6 Ways to Reduce Financial Stress During Uncertain Times

When the business activity feels uncertain it s easy to let that sense of unease slip into your personal finances But there are strategies that can help you maintain a sense of control over your own money even when the financial news headlines are unsettling Here are six techniques to consider Explore the source of stressIf you notice yourself feeling tension around money Denver-based financial therapist Wendy Wright suggests first considering what is stirring up those feelings Is it connected to fears sadness feeling pressed to look at something you re trying to avoid asks Wright Sometimes she says people avoid thinking about their personal finances until something in the news forces them to confront the topic which feels uncomfortable If clients tell her that the news is a big source of stress Wright reminds them that news is a form of entertainment and often designed to hook people into watching more whether or not it has any bearing on their life In particular cases she says it s best to just limit your intake Ground yourself in the momentA sensory activity can help you connect with the present moment instead of focusing on what can go wrong in the future says Nathan Astle a certified financial therapist and founder of the Financial Therapy Clinical Institute in Kansas City He suggests this one Name five things you see four colors you see three things you hear two things you can smell or taste and one thing you can touch Next touch that item and describe it Then reflect on how the exercise made you feel hopefully calmer than you did before Deep breathing and scanning your body for different sensations can have similar soothing effects he adds Focus on your own numbersA closer look at your own finances can also help you regain a sense of control Wright says She suggests starting with a handful of the the greater part vital numbers in your financial life such as your income expenses and savings From there she suggests building a financial plan that includes goals and room for adjustments when circumstances change For example you might make a plan to turn to short-term savings while job hunting if you were to lose your job If your plan is in place then you know what adjustments to make and you can breathe through it she says Align your intentions with actionNaming your goals or intentions can help you firm up a plan Wright says My intention might be I don t want to run out of money she says The related action might be Let me get to know my numbers It helps give you clarity on what your next attempts will be Wright says As you work through these policies it s fundamental to approach the process with zero judgement Money stuff is typically not solved in an afternoon so having compassion around that is super major Wright says Make big decisions when you re calmIt s generally best to wait until you feel calm before making any big financial decisions Astle says Give yourself time between the emotional stimulus and the actual decision-making he says whether it s deciding to rebalance your retirement accounts or order a new product online Most of financial decisions are emotional so we want to make them in a somewhat calm or calmer state he adds Aim to pay down debt while growing savings and incomePaying down debt saving for an urgency fund and having insurance policies can help protect you and your family during times of economic uncertainty says Nicole B Simpson certified financial planner and founder of Harvest Wealth Financial in Piscataway N J Simpson suggests considering starting your own business or taking on a side gig if you find you need to increase your income When it comes to wealth accumulation a slow and steady pace can help you get closer to your goals as well as weather any financial storms that come your way The post Tactics to Reduce Financial Stress During Uncertain Times appeared first on Rough Draft Atlanta