Financial Health – Reduce Financial Stress

Identify the Problem – What Exactly Are You Stressed About?

If you want to reduce financial stress in your life, the first thing you need to do is to identify exactly what you are stressing about.

There are many different aspects of finances that you may be stressed about. The only way to truly reduce or eliminate stress is to identify the cause.

You need to be as specific as possible and define the source of your troubles. It may sound or feel simplistic, but you need sit down and think about what you’re really stressed about.

For example…

Are you stressed about saving for retirement?
Paying off student loans?
Paying off credit card debt?
Your lackluster investments and the stock market?
Saving for your kid’s college?
Buying a new house?
Affording the mortgage or rent?
Your credit report?
Paying your bills?

The list could go on and on because each person has their own beliefs about money and their own feelings of lack, stress, and failure. When you’re trying to sleep at night, what financial fears run through your mind? What’s the biggest stressor?

Reduce Financial Stress by Identifying the Problem

If you’re unsure about what your biggest stressor is, grab a pencil and paper and start listing the things that stress you out.

Money may only be one item on the list, however many other items might relate to your financial situation. Writing them down can help you achieve clarity.

Another tactic to help you identify the primary source of financial stress is to write down your financial goals. Often the top priority goal can identify your biggest source of stress. For example, if your goal is to pay off student loans then that’s also likely your primary source of anxiety.

Identifying the source of your stress is the first step. It’s actually a more significant step than you might realize because it creates awareness.

When you’re aware of your thoughts, feelings, and emotions and you acknowledge the cause of them, you’re then able to take tangible steps both mentally and physically to change your reality.

Next we’ll take a look at more practical ways to reduce financial stress.