For most Americans, financial worries are a significant source of stress. Many of us are deeply in debt, and fights over money are one of the most common causes of divorce. Financial stress can impact everything from our mental health to our relationships. For most of us, financial problems luckily never go so far as bankruptcy or severe illness… But you might still lose sleep at night, as you worry about money.
Since stress can greatly impact all areas of your life, we want to help you address these worries. Try these four methods to address your financial woes, and get your money concerns under control.
Talk it out. Most fears seem larger, and more severe, when we bottle them up. Talk about your fears with your spouse, a trusted friend, or a therapist. You can identify ways to cope with stress in general, and getting your fears out in the open will help you begin the process of overcoming them.
Make a plan. Gather all of your account statements from the past few months, and analyze them to see where you’re spending money. Are there ways you can cut back on spending? That’s the first step to getting out of debt. You might consider credit counseling or even a consolidation loan, but also remember to cut up your credit cards (except one or two for emergencies and credit-building purposes). Otherwise, you’ll end up going right back into debt again.
Generate more income. After paying for necessary living expenses, you should also be saving for retirement and getting out of debt. If your finances are really tight, and you can’t accomplish these goals, you might need to generate an additional stream of income.
Seek help from an advisor. Those who get sick visit a doctor, and those with legal problems consult an attorney. Money issues are no different. Seek help from an advisor and you can get your money woes under control once and for all. Give us a call, and we’ll be happy to help you analyze your budget, make a plan, and get yourself on better financial footing.
Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.