The American Psychological Association estimates that approximately 62% of Americans regularly deal with financial stress, according to their 2017 survey on stress. Whether it’s balancing a budget to support a family, managing resources needed to maintain one’s routine after a financial hit, or being able to afford basic needs, financial stressors are a consistent and often unspoken part of the landscape of stress.
Money talk is often wrapped up in silence and shame, which can perpetuate feelings of inadequacy or hopelessness. You don’t have to discuss finances with everyone, in order to make intention space and time to create an intentional financial plan. Whether your dream is being able to feel security paycheck to paycheck or to afford that dream vacation you’ve always wanted to go on, spacing out financial choices and looking at your wants and needs from a bigger picture framework (one that accounts for realistic challenges, unexpected spending and other key factors) gives you the playing field to dream big and maintain willpower, which, the APA suggests, can be easily depleted when making back-to-back financial decisions.
Here are some tips for living well within your budget and maintaining practices that help reduce financial stress and create proactive planning:
–Don’t Give Up On Your Dreams. Just because you can’t afford something you dream of right now, doesn’t mean it’s time to give up on it entirely. Research shows that tracking spending is a key tool for managing money. Think of how to make sacrifices, such as eating out less, to do more of what you want in the long-term.
–Identify Your Financial Triggers. We all have a relationship with money, but we don’t often talk (or think) about it. Write down the things that stress you most financially and your greatest financial weaknesses or bad spending habits. If you’re having trouble managing debt, or paying bills, consider speaking to a financial advisor. Generally, the initial meeting is free and can help give you tips that can help you long-term. Writing what you a plan and maintaining habits around it is a key factor to reducing stress.
–Manage temptation and key your eyes on your goals. Whether it’s drinking, smoking, or retail therapy, making sure you’re intentional about your behaviors and identifying the greatest stressors for you financially can help you make choices that don’t create more-long term stress or other adverse effects.
–Remember what’s priceless. Though day-to-day finances can be extremely stressful, remember what’s priceless: friends, family, community and connection. Make your own holiday gifts. Suggest alternative ideas to eating out, such as cooking together, hiking and exploring community events. Surround yourself with people who support your goals and help you what is priceless.