Dealing with Financial Stress

Dealing with Financial Stress

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2017-03-21

 

Over 70% of people experience physical or psychological symptoms caused by stress. Bills, children, work…this is the stress we tend to ignore or push down. Left uncontrolled this stress affects your health - your body and your immune system - not to mention your ability to perform on the job and thus your bottom line. 

Americans who experience a high level of financial stress are distinctly more likely to spend excessive time watching TV or surfing the Internet, and they are more than twice as likely to overeat, drink, or smoke. 

Understanding stress and the underlying causes are key to helping find a solution. One could argue that a lack of understanding of any given subject could cause some level of anxiety about it. 

Therefore, it would be a really good idea to become as financially literate as possible so that you have the knowledge and understanding to back up a smart financial plan rather than swimming in the stress of the unknown.

According to the American Psychological Association, levels of stress are increased in someone who lacks a good support system in their life. Supportive friends and family in other words.  

Here are some tips for dealing with financial stress:

Don’t panic 

There are many negative stories in newspapers and on television about the state of the economy. Instead of buying into the fear-mongering, pay attention to what’s happening around you, and refrain from getting caught up in doom-and-gloom hype which can lead to high levels of anxiety and bad decision making. 

Make a plan 

Take stock of your particular financial situation and what causes you stress. Write down specific ways you and your family can reduce expenses or manage your finances more efficiently. Then commit to a specific plan, and review it regularly. 

Look for opportunities

Opportunities are everywhere if you just look. Take stock of your current situation, and make needed changes. Think of ways that economic challenges can motivate you to find healthier ways to deal with stress. Try taking a walk — it’s an inexpensive way to get good exercise. Having dinner at home with your family may not only save you money, but it could also help bring you closer together. Consider learning a new skill. Take a course through your employer or look into low-cost resources in your community that can lead to a better job. The key is to think outside the box, and try new ways of managing your life. 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

Tags: david Lerner associates, stress, strategy, taxes, budgeting, financial literacy, debt

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About

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Contact

Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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