Managing Your Stress About Money Worries

money worries

Reduce Stress About Money Worries.

Many, many people today experience some level of stress concerning money worries. This type of stress is of course very unpleasant but it can also have an impact on your health, your relationships and your future.

The truth is that stress is often more damaging than the actual financial situation. If you could reduce the stress so that you could think creatively and effectively about how to improve your financial situation, things would begin to improve quickly. Often getting sound advice from a trusted source can help you make good financial decisions.

Here is a discussion of financial stress and what you can do to reduce it and be more effective to improve your financial future.

money worries

Common Stress Experiences

The current financial stress, experienced by all of us, can create worry about how this stress may impact our life style, emotional well-being of family members, and future retirement plans. We are not alone in this experience. To experience stress from such economic change is normal.

A recent survey conducted by the American Psychological Association indicates that as many as 8 of 10 Americans are stressed because of money concerns. In addition:
50% stressed about their ability to provide for the family’s basic needs
56% concerned about job stability and work load
60% feeling angry and irritable
53% feeling fatigued
53% say they lie awake at night with worry
47% are having headaches
35% are with an upset stomach
34% report increased muscle tension due to stress.

Behavior Changes That Can Help Reduce Anxiety

Keep in perspective that the U.S. economy has always experienced good and bad times. Past history suggests that we weather these economic downturns, and collectively come together to solve the problem. We want to remember we do have some control over our lives, and focus on those things that we can control.

Stop blaming “THEM” and take charge of your own finances.
Focus and emphasize what you can control.
Assess your current financial situation. What does your real financial picture suggest?
Can you maintain your current spending levels?
Prepare a current spending budget. Where do you need to adjust or shift financial priorities?
Talk as a family about money matters, i.e., what is possible what is not possible.
Decrease anxieties by turning off the television or stop reading articles about financial crisis in the newspaper. Too much gloom interferes with forming a realistic perspective about our lives.

Modifying “Faulty Thinking”

The less we think in negative terms about our money and financial security the more we will be able to cope with our stress. Negative or faulty thinking can lead to becoming indecisive and stop our ability to look at our money concerns in a realistic way. Unrealistic thinking about our finances can keep us in distress. When we can modify negative or faulty thinking around money concerns we are better at creating a more realistic perspective about our financial situation.
– via www.hr.duke.edu

Dealing With Debt

At some point in most people’s lives they have to deal with the issue of debt. There are a number of ways that people approach this subject. Some are healthy, others not so much.

Financial stress often is rooted in a sense of lack of control over your own finances and life. The truth is that by taking careful steps, you can regain control over your finances and work your way to a better future.

Here is a look at the cycle of debt and how to come out on the other side of debt healthy and happy.

Money helps shape the contours of our day-to-day lives. It dictates where and how we live, what and how much we buy and, to some extent, our position in the social order.

Money is also intimately linked with our inner lives. Its presence, or lack thereof, has profound physical, mental and emotional repercussions. Perhaps in more ways than we would like to admit, money has tremendous power over us.

It’s rare for someone to never have money problems. Trouble happens: jobs disappear, marriages fail, people get sick, homes lose their value and bills pile up. No one is immune. One day we find ourselves in the middle of a financial emergency, left to deal with an array of material and psychological consequences.

Responding to Debt

Some money problems are self-inflicted. Behavior patterns that compel someone to spend without restraint, or misuse money in a way that is self-defeating, can drive that person into debt just as certainly as any financial emergency. Regardless of how someone gets into debt, once there, being in debt can trigger unsettling emotional responses — especially if the debts are perceived as unmanageable or overwhelming.

Denial

And yet, for some people — even those under crushing debt — their initial reaction to being in debt is denial. These debtors simply find it too difficult to face the frightening financial facts, so they continue to spend compulsively while ignoring their deteriorating economic condition. They put off dealing with their problems until some outside event — denial of credit, threat of foreclosure, legal action, pursuit by bill collectors — forces them to change their lifestyle and begin making some long-overdue decisions…

Relief

To find relief, a person in debt needs to take practical steps to deal with the financial underpinnings of the problem. Whatever circumstances may have plunged you into some uncomfortable level of debt, you have two major choices to consider:

How are you going to deal with the challenges to your financial stability? And how will you handle its effects on your emotional life?

The way you answer these questions will set the tone for the health and well-being of your bank account, your personal life, and your family’s future. A financial counselor or a mental health counselor can help you chart a path to a healthier future. – via Debt.org

Have you ever dealt with money worries? What steps did you take to get your finances in your control and gain a sense of peace?

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