Renew You!

Ways to cope with financial stress

Finances are on everyone’s mind these days. When you watch your friends lose their jobs, houses go into foreclosure, and large companies go under, it’s easy to let financial stress get the best of you. These tips will help you manage your money and your stress.

Get going

Create a financial plan, including short-term and long-term goals. Start with necessities like housing, car or transportation expenses and food, but also allow for occasional unplanned purchases. Include debts you need to pay and allocate money for savings. Set a realistic budget and stick to it. When you manage to stay under your set budget or you reach one of your goals, treat yourself, but do it wisely. You don’t want to undo all of your hard work.

Stay healthy and focused

In times of stress, it’s important to take good care of yourself. Eat healthy foods, drink plenty of water and get enough sleep. Healthy breathing and exercise also help you feel better. Best of all, walking, running, or riding your bike is free!

Avoid bad coping behaviors like poor eating, smoking, or drinking, which make you feel worse.  Even when money is tight, don’t cancel health appointments to cut back – first see if your doctor’s office offers a payment plan. You should also check for free help at local clinics and universities. 

Go ahead and cancel that manicure or pedicure appointment, though. Instead, call a friend and paint each other’s nails one afternoon. Some habits are hard to break, so start a new, inexpensive one! Knitting, gardening, and volunteering are inexpensive activities and can relieve stress.

Avoid using your credit card for every purchase you make. Falling into credit card debt can make reaching your financial goals much harder. Instead, wait five days before making an impulse purchase. Chances are you’ll forget about it! If it’s something you need, shop around for the best deal.

Keep a journal to track your expenses, reach your goals, and document your feelings. This will be a good reference and reminder if your budget falls off track in the future.

Get back on track

Financial stress may be too much to handle on your own, and that’s okay to admit. Talk about your problems with close friends, join a local support group or see a counselor. It’s best to understand that no situation is hopeless and that you'll come out of it stronger.

What have you done to set yourself up for financial success?