10 Strategies to Reduce Money Stress and Improve Your Finances

You can can have money stress and feel anxious about your financial situation, no matter how much you make. Find out the root causes of money stress and 10 strategies to reduce it so you can have a more peaceful life.

Laura Adams, MBA ,
March 14, 2018
Episode #535

6. Create additional sources of income.

It can be difficult to reach your goals when you’re living paycheck to paycheck or sliding backwards financially. To break the cycle, brainstorm ways to earn more income, such as looking for a higher paying job, getting a second job, starting your own business, or doing a side gig.

Having multiple streams of income is like an insurance policy. Not only does it help you pay the bills and eliminate debt faster, but it helps you maintain security if one of them dries up.

Having multiple streams of income is like an insurance policy. Not only does it help you pay the bills and eliminate debt faster, but it helps you maintain security if one of them dries up.

How can you leverage the skills you already use in your job to create a profitable project or side business? What interests do you have that other people would pay for, such as music, gardening, designing, caring for pets, writing, or tutoring?

7. Stop caring what others think.

Sometimes we get stressed about what other people think about our finances or that we don’t appear to be as successful as others. If that’s you, stop trying to keep up with other people’s lifestyles and focus on what you want to achieve.

The homes, cars, clothes, and vacations many people buy are sinking their financial ships, so don’t go down with them. Instead, be your own independent spirit and take pride in going a different direction.

If you have children and tend to buy them anything they ask for or demand, you’re not setting a good example. Turn things around by creating a realistic household spending plan and sticking to the guidelines you set.

Using your resources to create a secure financial future, instead of spending it on material possessions, will give you a feeling of freedom that expensive toys never deliver. 

8. Stay informed about your finances.

If you delay opening bills because you don’t want to deal with them, you’re not helping ease your money stress. Open all mail right away and set a current or future payment date for all bills to make sure you never miss a deadline.

Keep track of how much you’re spending, how much you’re saving, and whether you need to tweak your monthly budget. Use desktop software, such as Quicken, or apps such as Mint or Personal Capital.

9. Take a stress break.

Once you’ve taken actions such as focusing on the positive, cutting expenses, putting savings on auto-pilot, and looking for extra income sources, you’ll probably feel more in control. But as I mentioned, you may never eliminate all money stress.  

If you begin feeling anxious about money, do something healthy to take your mind off your stress. Maybe it’s playing with your dog or kids, going for a run, enjoying a hobby, watching a movie, listening to music, or doing yoga.

10. Get professional help.

If you have persistent financial problems that you can’t solve on your own, talk to a wise friend, family member, or a financial professional. They may help you see options and solutions to financial problems that you’re overlooking. That goes a long way toward gaining control and reducing anxiety about any financial challenges.

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