Do you fear getting your monthly bank statement? Does it feel like there is a weight on your shoulders any time you think about money? Do you feel hopeless about your current financial situation? If so, you are suffering from financial stress, and you are not alone.
A 2013 study by Financial Finesse found that 83 percent of employees report some financial stress, with 16 percent saying it is high or overwhelming. Financial stress’s consequences aren’t limited to your bank account, either; it can translate into physical health symptoms, causing high blood pressure and other health issues.
Since May is National Blood Pressure Month, Alpine Bank thinks this is as good a time as any to help you keep your blood pressure in a healthy range by lowering your financial stress levels. Here are a few tips for those of you stressing about your money situation to hopefully get you back on solid ground.
- Look for ways to reduce your debt- is there anything you can sell to help pay down your debt? You can also try refinancing your debt through your creditors, who may give you a better rate if they know you’re looking to refinance.
- See where your money goes- scour your debit and credit card statements to see where you are racking up the most spending. You can also use free websites like Mint to help, and keep receipts for every purchase you make.
- Cut costs- once you see where your money is going, see which expenses you can cut or eliminate altogether. Even small savings can add up to a lot over time.
- Prioritize your spending- make sure the essentials – rent/mortgage, food, utilities, student loans – are covered before you pay down your unsecured debt, such as credit card debt, which can generally be negotiated.
- Learn to haggle or ask for help- you can try negotiating with your creditors directly or ask a non-profit credit counseling agency for help.
- Build an emergency fund- having $1,000 in your savings account can go a long way to giving you some peace of mind and reducing your anxiety.
Being stressed from your finances can seem like an inescapable trap. However, by creating a logical, step-by-step plan, you can free yourself from the crushing weight of debt and other stressors. Just be aware that it may take some time and lots of willpower to do. If you need help, Alpine Bankwill gladly help in any way we can. We look forward to seeing you soon!