Financial Stress

Facts on Financial Stress:

People at all income levels experience it.
It is not the same for everyone. Some struggle with day-to-day pressure of making ends meet. Others may feel stress at attempting to amass enough savings for retirement.
More stress is created when income is not stable/consistent. Change or the possibility of change is inherently stressful.
Having more money is not an automatic cure. Many that increase income find they simply increase spending as well
Financial stress is so prevalent today because job insecurity is rampant at all levels in many professions.
American culture tends to teach us that having more is the equivalent to more happiness. Many find out the falsehood of this belief only after getting into considerable financial trouble.

Three approaches to managing financial stress

Avoiding it: live within your means. Includes saving, planning for the future, staying away from risky job situations or investments, and overall conservative living.
Altering level of financial stress: There are two possibilities here: one approach is to change your expectations and scale back on expenses. The second option is to seek ways to increase income through an additional job, find a higher paying job, or if a family member takes on more work load. With either method, work on improving communication by clarifying decision-making about money with family members.
Acceptance: financial stress is a part of life for many and you are not alone. Also remember that your self-worth need not be measured in terms of what you earn. A change in how you view the difficulty may not change the actual situation but may help relieve a portion of the stress.

Managing well-being during stressful times

When under stress, people are likely to be affected, sometimes without realizing it. They may eat poorly, reduce exercise, sleep less (or too much), or avoid friends/family. There are several strategies that may help you cope during these times:

Gain power over some area of your life. Admitting there is a crisis that needs attention is a good first step.
Communicate with family/friends about the issues for support, assistance, or planning. Analyze financial goals, priorities, and basic needs.
Take one day at a time. Set small goals that are easily achievable and celebrate your successes. Don't attempt to solve all your problems at once.
Keep yourself occupied, active, and involved. If you find yourself worrying excessively, write your concerns down and prioritize them. Ask yourself if you are able to do anything about a particular concern. If the answer is no, begin working on letting go of the anxiety over it since it is of no use. Focus on areas where you have power.
If you have extra time due to working less hours or layoffs, use the time to do things that were difficult to do before such as spending more time with children/spouse, volunteer, fixing up the house, etc.
Be sure to eat properly, get rest, and exercise.
Contact TEAM, Inc. for further assistance and/or referral to financial counseling services at 1-800-634-7710 or 651-642-0182.