a family of grandparents, parents and grandchildren eating a feast

It’s not just your wallet that feels the weight of financial stress.  A survey from the American Institute of CPAs® found that those who deal with high financial stress also have problems with their friends and their waistlines, among other things.  The negative effects are everywhere, so it’s time to focus on how to fix money issues before they become too heavy to handle.

The AICPA survey found that other issues arise with money problems; of those dealing with high financial stress…

  • 1 in 2 sleep less.1
  • 1 in 2 lose patience with friends or see them less.1
  • 1 in 3 gain weight or eat more junk food.1
  • 1 in 5 fight more with their significant other.1
  • 1 in 6 get sick more often.1

What you eat, how you feel, and how you interact with others is influenced by your financial state; to what degree, we do not know yet.  Nevertheless, it’s time for you to take action and make sure your financial stress doesn’t get the best of you.

Here’s a mini action plan to help you get started:

  1. Track Your Spending:  Buying coffee?  Write down how much you pay and what form of payment you use (credit card, cash, etc.).  Paying for a babysitter?  Write that down too!  Record every transaction you make over the next 30 days so you can get a better idea of how you use your money.  This knowledge can help you feel more in control and decrease some of that financial stress.
  2. Adjust Negative Spending Habits:  After tracking your spending, you may see that you spend a whole lot on what you want and not enough on what you need, like eating at fancy restaurants and going to the movies every week, but running short when bills come at the end of the mouth.  Prioritize your spending to pay bills and meet other necessitates first.
  3. Build Savings:  Financial stress increases when you have unforeseen costs that are hard to pay for – especially when you already have a hard time paying for regular expenses.  Planning ahead by setting aside money each month will help you have reserves for unexpected costs like a car wreck or major medical emergency.

If you’re part of the 72% of adults who don’t think their level of financial stress will go down over the next six months,1 consider working with a Money Coach who can help you beat financial stress and fight off all the issues that come with it.  A Money Coach can help you accomplish the steps above and give you a more specific action plan to achieve financial freedom.  Call a Money Coach today at 888-724-2326.

1“AICPA Survey:  Money Stress Taking a Toll on Many American’s Waistlines, Friendships, Sleep.”  New York: AICPA, 23 Apr. 2013.  Web.  11 Jun. 2015.