Money worries may be one of the biggest sources of stress—from wondering how to pay for an unexpected expense to making retirement calculations when considering leaving a job. In the midst of inflation, war, and stock market volatility, it may be tough to maintain a level head. What might a financial professional do to help you navigate money stress? Here are a few things a financial professional may do to possibly decrease your stress.
Prioritize
Some expenses and financial challenges are within your control. For example, you may be able to save on grocery costs by switching to generic brands or cutting down to one vehicle to save commuting costs. But in other cases, you may have little control over some aspects of your financial life. And in these situations, it is important to prioritize what you (and your financial professional) might control and set the rest aside.
Change Your Bill Due Dates
If all your bills are due at the same time of the month, you could find yourself running into cash flow issues and wondering how to pay your expenses. But many bills—particularly credit cards and other loan payments—may allow more flexible due dates. Consider spreading your due dates throughout the month or scheduling them for a few days after payday to provide extra breathing room.
Monitor Progress
Improving your finances may feel like a tedious and incremental process. A financial professional might help you monitor your progress and track the measures you are most interested in, giving you a boost of encouragement by showing you just how far you came from the beginning of your journey. By tracking your progress, you might better be able to see what works—and what doesn't—when it comes to your finances.
Create Contingency Plans
One major source of financial stress could be worrying about the unknown. If you think a job loss, a move, or even homelessness may be in your future, creating various contingency plans might give you an option even under the toughest circumstances. By having plans A and B and C, D, and E, you may sleep better at night, knowing that you have multiple options.
Although it may be tough to eliminate financial anxiety in a stress-inducing world, by consulting with a financial professional, you may be able to handle whatever challenges arise.
Important Disclosures:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.
This article was prepared by WriterAccess.
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