Do you know what the top stressor is for most people? If you guessed money, you’re right on point. People worldwide claim there are few things in life that are more stressful than financial difficulty.
It’s hard to be an involved parent, best friend, or engage with life in general when you’re under financial pressure. Your mind is constantly mulling over money woes, and it isn’t likely to stop until you do something about your financial stress.
Fortunately, there are many different things you can do to mitigate financial stress and lessen the negative impact on your life.
Financial stress can also prompt physical symptoms like loss of appetite, insomnia, headaches/migraines, stomach and digestive issues, muscle aches, high blood pressure, and a weakened immune system.
Furthermore, younger generations especially struggle with finances, which isn’t good for our economy or the future generation of kids. For example, Gen Zers generally don’t pay too much attention to savings, as much as older generations do. They may be hesitant to take on large debts, but that doesn’t stop them from experiencing high levels of financial stress due to uncertainty in the world and a lack of financial literacy.
Ultimately, managing your financial situation is essential because no person on Earth deserves to go through any of the struggles mentioned above due to financial stress. The more people we have who are financially free, holistically healthy, and responsible, the better.
With these adverse effects of financial stress in mind, you’re probably wondering what you can do to manage it successfully and improve your situation.
Effective Ways to Better Manage Financial Stress
Ready to better manage your financial stress? Here are three ways to do so effectively:
Find a side hustle
One of the best ways to manage financial stress is to find a side hustle. Finding a way to bring in additional income can help you pay off debt faster, increase your savings, and give yourself a permanent break from stressing over your finances.
First, be sure you’ve mapped out the entire scope of your financial situation. Find out what your total amount of debt is and determine your goals for savings, retirement, and so forth. Doing so will help you decide what kind of side hustle to take on and how much you actually need to make from that side hustle to help your financial situation.
Learn to budget effectively
A budget can help you learn to live below your means, save in the best way, and manage your debt. Learning to budget effectively can also help you become more self-sufficient and, in turn, improve your financial situation.
You can find budget templates online or create one of your own. Then, calculate how much you bring in each month and your monthly expenses. Whatever is left over after paying your monthly expenses, designate amounts to savings, retirement, and your plan for paying off your debt.
Also, don’t get down if you don’t adhere to your budget right away. Instead, keep chipping away until you become consistent with it.
Be patient, lean into any resources you have, and take care of yourself
You won’t conquer your financial stress in one day, so you must be patient. You’ll also want to lean into any resources you have and get creative about paying off debt and moving toward a better financial future.
For instance, if you have a car, you know all too well how stressful car trouble can be. Do what you can to avoid such an expense when money is tight by using some budget-friendly ways to improve your car's performance, like investing in a good set of tyres and premium oil.
Financial stress is highly taxing on your physical, mental, and spiritual health. But if you manage it effectively, not only will your financial situation begin to improve, you can also keep your holistic health intact. So, implement the tips above to manage your financial stress better and be well on your way to financial and emotional freedom.
This article was kindly written and contributed by Katie Brenneman.