Simple Strategies that could help Relieve Financial Stress

According to an article published by the American Psychological Association, financial stress affects over 60% of Americans. Stress can have a deleterious impact on our overall wellbeing, and finding strategies to relieve that stress can be essential in improving how we live. Sometimes, small changes can alleviate financial stress, such as the following:

Create a Realistic Budget

According to USA.gov, budgets allow you to take control of your money, which could alleviate stress long-term. By prioritizing your spending and eliminating the excess, you could see your finances improve.

Tackle High-Interest Debt First

As of the writing of this article, it is reported that U.S. consumers collectively owe about $1.14 trillion in credit card debt, trending upward from the previous quarter. Paying just $100 extra on your monthly statement could help curtail interest and assist with covering the debt in a shorter period of time, and at a lower cost than paying the minimum.

Build an Emergency Fund

Bankrate reports that about 44% of Americans cannot cover a $1,000 emergency expense. Setting aside just $25 per week can help individuals build a safety net of over $1,300 in a year. Funds saved could be ready when you need them most, and with some planning, those funds can accumulate and be ready to assist you.

Ask for Help

Creditors may offer hardship programs. Credit card issuers may assist with addressing your expenses proactively and it begins with inquiring about their availability. Doesn’t hurt to ask, right?

Applying these strategies could help you reduce financial stress and create a foundation for a more secure future.