Do you stress about money? Deirdre is here to share that she feels the same way and has 5 tips to help you cope right now!
Money and mental health are often linked in a vicious cycle.
One of the huge factors causing millennials stress is finances—no big surprise there.
If money concerns keep you up at night, make your heart race or lead you to poor money decisions— such as spending sprees, or the opposite, counting every penny — financial anxiety is the likely culprit. And it’s no wonder: From burgeoning student loan balances to the rise of the gig economy and weaker benefits, millennials are experiencing some financial challenges at a higher rate than other generations.
According to the Bank of America 2018 Better Money Habits Millennial Report, one in four worry often about their money.
“According to the report, about a third (35%) of millennials say that not having enough money saved is their top financial stressor, followed by their career (24%), not planning and saving enough for retirement (21%) and not being able to own a home (20%),” says Haley Ross, who works with the Bank of America Better Money Habits team as a millennial adviser.
So what can you do about it? Actually, a lot, and it’s relatively pain-free.
Here are 5 things you can do to reduce the amount of stress related to money:
- Make important decisions under low stress
- Focus on values over features
- Learn from the past and move on
- Focus on what you can control
- Share with people who support your goals
The essentials of good money management — creating a budget, automating payments, shifting your money mindset toward smarter financial choices — can help alleviate most cases of financial anxiety.
You can survive your financial difficulties and build a prosperous future free of money worries. Practicing some essential self-care and learning more about your finances can help you get there.