By Carmen Greger
Financial stress is a modern-day dis-ease that plagues many individuals regardless of income level. It can be toxic to our mental and physical health, as well as our relationships and overall well-being. According to a survey by the American Psychological Association, money is the leading cause of stress in America, with 72% of adults reporting feeling stressed about their finances.
Living within one’s means is a crucial step in eliminating financial stress. It means making conscious choices about what we spend our money on and prioritizing our expenses. We must be honest with ourselves about our wants versus our needs, and learn to differentiate between the two. Saving money, investing, and installing incoming multiple revenue streams can help alleviate the pressure and problems that financial stress causes.
As the old saying goes, “a penny saved is a penny earned.” Budgeting and putting away enough per month for an emergency fund is a great way to ensure that we are prepared for unexpected expenses. Paying off high-interest credit cards and bills on time can also help us avoid accumulating debt and paying unnecessary fees, which can be seriously detrimental to our financial situation in the long-run.
Evaluating our priorities and investing our well-earned dollars wisely can lead to a high-quality life without financial stress. It is important to remember that occasional splurges are okay, and sometimes just what the doctor ordered, but we must be mindful of our spending overall and ensure that we are not living beyond our means.
According to Forbes, “Having a diversified portfolio of investments, a healthy emergency fund, and no debt can give you peace of mind and financial security.” The Economist also highlights the importance of saving and investing for the long-term to ensure a comfortable retirement. Money Magazine emphasizes the value of having multiple income streams, stating that “earning more income can reduce financial stress and provide a sense of security.”
Amanda Steinberg’s book, “Worth,” offers practical advice on how to manage our money and avoid financial stress. It emphasizes the importance of taking control of our finances and creating a financial plan that aligns with our values and goals. Need an insightful, grounding perspective that some would call a reality check? “Living on One Dollar” is a must-watch documentary, offering a close-up view of poverty, resourcefulness and resilience, highlighting the importance of financial awareness on the global level, being mindful of our spending, living within our means, supporting and uplifting one another as often as possible, and being grateful for and creative with all of the blessings we do have; gut-wrenching, heart-breaking and inspiring altogether.
Jean Chatzky, a financial expert and author, emphasizes the joy, importance and beauty of living without financial stress. She states, “Being financially secure means you can relax and enjoy life without the constant worry of making ends meet.” And in the HER MONEY podcast, one that shares the name of her company of which she is CEO, she passionately encourages us to get our ‘financial house in order’.
Financial stress can have negative effects on our body and mind. It can lead to anxiety, depression, and other mental health issues. It can also lead to physical health issues such as high blood pressure, heart disease, and insomnia. By taking control of our finances and eliminating financial stress, we can improve our overall well-being, enjoy a more joyful life and enhance our impact on our loved ones and our community.
Financial stress is a modern-day dis-ease that affects many individuals regardless of income level. Living wisely and wonderfully within our means, saving, investing, and installing multiple incoming revenue streams into our lives can help eliminate the pressure and problems that financial stress causes. It is crucial to prioritize our expenses and be mindful of our spending, including budgeting for joy (look forward to our JOY BUDGET article coming soon).
Jen Sincero, #1 New York Times Bestselling author of You are a Badass, in her book You are a Badass at Making Money, encourages us to shift our reality by changing our money mindset; She writes: “A healthy desire for wealth is not greed, it’s a desire for life”. In order to expand our capacity to shift our mindset and generate more financial abundance in our lives, she encourages us to contemplate and respond to the following prompts:
Make a list of all the reasons why you deserve money.
Make a list of some beautiful things that have happened in this world thanks to money.
Make a list of all of the awesome things and experiences money will add to your life.
Make a list of how you being rich will benefit others.
I’m grateful to money because………….
By taking control of our finances and creating a financial plan that aligns with our values and goals, we can lead a high-quality life without financial stress or a feeling of lack. Remember, a penny saved is a penny earned, and the joy and beauty of living without financial stress is immeasurable.
