(877) 236-6828 sales@benovate.com
MEMBER PORTAL LOGIN

Understanding and Preventing Financial Stress

Meghan Hatalla

Benovate’s Expert Blogger

Financial Stress

Financial stress is no small thing. Nearly 72% of Americans are stressed over money sometimes and 22% are extremely stressed. The effects of stress are well-documented, from depression to heart issues, and as the cost of living and education rise, more and more Americans are subject to financial stress.

Adding to the complexity of the issues are the differences in how people view and learn about money. It’s not as simple as sticking to a budget or cutting back on luxuries. And more often than not, stress over money leads to coping behaviors that exacerbate the issues (i.e. smoking, drinking, overeating, etc).

The good news is that financial stress is manageable. Learning how to implement various coping strategies can help anyone feel more in control of their finances, thereby reducing stress and planning for a better, more secure future.

Here are 4 Strategies to Help Deal with Financial Stress:

1. Understand Debt

Debt is the original vicious cycle.  While useful to help invest in a future, like a house or an education, it’s tempting to sign up for a credit card that could get you a new outfit or vacation now instead of saving for it. Start out by learning where your debt is coming from and take a good look at the terms and interest rates. This will help you learn what to pay first. It may help to talk with a financial professional to learn how to extricate yourself from the debt cycle and develop simple habits to stay out of it.

2. Know When You Need Money (and How to Get It)

Financial stress usually stems from feeling like you don’t have enough money. While you may just need to take an honest look at your spending and  find areas to cut (like the morning Starbucks run), it might be worthwhile to consider increasing your income through a part time job, turning hobbies into money-making endeavors, etc. You could also work on increasing the value you bring to your current company. Look for opportunities to advance and work on expanding your skills or learning something new that will help move you up the ladder.

Are You a Member?

Log in to Benovate to earn your points for today, and to find more ways you can help manage financial stress.

Don’t have access?  Talk to your employer about getting started.

3. Learn to Live On Less

Living paycheck to paycheck is enough to stress out anyone. Start to develop some comfort with budgeting and living within your means. Make a list of things that you need and things that you want. Can you reduce or cut out spending in the “want” category? It can feel empowering to take control of your money and to reward yourself by paying off a credit card or building up a savings account.

4. Engage in Stress Management Strategies

While you’re focused on getting finances in order, don’t forget to take care of yourself as well. Creating a low-stress lifestyle while getting finances in order is ideal to see benefits from both sides of the coin. Look up breathing techniques, guided imagery, exercise, music therapy, organization, all kinds of things we can do that are both low-cost/free and reduce stress.

Take The First Step!

These tactics for managing financial stress are great first steps. But know, that depending on your debt load, professional help from a financial planner or credit counselor can be a great option as well.  Check with your bank to see if these services are available for free or low cost.

The bottom line is: don’t let financial stress run your life. It is 100% manageable in one way or another.

What strategies have you developed to help manage finances stress-free?

Why Unplugging Can Save Your Relationship

The tiny computer that fits in your pocket may be damaging your relationship, and there is growing evidence to support this…

5 Ways Springing Forward Can Affect Your Health

Springing forward is more than losing an hour – Supported by scientific research, here are 5 ways hitting fast-forward can hurt your health…

4 Personal Finance Books to Read This Year

We asked and you answered! Here are 4 personal finance books that have proven to be successful for Benovate members…

8 Questions to Ask Yourself at Every Point in Your Career

Design a happy life for yourself, full of career growth. Ask yourself these 8 career questions to discover exactly what you’re looking for in your career…

6 Heart Healthy Mistakes and How to Avoid Them

Heart disease is a leading cause of death for men and women. Learn how to recognize the symptoms through these 6 heart healthy mistakes…

Super Bowl Time!

It’s game time! These recipes will make Patriots fans and Rams fans agree on one thing; you can’t resist some good eats. Check out these five recipes to make your watch party a hit…

5 Benefits of Cutting Unhealthy Sugars Out of Your Diet

What’s the big deal with sugar? It might be tasty, but here are five health benefits of saying goodbye to unhealthy sugars…

New Year, New You: 7 Tips to a Healthier You!

Looking for more energy to start the new year? Use these 7 tips from Benovate and increase your dopamine production naturally to your energy, your mind, and your overall health…

Broke After The Holidays?

Are you suffering from “post-holiday financial hangover” Take charge and start getting your finances in shape for the New Year, with these five simple steps…

Spread the Holiday Cheer!

With thousands of families and individuals needing food, shelter, and love this holiday season, you and your family can give in a way that impacts the lives of others. Here’s are just a few ways to get started…

Want new articles before they get published?
Subscribe to our Awesome Newsletter.