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It’s not just your wallet that feels the weight of financial stress.
By MSA Staff

It’s not just your wallet that feels the weight of financial stress.  A recent survey found that those who deal with high financial stress also have problems with their loved ones and their well-being, among other things.¹  The negative effects are everywhere, so it’s time to focus on how to fix money issues before they become too heavy to handle.

According to the survey, people find finances to be more stressful than their job, relationships or health concerns, yet they also confirm that their financial worries are seriously impacting their health and relationships, as well as their work productivity and work attendance.¹

How you feel and how you interact with others is influenced by your financial state. It’s time 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:  A great first step is figuring out how you actually use your money.  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 picture of your cash flow and make well-informed decisions.
  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 necessities 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.

So, how do you stick to the plan and move from financial stress to financial wellness? Consider working with a Money Coach.  A Money Coach is like a mentor for your money, who can provide support and accountability. They can even help you create an action plan specific to your financial goals and lifestyle.

Call a Money Coach today at 888-724-2326 and get ready for a financial future with less stress.

¹PwC’s 8th annual Employee Financial Wellness Survey, PwC US, 2019

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