Financial Stress – The Number one Health Problem
When feeling financially strapped, stress levels can take over and affect your health. There are simple steps that can be taken to reduce financial stress and maintain financial common sense. Worrying about the unknown is what causes this fearfulness.
Reducing stress from financial issues comes with breaking a chicken and egg cycle. Without starting a financial plan, you have stress from the lack of knowing where money is going. However, many people feel stressed through the planning process. Not only should a plan be in place, a Plan B should be in place. Therefore, the first step is to create a plan and get out of the uncertainty and replace that with the sense of being in control and on a clear path.
Because of the current economic circumstances, many people are feeling defeated and uncertain because they are already working with plan B. Recognizing the use of Plan B is not because of failure, but because of the successful foresight of planning, should offer some relief. If there is stress working on Plan B, then a Plan C should alleviate this pressure.
Preparing to create a financial plan can be simple. It begins with a list of your income, the expenses, but budgeting your spending is the key. The word budget can create stress to some people. They claim to be frugal, but they really do not realize how much that Starbucks costs them per month, how much the short daily trips to the grocery store compare to the once a month trip to the discount club, or know about simple adjustments that will not create a dent in their lifestyle. A real honest look at a budget can serve as a wake up call to the quick fix for immediate cash. It is as simple as collecting information on everything you spend for two weeks. After collecting that data, areas where some corners can be reduced come to light and oftentimes, can be quite surprising.
There are plenty of individuals who can put a simple and personalized financial plan together, oftentimes for free. If creating a plan is stressful, getting help to do this simple task will alleviate stress of the current financial security and the future. Finding a free financial analysis is the best way to avoid being pressured into buying financial products of a specific company that may not be as personalized. Just like a second opinion or check-up from a doctor, a financial plan can keep you healthy in more ways than one.