Financial Stress Management

Adult financial education is a touchy subject. We all know the basics of saving, planning for retirement, and getting a loan, but often asking for help is very difficult. The typical sources that people seek out for advice include friends, family members, and their financial institutions, but those who are on the clock for a majority of the week have limited time to be able to seek out this help.

As many as 59% of employees feel disengaged at work due to financial stress, and in 2015 workers lost nearly two weeks of productivity due to presenteeism, where they reported in for work but could not focus or perform due to stress.

With the internet at our fingertips and more and more self-powered financial planning tools being created to help people become more financially literate, the overall situation isn’t getting better. A recent stress survey by the American Psychological Association (APA) revealed that 72% of Americans reported feeling stressed about money at least some of the time in the past month. The survey went on to show that stress related to financial issues can actually have a significant impact on a person’s health and well being, and 1/3 of those surveyed cited financial stress as a major source of conflict in their relationships.

So, what can you do if you find yourself in a situation where you are so stressed about your finances that it is affecting your job, health, or relationship?

• Don’t wait. The first step is truly getting a handle on your financial situation. Many people put off this extremely important initial step because they are afraid of what they will see. Sit down and take a look at your bills and expenses and what income you have coming in. Take a good look at how you are spending disposable income and what portion of your income you are spending on non essential items. Determine what your main financial goals are right now, in the near future, and the distant future. This process we often build up in our heads for months or even years, but actually getting to the bottom of your financial situation can be done in one evening, possibly even within an hour or two.
• Talk to someone! Set an appointment at the credit union or your financial institution and bring everything that you prepared in step one. Let the representative know what your goals are and what your current situation is and they will help put together a plan for you to meet those goals.
• Make it a family affair. Don’t let money management be a scary thing that is never talked about in your family. Your partner should be on the same page and any plans should be shared to help you reach your goals. If you have children, you can start them saving by making it fun for them. Having a shared family goal, such as eating dinner at home and carrying lunches in order to save money will be less confusing for the children if they can have some small part in the process.
• Keep it up! Utilize our budget tool as well as other financial tools to help you stay on track. If your financial or family situation changes, adjust your plan accordingly. It is important to not get complacent with your financial plan. If you gain weight you typically will go buy new clothes that fit better and the same should go for your finances-if you have additional income you should take a few minutes to change your plan to determine how to use those funds.

The first steps in reducing financial stress are being prepared and taking action. The credit union is here to help everyone in the community who needs financial education and help. In fact, AmeriChoice provides free financial literacy seminars to all local businesses and organizations that request education for their staff or members. For those who would like personal assistance, we do that as well at our five local branches six days a week-you may stop in or call 1-800-240-4364 and schedule an appointment with a representative.