine Wants from Needs:
    Once you see where the money is going, start figuring out where you need to cut spending. Start with the easy items.
  • Look at Large Ticket Expenses:
    Look at each of your monthly bills. Are there ways you can cut back expenses in each category? For example, can you find more affordable auto and home insurance? Compare the rates you are paying with other companies.

Do not avoid financial messes: they will not go away on their own. Once you have taken care of your debt, try to remember how you felt when you were amid financial stress. Do everything you can to live within your budget; you will find yourself sleeping better and relaxing more.

For more information on financial relief, access the full article click here.

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Other useful links to learn more about the financial relief:

  1. https://www.helpguide.org/articles/stress/coping-with-financial-stress.htm
  2. https://www.360financialliteracy.org/Topics/In-Crisis/Recovery/4-ways-to-manage-financial-stress
  3. https://www.purdue.edu/newsroom/purduetoday/releases/2021/Q1/mental-well-being-inherently-connected-to-financial-wellness.html
  4. https://www.enrich.org/blog/data-shows-strong-link-between-financial-wellness-and-mental-health