Say Bye-Bye to Money Stress
BY BETHANY HEITMAN
Do you say a quick prayer before checking your bank account balance? Or maybe you toss and turn some nights, worrying about whether you’re putting enough money into your 401K each month. Whatever your money worry is, know that you aren’t alone.
Study after study has found that money is the number one thing that causes people anxiety. And these money worries can have a pretty gnarly effect on your mental and physical health. Woes about moola have been found to raise blood pressure, inhibit sleep, cause migraines and even compromise your immune system. But that’s not all. It can also put a strain on your relationship and put you in a constant stressed out frame of mind.
Thankfully, there are things you can do about it. While everyone’s financial issues are different, these tips have a tendency to help everyone.
Photo by Manny Moreno
Make a Budget You Can Actually Follow
When you’re in the middle of a money freakout, it may be tempting to come up with a super strict budget. But, you know how when you try to swear off desserts forever and then wind up binging on a pint of ice cream within a week? The same thing can happen with money. If you unreasonably restrict yourself, it can lead to a pretty bad binge.
You are much better off setting yourself up with a realistic budget. For example, rather than saying you are going to stop buying coffee and will instead make it at home—budget for a fancy latte 2-3 days a week and then make your java at home the other days. By leaving some fun money in your weekly expenses, you’re much less likely to go on a spending spree—and then the worry spiral will start all over again.
Slow and Steady Wins the Race
Sure, it would be great if you could triple the amount in your savings account within the next few months. But is that actually possible?
When you set goals you can’t achieve, you’ll stress over the fact that you aren’t meeting said goal. Instead, set smaller, realistic ones. If you want to save money, start by promising yourself that you’ll put a small amount into savings each week. Try that for a month or two and see how it feels.
If your budget feels too tight, scale back. If you’re feeling pretty comfortable, go ahead and increase the amount you’re putting in. By starting slowly, you’re able to really assess how these small money changes affect you and whether they work for your lifestyle.
Don’t Ignore The Issue
Money can be so anxiety-inducing that many people start to avoid thinking about it all together. Big mistake. If you ignore your credit card statements or throw your budget in the garbage, things will only get worse.
It’s all about finding a healthy balance. You don’t want to be focusing on money so often that it overwhelms you, but you also don’t want to put it on the backburner for so long that it creates a bigger financial disaster for you to figure out.
Ideally, you should check your bank account a few times a week and your credit card balance a few times a month. This way, you’ll never be surprised by what’s going on.
If you share your finances with someone (like a spouse), you should also have monthly check-ins. Not only will this ensure you are both on the same page and that there isn’t any surprise spending going on, it will help you understand each other’s attitudes around money and come to compromises when needed. For example, if you’re a spender and your partner is a saver—monthly check-ins can help you identify things you need to have deeper discussions about before disagreements erupt.
– By Bethany Heitman, Contributor
P.S. Remember that no matter what you're going through right now, you don't have to do it alone! There are others like you in our community, where we interact on a daily basis, fight our demons, share our victories, and watch over each other as friends and accountability partners.
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