Healthy ways to cope
with money matters
While most people will probably never
completely eliminate money as a source of stress, you can learn ways to respond
to it. The small steps you take to cope with financial stress can help you better
manage your overall emotional health. Here are some strategies to consider.
- Talk about it. When dealing with any stressful situation,
open and honest communication with your spouse or partner is critical, so
you can work as a team to set goals and always know where you stand financially.
Be candid about your fears, hopes, goals and values about money. Make a habit
of talking regularly about money concerns, as part of an ongoing discussion.
- Identify the issues. Try to pinpoint what aspect of money
makes you most anxious. Is it the performance of your investments? Paying
the bills on time? Job security? Covering household expenses? Once you know
exactly what's causing you the most stress, you can address the particular
issue.
- Set targets. Knowing what you want to accomplish and then
taking the steps to get there, can help reduce stress. Whether it's your retirement
savings goal, next year's vacation, your monthly household budget, or your
discretionary spending, set specific financial targets. Keeping your sights
on the future also helps you make better day-to-day choices.
- Take a step-by-step approach. Break the larger tasks into
smaller, more manageable pieces. For instance, if the thought of setting aside
an extra $100 per month sounds ambitious, make a list of all the ways you
might save just $20 at a time. Brew your own morning coffee for a week instead
of takeout, trade one restaurant lunch for a brownbag, hop on a bus instead
of taking a $20 taxi ride — see how a few small changes can save you
some serious coin through the month.
- Plan, plan, plan. Good financial health, just like good
physical health, doesn't just happen overnight. It takes practice and work.
Make a budget. Track your spending. Check your progress regularly and make
adjustments as necessary.
- Learn more about money. Check out your local library or
bookstore for money management resources. Look for practical advice for your
particular situation.
- Reach out for help. Sometimes a simple visit to your banker
can reveal financial options you never thought about. Or, you may want to
seek personalized advice from a professional credit counselor or financial
advisor. With the right advice, you can reduce financial stress and feel steady
on your feet.
Remember, there's no single best way
to manage money. The important thing is to create a plan that suits you and
your family. Pay attention to the areas that are worrying you and take steps
to address them, so that you can reduce your stress.