Saving Stress and Money
If you are usually worrying and getting stresses because of money issues, you might take a little comfort in knowing that you are certainly not the only one. This is especially true if you are a millennial. Studies have shown that more than two third parts of the whole generation actually claim having moderate to high levels of stress generated by the amount of money that they earn or about being able to save money. It is also important to point out that these studies have also thrown the fact that only half of the general population says to present the same levels and causes for their stress. Furthermore, this situation is getting worse since these financial problems are piling up affecting many aspects of their lives negatively. 28% of the millennial generation assures that their financial problems have direct influence in their work performance; 23 % get ill physically; 18% present depressive symptoms and 24% claims that their situation brings problems with their beloved one.
Financial Therapist at the University of Georgia and president of the financial therapy Association— it is a professional group that focuses in the emergencies presented on this field, Megan Ford, says that stress does not exist in a vacuum and that it is able to permeate different and multiple aspects of people’s lives. She also says that strees caused by financial issues can be toxic to people’s health, both physically and emotionally and also to our relationships.
Nowadays, it is no very difficult to find reasons to get stressed because of money regardless of the stage of your life. Stress about earning the necessary amount of money or saving money usually increases when people get near their retiring age. From your 30s, 40s, 50s, and even your 60s your expenses might take a turn to a very different direction, for example, from paying child day care to expenses for taking care of aging parents. For 18 to 34 years adults, which are the ones called millennial, having no information or knowledge about how to take the first step in order to assure you future final stability can be a huge source of stress.
Furthermore, dealing with the every-day financial challenges and expenses and thinking how to overcome them can put some weight on us. The financial phycology specialist Meghaan Lurtz says that it is a constant game of debit and credit that exhaust people in an emotion, physical, cognitive way. She also states that when you spend your whole day thinking about expenses and savings, even if you are managing to get around, you will definitely feel scared and stresses out.
In addition, not only worrying about financial issues can stress you out but also getting money can put tons of stress on you. Since sometimes people react with stress, anxiety, and fear towards money. For example the way you grew up experiencing how your parents dealt with money and how you perceived the idea of money during the early stages of your life.
The very first thing you need to do in order to understand and begin taking actions towards managing your finances in a more emotionally healthy way is recognizing that you have a problem and seriously contemplating the way you feel about that. Ford says that when we first begin understanding, and identifying the origins of this issue, we will definitely be in the right path towards taking the necessary steps in order to maintain your stress levels under control.
As an example we can say that if you saw your parents struggling with financial difficulties during your childhood, you will more likely face the same kinds of fears and hence tend to struggle finally since this is the way you grew up and such behavior is usually engrained into our personality. So you might feel unconsciously more stressed when you are around money, when you think about money, and even showing insecurity when expending money. Or, on the contrary, if you grew up immersed in an environment full of wealth and commodities you might find it difficult to be able to give up living above certain levels of financial stability meaning that it is highly possible for you to experience problems with your credit cards by having difficulties when try to pay for them.
Regardless of your personal situation, coming up with a solution for your financial struggle starts by making inventory of your assets, debts, income, and expenses. You just have to get a grip on your financial life for real, says Chantel Le Bonneau Stewart who is certified financial planner based in Los Angeles with northwestern mutual. She also says that by doing this you will at least have the proper information in order for you to begin making choices.
The very next step that you have to take towards controlling and easing your financial-caused stress is prioritizing and setting financial goals. It is usually challenging to be able to cope with all the demands on your income, so knowing for really what the causes of your financial anguish is will greatly help you make the right calls in order to achieve the financial stability that you have been looking for so long. This will give the chance to assess the options you have and decide what is the most important for your financial conext and how you can improve it. So if for example growing up surrounded by financial struggle from your parents has induced you a fear towards money, then your priority should be creating a saving box in order for you to feel less worried and be prepared just in case something goes wrong. If, one the other hand, you would not like to give up on treating yourself from time to time, you should create a saving box as well but this one will be destined to covering those surprise expenses that sometimes show up when you feel like spoiling yourself a little bit. These are just some ways in which you can take control of your financial life.
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