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Dealing with the financial stress in your life

An astonishing 64% of Americans indicate that money is a significant sources of stress in their life. Finding ways to effectively handle financial stress is important because it can lead to health issues and other personal problems. 
What is the first step to deal with financial stress?
The very first step is really looking at the numbers to develop clarity on the exact status of your current financial situation.  Knowledge of your entire financial picture might help if you are having trouble in one area but doing really great in another area.
Who should someone talk to about their financial stress?
It can be a variety of different people, from family to friends to professionals. The number one criteria is to talk to someone that you trust and that can be a resource for you as you work to solve the problems causing your stress. If they have experience or contacts that can be useful to you will be an added bonus.
What type of professional help is available?
There are a wide range of professionals available from credit counseling to personal financial coaches to financial advisors that might be able to provide a framework for a plan to relieve the problems that are causing your financial stress.  Sometimes even your employer will offer workplace counselors that can help with all types of financial concerns.
What else should those dealing with financial concerns consider?
After understanding your true financial situation, develop a plan to relieve the most troubling aspects. This might require finding extra income, or taking a drastic step like a “spending fast” to get their planning kicked off with early successes.
What is the number one mistake made by those dealing with financial stress?
Without question, for those who are in a joint financial relationship it is blaming your partner. No matter the source of the money problems, placing blame will only create more barriers to actually being able to solve the underlying problems causing the financial distress.
What else should those dealing with financial stress avoid?
Falling into the trap of expecting a quick fix, becoming more depressed when results are less than expected and then using a spending spree to make themselves feel better. This sometime leads to the urge to give up and make rash financial decisions like raiding their 401k, or filing bankruptcy or other tactics that might have longer term negative financial impacts.
Can creating other good habits help with financial stress?
Most certainly, research is conclusive on the fact that a balanced diet, good sleeping habits and exercise can all help us manage all types of stress.  Having a good response process for stress is a priority and helps us react appropriately.  Without these healthy avenues for dealing with stress, drugs or alcohol or some other addiction might be the avenue chosen to deal with financial stress.

Posted: 7/8/2016 with 0 comments

Categories: Financial, Money Matters, Relationships

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