How to Deal with Financial Stress

The Coronavirus or Covid-19 brought financial stress to many people and it is important to learn how to deal with financial stress. A recent survey by the National Endowment for Financial Education found that almost 90% of Americans were feeling anxious about their money situation.

• 39% were worried about job security
• 48% worried about paying bills
• 28% didn’t know if they could pay their utilities
• 41% were worried about not having enough emergency savings
• 23% were worried about having enough saved for retirement

Even before the COVID-19 pandemic, subsequent mass layoffs and other hardships, a U.S. Bureau of Labor Statistics study revealed that 40% of adults did not have enough cash on hand to cover an unexpected $400 expense.

Obviously, a home foreclosure or auto repossession can generate a snowball economic effect on a household, but everything from medical expenses to utility bills to parking tickets can coalesce into a high degree of financial distress, causing mental and physical health problems.

If you find yourself in financial stress during this difficult time, there are a couple of ways we, financial advisors, can help. First, financial advisors understand what you’re going through, so your problems are very real to us. Second, we have access to a variety of different financial vehicles that may help address your unique issues. Please contact us to learn more.

Even in normal situations, financial stress can take its toll on a marriage. A pair of recent studies suggests that partnerships best able to weather financial distress are those in which spouses make a proactive effort to practice “relationship maintenance behaviors,” such as respecting and showing love and affection for each other.

If you find yourself succumbing to the rigors of financial stress, follow some of the widely touted tips to help — because they work. Better yet, many ways to manage financial stress are easy and free. For example:

• Get regular exercise, particularly in nature.
• Learn and practice relaxation techniques, such as meditation or yoga.
• Laugh — watch old movies or TV shows that make you laugh out loud.
• Eat healthy, well-balanced meals on a regular basis.
• Learn to manage your time effectively, making time for hobbies, interests and down time.
• Set limits appropriately and say no to things that cause you stress.
• Seek out social support and spend time with people who put you at ease.

Need to talk to financial experts or financial advisors about your financial worries? Let us help you learn how to deal with financial stress. Simply contact us and get a free 15 minutes consultation.

Learn more about your current financial status and how you can achieve your retirement goals with our ‘No Obligation, No Cost’ Five Step Retirement Review.

Our financial planners have wide knowledge in South Carolina Retirement System as well as experience in retirement planning, sc tax rebate, etc. Contact us today!