How to Avoid Risks That Come With Financial Stress

If you stress about money, you’re not alone. More than 40 percent of Millennials report chronically worrying about finances. That means there are as many young people who worry about money as there are who enjoy drinking wine. Turns out money problems can lead to emotional problems, which can affect other areas of your life too. In honor of Stress Awareness Month, we’ve compiled some advice for successfully minimizing the financial stress that will help you feel emotionally healthy and wealthy. Here’s how to get started.

Ask for help.

Don’t hesitate to reach out to a professional in your time of need. Even if you think you can’t afford to consult someone, there are a lot of services out there that offer reduced or sliding scale rates for services. Falling into an unmanageable financial pit is a common occurrence for a lot of people, but rest assured there are plenty of viable resources readily available.

Plan.

Once you’ve consulted a professional, it’s time to create an actionable plan that will help you achieve your financial goals and overcome debt. If you’re unsure as to where to start, don’t hesitate to reach out to a trusty friend or financial advisor.

Create a budget.

Part of your plan includes crafting a budget, so start by assessing what you spend your money on in the course of a week. You might be surprised to learn that there’s a lot that you can cut out, like that Netflix subscription, or weekly cocktails at your local watering hole. Once you’ve determined exactly where your funds are being allocated, create a budget. This is a truly empowering exercise. By defining your priorities, you will evolve into a more financially secure person.

Take care of yourself.

Now is not the time to neglect your physical and mental health. Maybe due to financial reasons, you need to cut out kickboxing or those bi-weekly boot camp classes, but that doesn’t mean you can’t recreate some of those exercises at home. Put your ingenuity skills to the test!

In short, you can significantly curb your financial stress by making conscious decisions, so you won’t have to worry about the green in your bank — just the green on your plate.

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