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How to Handle Financial Stress

How to Handle Financial Stress

If you sometimes feel stressed out or anxious about your financial picture, you’re certainly not alone. The American Psychological Association has pointed out that nearly three-quarters (72%) of American adults are at least occasionally stressed out about money and finances [1]. Some are finding it more and more difficult to deal with everyday living expenses and obligations – especially when an unforeseen event enters the picture.

Stella, who just retired from her teaching job several years ago, just found out that her rental complex has new owners, and she’s either facing a sizable rent increase or the possibility of a major move. Stella is worried about how she’ll cope with these changes in the days ahead. 

How Do I Reduce My Financial Stress and Worries?

Take a Realistic Look at Your Financial Picture

Getting your thoughts out about how you’re feeling is a good start. Beginning a conversation with someone who cares might help clarify your needs and maybe point you in the right direction for additional support.

Perform a “Budgeting” Check Up … and Be Honest

Do you know where you stand regarding your bills and income? It’s important to have an accurate and up-to-date view of what amounts you need for regular bills and obligations. This important step gets you started on knowing your “monthly nut” needed on an ongoing basis. It also might reveal some problem areas such as high credit card charges and fees.  

Put the Power of Debt Consolidation to Work

In order to simplify monthly bill paying, consider a debt consolidation loan. Debt consolidation provides the funds needed to pay off potentially high-interest credit cards and loans while giving you just one monthly bill — with a fixed, monthly payment amount. This not only streamlines monthly bill paying but helps with the budgeting process as well. Faster and easier — a great combination to help reduce financial stress!

Finally, It’s Always a Good Idea to Count Your Blessings

It pays to develop an attitude of gratitude. Why not take a daily inventory of the people, places and things that are present in your life and foster a spirit of thankfulness for all that is working. Sure, some improvements may be necessary all around, but try to remain focused on the good parts of your everyday life. Try to appreciate these the most.

Let Us Help!

The “Friendly Franklin Folks” are here when you need us. Most likely, we’re right around the corner in your own neighborhood. Our doors are open (during business hours of course), so feel free to stop by and talk with us about your financial picture. Whether it’s providing better budgeting, emergency funding or a debt consolidation loan, we’re always here to help!

Click here to find your local branch.

[1] American Psychological Association, Stress in America: Paying With Our Health. Published February 4, 2015.