ways to reduce financial stress
Money is one of the top causes of stress in modern life. In fact, most adults feel stressed about their finances every day. Here are just a few of the many reasons why people worry about money: job insecurity, managing outgoings and debt.
So, how can you make sure you’re in control of your money, and your money isn’t in control of you? Read our tips below to find out:
Know your figures- How can you feel in control if you don’t know where you stand financially? Too many people fear checking their bank account, so they simply avoid it. By doing so, this often causes more anxiety. Start getting into the habit of checking your accounts regularly so that you can observe your spending and get to know your figures
Build an emergency fund – To achieve a more comfortable financial position you should have at least 3 months’ worth of living expenses in an emergency fund. Unexpected events always crop up requiring you to dip into your pocket. Car repairs, a new boiler, an unexpected bill; having money set aside for such emergencies is definitely a good idea.
Practice gratitude – “They say the grass is greener on the other side. But the truth is, if you’re taking care of your own lawn, you don’t even notice your neighbour’s.” Stop comparing yourself to others and feeling pressurised to spend money to keep up with the latest trends. Instead, learn to appreciate what you have and celebrate your own financial victories.
Manage your stress - Ongoing stress and anxiety can take a toll on your health, which is why it’s crucial to learn ways to cope with financial stress. Getting enough sleep, eating well, exercising and practicing self-care will help to boost your self-esteem and resilience, putting you in a better mindset to improve your financial position.
Talk to someone – Whether it’s airing your thoughts or seeking guidance, talk to a friend or relative who manages their personal finances well. Better yet, you could turn to a professional.
If you suffer from money-related stress and you would like further guidance on how to improve your position give us a call on 01633 987070, we’d be happy to help.
