Overcoming Financial Stress

Few people are fortunate enough to have not experienced financial stress at some point in their lives. Many of us struggle with saving money, adjusting to economic challenges, and building financial security. The good news is there are solutions to improve your ability to save and create a nest egg for the future. These steps can help you overcome financial stress without getting in too deep.

Identify the Financial Challenges You Face

Write them down on paper — and make sure to list them all. Common financial challenges include the following:

• Too much debt

• Not enough savings

• No cash for emergencies

• Behind on your retirement savings

• Can’t afford to send your kids to college

• Can’t afford home maintenance expenses

• Medical bills

You may be facing more than one of these challenges. Or you could be facing a different type of financial challenge altogether. The key is to put a name to the challenge or challenges you face so that you can work toward a solution.

Work the Problem from Multiple Angles

The good news is most financial challenges that cause stress tend to have multiple solutions. The more angles you work to solve the problem or manage your financial needs, the quicker the resolution and relief from financial stress. For instance, if you need to boost your savings, view ways to both increase your income and decrease your expenses. Some ideas include:

• Working extra hours

• Asking for a raise

• Picking up a side gig

• Eliminating expenses

• Selling off unneeded or unwanted items

• Consolidating debt to save on interest every month

Working the problem from multiple angles can yield faster results and greater financial freedom for you and your family.

Approach the Problem Realistically

One of the biggest challenges in addressing a financial problem is creating false expectations, which can leave you feeling disappointed and defeated.

The truth is (with the exception of sudden medical bills from an accident, illness, or injury) you didn’t get into your current financial situation overnight. It’s going to take months, maybe even years, of sustained effort to solve the problem and eliminate the financial stress in your life once and for all.

Be Consistent in Your Efforts

Consistency is the key. Keep making those small steps toward your financial goals. It will take time. You may even become discouraged or experience setbacks along the way.

The point is to continue moving forward, acknowledge mistakes along the way, and learn from those mistakes. But every step you take toward your ultimate goal is a step in the right direction.

Ask for Guidance

For many people, this is the most difficult part. If you aren’t sure where to begin in your efforts to get on a better financial footing, asking for help may be where you need to start. Contact Freedom First today to speak with someone on our team!