No matter what your financial situation is or how much money you make, money can be a stressor. Yes, even those with high paychecks can feel like they’re living paycheck to paycheck. The cost of financial stress is more than what you see in your bank account – it’s the invisible load that many women, especially moms, carry with them that can impact your mental and physical health. Here are ways to reduce your financial stress:
- Don’t compare your financial situation or where you think you “should” be based on someone else’s life.
I was raised to always strive for the best and sometimes that meant at a cost to my own mental health because of wanting to meet the expectations my parents set for me. It took time to learn (and unlearn) that my success and wealth is defined by my own terms and not by theirs or anyone else’s. When I was able to let go of these expectations of where I “should” be at different points of my life, it gave me the opportunity to find what aligned most to me.
- Take bite-sized, manageable steps to help you take action.
Money will mean something different to you at different stages in your life – your priorities and what’s important to you will likely change or evolve. Set time aside once a week for an hour to tackle a task on your financial to-do list instead of waiting until you feel that nagging pressure to get things done last minute.
- Keep your money aligned to what’s important to you.
Your spending habits are an important foundation to have a healthy relationship with your money. This is more than just keeping a budget – it’s about whether what you’re spending your money on is intentional and meaningful to your values and what brings you joy.
- Automate your savings and investments.
Assign your money a role and automate those contributions where you can. Understand that money is not just for survival, but it creates opportunities for you both in planned and unplanned situations. By creating systems of automation in place, it allows for less mental energy to have to remember to make your money work for you.
- Get an accountability partner like a financial advisor, financial coach or a combination of both.
Dealing with financial stress does not have to be done alone. A financial professional can help you navigate through your money challenges by creating a plan to help you gain more clarity and confidence.
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