How Can I Learn How to Manage Financial Stress?
Learning how to manage financial stress on your own can be difficult, especially considering the current state of the economy. Mean rent prices recently rose over $2,000 a month for the first time, which is a 15% increase since 2021. Whether you are struggling with your rent, paying bills, or even managing your basic household expenses, it’s easy to get financially overwhelmed.
While it can take time to get your head above water again, in the meantime, keep reading to learn more about some of the following ways you can manage your financial stress and stay on top of your money!
Let Go of What You Can’t Control and Take Control of What you Can
First and foremost, learning how to get go of what you can’t control is the first step to taking control of what you can in your life. Understanding the difference between these two concepts is how you can place yourself in a higher position in your life and effectively manage both your finances and emotions.
While it is frustrating for many Americans to experience a shift in their rent, and inflation is affecting the cost of living across the nation, it isn’t something that you personally may be able to control. Naturally, the next step is learning how to live with it and identifying the sources of financial stress in order to create a plan to address them. If this is a short term issue, consider a stopgap like a title loan to help you weather the storm. If this is going to be a long term adjustment, follow the steps written here to take back control of the situation.
Reduce Your Expenses
Next, learning how to reduce your expenses should be the first step to creating a plan to manage your finances. You don’t have to cut back on every luxury item in your budget, but you should have a tighter budget in place to give yourself peace of mind. For example, if you’re paying for multiple streaming services, consider consolidating and choosing just one that you’ll rely on for late-night movies. Additionally, while the old advice, “taking your lunch to work to save money,” can be tiresome, it does have validity because it can help you plan your groceries more efficiently and help you create less waste, which can mean more money in your pocket at the end of the month.
Reach Out to People You Trust
Although financial stress can seem isolating, you don’t need to go through this alone. Make sure to reach out to your close friends and family in order to create a solid support system. Your loved ones can help you talk through your worries and provide valuable advice, especially if they’ve been through a similar situation.
Make a Spending Plan
As mentioned above, a budget is necessary to manage your finances and stay on top of your money. If you don’t have a budget already, you need to make one and plan your money each month! That means tracking your spending habits through apps like RocketMoney or Goodbudget. When you can see where your money is coming from and where it’s going throughout the month, planning for the future and your current expenses becomes easier.
Practice Self Care
On top of budgeting and communicating with your loved ones, make sure to set some time aside each week for self-care, whatever that looks like for you. If your version of self-care is reading a new book every month, try going to your local library instead of a bookstore to save money. Or, if your version of self-care is a face mask at night, make sure to set a Google Alert for those Ulta sales on face masks to save money on this treat! Being kind to yourself when experiencing financial stress doesn’t have to be expensive.
Consider a Second Job if Necessary
After all of these ways to manage stress, if you still can’t seem to get back on your feet and lower your stress levels, then it may be time to consider getting a second job to earn some extra income. However, whether you are planning on freelancing or waiting tables on the weekends, make sure that your second job isn’t overlapping your current job. Additionally, having a second source of income shouldn’t stretch you too thin, because that can easily impact your mental health in a negative way.