Money does not buy happiness, but it can be the source of a lot of stress. Worrying about unpaid bills and living paycheck to paycheck can cause physical and mental pain. With financial stress tips, you can overcome your money fears by taking small positive steps toward a more financially secure future.
Finances cause a great deal of stress for Americans. According to experts, 64 percent of Americans say that money plays a somewhat or very significant role on their stress. The source of their financial stress varies from person to person.
GoBankingRates conducted a study on the top causes of financial stress for Americans across the country. According to the study, paying off debt with listed as the top financial stressor for men and women—in fact, it was the top cause of financial stress in 31 states including Georgia, California, New York, and Texas. Other top stressors include not being able to retire, not having enough money for emergencies, wanting a nicer lifestyle, paying for education, lack of stable income, and not being able to pay the mortgage or rent.
Top Financial Stress Triggers
Need tips for overcoming the top financial stress triggers in the U.S.? Consider the suggestions listed below.
- Pay down your debt. Debt in America is not uncommon. American surveys have found that 80 percent of Americans have debt and 70 percent claim that debt is a necessity in their lives, “even though they prefer not to have it.” To start paying down your debt, try saving a little extra money every day. You can accomplish this very easily. The money you save from unused memberships and impulsive shopping trips can be used for your debt. Find more Mindful tips here.
- Prepare for retirement. A past AARP survey found that only 43 percent of older Americans were ready to retire and a whopping 41 percent were not. One of the chief concerns of older Americans is financial security. It’s important that you start saving now for your retirement. For tips on how to conquer your retirement fears, consider these Mindful suggestions.
- Establish an emergency fund. Experts say that a $1,000 emergency fund is a great start for the average household; however, the goal is to have enough money to cover three to six months worth of expenses and bills. Are you worried that you don’t have enough money set aside for an emergency? There are many ways you can slowly build up a fund. If you need to raise the money quickly, consider these four rainy day financial tips.