Feeling Financial Stress? Take These 9 Steps

Whether you’re worried about your financial future, dealing with a layoff or simply anxious about your spending, it’s easy to get stressed about money. But there are healthy ways to manage financial stress. These nine tips can help you feel more confident and in control of your finances. And if you’re looking for a professional to talk to about your finances, reach out to Farm Bureau anytime.

1. Spot the Specific Stressors

Take some time to think about why you’re stressed. Do you have a lot of debt? Nothing in savings? Are you obsessing over every expense or ignoring bills until they pile up? What’s financially impacting you? 

Everyone manages their money differently, and it’s likely you can zoom in on what’s causing your stress. Once you’ve identified the root of the problem, you know what to tackle first.

1. Learn About Money

You may be stressed about finances because you were never taught about managing money. If that’s the case, take some time to explore websites, podcasts or videos about budgeting, investing, cash flow, net worth, saving for retirement and more. Knowledge can help you feel in control. 

1. Organize Your Finances

You can’t solve problems if you don’t know what they are. Track your income, expenses, savings and debt. You may want to use software or an app like Wallet by BudgetBakers, Rocket Money or Simplifi. Or, set up your own spreadsheet or paper-based system. Having a better understanding of your income and expenses can lower your money anxiety.

1. Create a Budget

If you don’t love the idea of a budget because you think it’s restrictive, instead think of it as a plan to put money toward what matters most to you. By making a plan, you can be sure you are adequately funding the most important goals or areas of  your life.. Be sure to make your long-term financial goals part of your budget. Treat your budget as an ongoing project, not a rigid set of rules. Adjust your budget regularly based on what makes sense for you.

1. Be Patient

Whether you’re tackling debt, building an emergency savings account or working toward long-term financial goals, it’s going to take time. Don’t get overwhelmed by the size of what’s ahead. Divide your goals into manageable pieces and track your progress so you can celebrate success along the way. 

1. Schedule Your Sessions

Review and modify your finances on a schedule that makes sense for you. You might want to spend a few minutes a day reviewing recent expenses, an hour a week paying your bills or a few hours a month analyzing your budget. Block off that time, and if you find yourself worrying about money at other times, make a note of your concern and address it in your next financial session.  

1. Don’t Make Comparisons

Everyone has their own financial priorities and sources of income, and you probably don’t know all the details of other people’s situation. Comparing yourself to someone else, whether that’s friends, neighbors or online strangers, will only add to your stress. Focus on your own finances.

1. Lean on Stress Management Techniques

Strategies that help reduce stress in general can help when you’re stressed about money. Take care of yourself by exercising, choosing healthy food and getting plenty of sleep. Meditation, mindfulness, deep breathing and spending time with other people or on hobbies can also help.

1. Get Professional Help

You don’t have to face financial stress alone. By working with a financial advisor, you can manage your money so you feel calm, confident and in control. Reach out to a Farm Bureau professional today to learn how we can help.