6 Helpful Tips for Minimizing Financial Stress
Financial stress covers any type of anxiety, fear, or worry about finances. It refers to emotional stress but also physical stress as well, manifested in everything from fatigue and insomnia to headaches.
In a recent poll conducted by the American Psychological Association, 84% of Americans said they feel financially stressed. The generations most stressed by money are Millennials (75%) and Gen-X (76%).
There are ways to cope with financial stress, and in this post, we’ll tell you how.
Here’s How To Cope With Financial Stress
1. Make a Budget And Monitor Spending
A big source of financial stress may come from a basic lack of awareness of what you bring in each month and what you are spending. You may not have a budget because you’re trying to ignore some basic issues with your spending habits.
When you create a new budget — and one that reflects your lifestyle and future financial goals — you’ll feel more financially secure and have far more control over your livelihood. Don’t forget to track spending to keep tabs on what you can improve on and what’s causing you to miss some fundamental goals.
2. Don’t Be Afraid To Ask For Help
Talking about money is tough, especially when you’re feeling ashamed or experiencing financial stress. Set that aside. Instead, reach out to a friend or family member who can listen to your financial issues without judgment and has the experience and time to offer advice.
In addition, consider working with a professional, such as a financial planner or financial advisor. Sometimes solving a financial problem is outside your realm of expertise and experience and that’s OK. A financial advisor can look at your needs, challenges, and financial numbers to not only pinpoint the top causes of your financial stress but come up with a solid plan to move forward.
3. Take On Your Debt
The average American is over $90,000 in debt, according to a recent CNBC report. That covers everything from student loan payments to credit cards and mortgages. Debt that stays with you throw the years and accumulates can be a major source of financial stress — and one of the most common financial challenges to put off.
When your goal is to financially destress, make creating a debt repayment and eventually elimination plan a top priority. When creating a budget, be sure to list your total debt and all your sources of debt and come up with a realistic plan to start chipping away at it. Perhaps approaches such as debt consolidation or mortgage refinancing are right for you or maybe it’s paying off the most pressing debt burden first and then moving on from there. Just do it.
4. Prioritize Savings
The average American reports having less than $1,000 in savings — and that’s if that have any savings at all. Savings can be the key to tackling your financial stress for good. An emergency savings fund can help you overcome financial emergencies or help you pay down debt. Savings should also be part of your long-term financial goals if you intend to retire comfortably. Create an automatic savings fund and explore all the savings options at your disposal, including a 401(k).
5. Automate
The sheer number of your bills and bank accounts can lead to major financial stress. Instead, make your life easier by setting up automatic bill payments that ensure you’ll cover everything in a timely manner, but also consider setting up automatic savings account with a certain portion of your income going into it each month.
See Related Article: How To Improve Your Mental Health And Get Financially Fit
6. Consider All Your Options
Smart money management means considering all your options to conquer your financial stress. A title loan in Louisiana is one option to get yourself back on your best financial footing by helping you take care of a financial emergency.
A title loan in Louisiana uses your vehicle’s title as collateral in exchange for a loan to be paid off over time. You get to keep your car for the duration of the loan. It can take as little as 30 minutes to quality for a title loan up to $1,400 at Cash Cow.
Simply fill out the short title loan in Louisiana inquiry form on our homepage. A loan representative will give you a quick call to discuss the title loan’s required items and guide you through the rest of the quick process. Once you qualify and are approved, you get the cash you need the same day or the next business day.
Get Started Today
Help combat financial stress with the option of a title loan from Cash Cow in Louisiana. Start with filling out a title loan online form, give us a call, or visit one of our many locations near you today. We’re here to help.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.