For many Americans, money can be of the biggest causes of stress.
Since April is Stress Awareness Month, we’re sharing five tips for ways you can take the stress out of your financial planning.
- Don’t Ignore the Issue Pretending there is not a problem will only make things worse. When you recognize money is a source of stress, you can talk about it or write down your feelings, which can be the first steps to resolving the issue. After all, you can’t fix a problem if you haven’t acknowledged it.
- Get the Facts Equip yourself with information on the issue. Often time stress can come from a lack of knowledge on the problem or bad information. If you have student loans that are causing stress, learn how much you owe exactly and the different repayment options available to you. Whatever your source of financial woes, learning more about the problem can help you feel like you are in charge of the situation.
- Make a Budget Making a budget goes hand in hand with getting the facts! A budget can help you better understand where your money is going and plan where you need it to go. A budget is just a spending plan that will help you get control of your finances.
- Take Action Making a budget is a great first step in your action plan, but then you’ll need to stick to it! Create a list of goals and write them down to create a financial action plan. You can use our online calculators to help you determine what your goals are or download a mobile app to help you stay on track.
- Look on the Bright Side It may seem useless at times but staying positive has a huge impact on your stress. Instead of focusing on what you don’t want to happen, envision achieving your goals, which studies have shown can make your goals seem more attainable. You can also stay on the bright side by taking time to do things for yourself, like meditating, going for a relaxing walk, or watching a favorite movie or TV show.
Following these five steps will help ease financial stress. If you need help consolidating debt, paying your school, or starting a savings plan, we can help you get there. Become financially Zen!
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