Financial stress is common and can happen for many reasons. It might be a sudden expense, like your car breaking down right after a costly vet visit. Or it could be losing your job unexpectedly. Sometimes, worries about the economy make money problems feel even worse.
Recently, many people have felt unsure about the economy. The Trump administration’s tariff plans have raised fears about rising prices and a possible business slowdown, according to The New York Times. Whatever your reason for feeling stressed about money, these three tips can help you get through tough times.
1. Stay Focused on Your Finances
It’s hard to stay calm when money problems feel urgent. But try to focus on your own financial situation and stick to your current plans. Start by gathering all your financial information in one place. This helps you see exactly where your money is going and what you have saved. Citizens Bank says that knowing your expenses can actually make you feel more in control, not less.
Also, avoid letting news, social media, or group chats scare you into doubting your financial plans. Lauryn Williams, a financial planner, tells NPR that fear from outside sources can make things worse.
2. Find Ways to Adjust
Stressful moments aren’t the best time for big money decisions. Wait until you feel calm before making changes. Then, look at your budget carefully. You may find some expenses you can cut or new ways to earn extra income. This money can help pay bills or build your emergency savings.
Nathan Astle, a financial therapist, advises taking small, thoughtful steps rather than rushing into big changes.
3. Don’t Face It Alone
Talking about your worries can reduce stress. Trusted friends or family members can listen and help you think through problems. It’s also important to talk to lenders if you’re struggling to pay loans. Bankrate says lenders might lower your payments by changing the loan terms or interest rates.
A financial adviser can also be a great resource. They can help you set goals, save money, and manage debt. Having a professional guide you can prevent emotional decisions that might hurt your finances.
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