FIVE WAYS TO SURVIVE FINANCIAL STRESS

Stressing about finance? You’re not alone. In fact, you’re in the majority.

?According to the National Financial Capability Study, a survey conducted in 2018, 60% of U.S. adults felt anxious when thinking about their personal finances. The economic uncertainty created by COVID-19 has likely made this percentage even higher.

?Fortunately, there are ways to help you deal with financial stress. If you do these five things, you’ll stress less about finances and have a more productive business. ?

?Stay Positive.

This might sound cliché, but your mindset is the most powerful tool you have in the fight against stress. If you don’t believe you can do something, it’ll never get done.

?A positive mindset is critical to managing your finances. “I’m never going to get out of debt” is a self-fulfilling prophecy. Whenever you have a negative thought about finances, try to catch yourself in the moment and change that thought to something positive.

?It’s not easy. But positive self-talk will give you the confidence and motivation to take back control of your finances.

?Track Your Spending.

If you’re struggling to make ends meet, you may think you can ease your stress by leaving bills unopened, avoiding phone calls from creditors, or ignoring bank and credit card statements. But denying the reality of your situation will only make things worse in the long run. If you can’t see where your money’s going, how can you manage your finances?

?One of the best things you can do to tackle financial stress is to keep a daily list of how you spend your money. Once you’ve documented your expenses, it shows you where the largest drains on your income are and how to cut down on excess spending.

?Create a Budget.

A budget is one of the best tools you can use to regain control of your finances. It allows you to determine when and how you’re going to spend your money and can help you find extra money to put towards debt.?

?Just like tracking your spending, a budget holds you accountable on how you handle your money and can help you break bad finance habits.

??Set Goals.

Goals motivate people. Everyone likes to feel the sense of accomplishment that comes from meeting a goal. If you’re trying to manage your finances and don’t know where to begin, try setting goals for yourself.

?While it may be tempting to leap into action with a big, ambitious goal, the most effective way to change your behavior is to start small. We have a much easier time meeting a goal – and sticking to it – if it’s a small one.

?For example, which goal sounds less intimidating? “I want to find a way to save 2,000 dollars this year.” or “I want to find a way to save 50 dollars this month.”?

?The second one, right? That’s because we don’t like change. We’re creatures of habit, and we like to stay in our comfort zones. The smaller the goal, the easier it is to adjust to, and the less likely we are to fail.

?Get Outside Help.

If you’re feeling overwhelmed, don’t hesitate to reach out to others for support or hire someone to help you manage your finances.

?Over the years, I’ve provided countless business owners with financial solutions tailor-made to fit their unique needs. If you’re looking for someone to guide you through the often-uncertain world of finance, feel free to set up a consultation with me to discuss your business needs.

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