Anyone who has expenses to pay can tell you that managing personal and business finances can be stressful, but part of taking care of your mental health is managing stress in healthy ways.
A 2021 study by the Global Financial Literacy Excellence Center (GFLEC) and FINRA Investor Education Foundation found that 60% of Americans aged 21 to 62 feel anxious and stressed when thinking about their personal finances. So, if you have similar feelings, know you’re not alone. There are ways to alleviate some of the stress.
We’ve compiled five tips to help you manage your financial stress when the going gets tough that you should keep handy beyond Mental Health Awareness Month. Check them out if you’re in need of some advice, or you can share with someone you know who might be feeling some financial anxiety.
Identify problem areas
The most important thing to do when financially stressed is to face it. Sit down, look at your statements, and see where your problem areas lie. Your statements have all the information you need to assess your specific situation and see what expenses can be cut.
Make a plan/budget
Get organized and make a plan. Budgeting is a simple concept that everyone should practice to manage their finances properly. Once you begin to identify what areas need the most work, then build a budget and plan to get a better hold of where you are spending. An important note is that once you’ve established a budget, stick to it. You may feel inclined to spend a few more dollars at times or splurge on some items but remember that is how you got in this position in the first place. Avoid temptation. If you buy a cup of coffee from your favorite coffee shop every day, you could easily spend $120 in a month or $1,440 in a year.
Deal with stress the right way
Sometimes, stress is not easy to manage. People deal with stress in different ways, too. It’s important to understand if your stress-relieving methods are harmful to your overall health or well-being. Make sure to seek professional help if you’ve found your stress to be unmanageable or dangerous to you or those around you.
Speak with a financial expert/coach
Meeting with an expert can help you have an unbiased, fresh look at your finances to provide the best advice for you. By providing your problem areas and goals for your finances, a financial expert can put you the right direction and in turn help mitigate your stresses.
Focus on you
Remember, at the end of the day, stress is mental and can take physical effects. Even if you find yourself making improvements in your finances, staying active, getting enough sleep and having a healthy diet are all things that will improve your overall well-being.
For more information about Amerant Bank or to reach a financial expert on our team, visit amerantbank.com.