Overcoming Stress Caused by Financial Worries

Financial worries can cause a great deal of stress to individuals and families. Especially in today's economy, concerns about job loss, cutbacks, stock market figures and interest rates can give even the calmest and most relaxed among us a headache. For some however, financial stress can lead to more serious types of ill health and anxiety.

Financial difficulties are always stressful, but when you're hearing about the state of the economy every day in the news, and the bad news just keeps getting worse it may be time to take action. Financial stress can generate significant amounts of fear and anxiety especially when the media is having a field-day with it. If you want to stop worrying therefore below are a few helpful hints that will hopefully keep you sane through this financial and economic disaster.

Step One: News Fast. Ok, so it's important to keep up to date with the goings on in the world, but when every day breeds fresh disasters it can be more useful to take a step back and just shut it out for a while. Taking a break from watching, listening to, or reading the news is scary for a lot of people because they can tend to feel out of touch. It might even be embarrassing if you are used to discussing the latest disasters over the water cooler with co-workers. However, researchers know that stress can be very harmful for our mental and emotional well-being and the news by far one of the worst anxiety producers around.

Taking a couple of weeks off from the bad news will not kill you and in fact in will probably help heal your body and mind. Too much bad financial news can make you feel like your own world is about to collapse and the mind cannot often decipher what's real from what's simply worry and anxiety about the future. So go ahead and just turn it off.

Step Two: Get a Grip. Sometimes our fears and anxieties over money can cause us to ignore issues we need to deal with. If you're having trouble paying your bills, or find that you are getting further and further into debt, but are avoiding dealing with it, stop right now and just be brave. There are tools out there that can help you consolidate your debt, or do whatever needs to be done to get you back into the driver's seat. But, if you don't have a clue about where you stand, you won't be able to make the necessary changes to get yourself back on track.

Step Three: Get help. After you've got a firm grip on your financial situation, if you feel that you can't manage it yourself seek out some assistance. Your financial institution or a debt counsellor might be good places to start. Debt counsellors can help you feel you've gotten back into control of your situation. They are there to help you manage what might seem unmanageable.

Getting sound financial advice is the right way to go and can relieve much of that anxiety and worry. If you don't know where you stand your mind can wander off into a variety of disastrous possibilities. However, if you have someone who can help you move forward than you can put your mind at ease. These people can help you work out a strategy that you can live with to move forward.

Step Four: Cut Back. OK so we're always hearing about cut backs in the job market, but perhaps its time to make some of your own. Living beyond your means and getting into debt causes significant amounts of stress. Financial stress is in fact one of the main causes of marital discord. Making some simple changes to your spending habits will help you feel more in control and will prevent some of the disharmony that comes from these kinds of worries.

Begin by making some simple changes such as cutting back on those morning lattes by making your coffee at home, or bringing a lunch to work instead of eating out everyday. If you bring a car to work, try to make arrangements to take public transit, bike or walk to work instead to save on parking and gas fees. These simple changes can make a big difference to the bottom line even after only a month.

Step Five: Make a Plan. Making a strategy for your money is a great way to relieve some of the anxiety surrounding it. Fears of the unknown and of those accidents that might arise can keep you awake at night. If you have some extra money each month than consider putting it away in an emergency fund. This can go a long way to easing your mind. And, if heaven's forbid something should come up, then you won't have to stress out so much worrying about how you're going to cover the extra costs. Planning for a rainy day is going to save you a lot of emotional turmoil later on when inevitable or unforeseen expenses come up.

For those who might not be able to put aside money each month, you can still plan to start paying down debt or at least stop incurring it once you've gotten an idea of what you make and what you need to live. After making the small adjustments to your spending you should be able to live within your means and hopefully even have a little extra to pay down debt or loans. Whatever the case, making a budget and sticking to it will make you feel much better in the long run.

Small sacrifices here and there are actually themselves small prices to pay for peace of mind. As financial stress breeds worry, discord and family infighting, taking charge of your situation can go a long way to relieving it. Although the economy may seem to be falling apart at the seams, you can still work towards keeping your own finances in line.

Most importantly, try to think about what's of most value to you and your family. You may not actually need that new car, that new expensive gadget, or even that extra five dollar cup of joe. These things can all be sacrificed without sacrificing what's truly important: your own peace of mind, happiness and security.