The Stress Of Money Management

Stress in life is a common thing, and knowing you can’t ever quite be free of stress is something we all have to come to terms with. It’s healthy and natural, and back in the day, feeling stressed would have ensured you didn’t get eaten by that tiger – you were always looking over your shoulder to watch out for it!

 

However, in the modern era, our stress response hasn’t quite caught up to our modern problems, and some stress provoking things just won’t get out of our heads. Stress about work, stress about our families, stress about filling our days with something worthwhile to do, etc. And for most people, financial stress is the number one thing for causing our blood pressure to soar through the roof.

 

So what can you do to cope with this kind of stress? After all, we all need money, and we all struggle with it, so what do you need to do to come out the other side?

 

The Effect on Your Body

 

Stress can have quite a few effects over your body in both the short and long term. When you look at your paycheck and you didn’t earn as much money as you thought you did, you heart rate may skip a little, and your thoughts may swim, but you can immediately assure yourself that either another paycheck is coming (because that’s how they’re issued, for example) or that your budget is strong enough to cover this brief blip.

 

But in the long term, when you’re worried about your money, there is little to no assurance available. You find it hard to comfort yourself, and others around you can’t do much to help either, and you’re left with this weight on your shoulders. If it sticks around, a lot of things can happen to your body.

 

You might find it difficult to sleep, and experience insomnia. You might find it hard to keep weight on, or keep it off, as many people turn to and away from food during times like these. Your blood pressure can soar, you might get regular headaches, or you might be going to the toilet a lot more often… And when you notice symptoms like these, it might be time to get yourself to a doctor, or employ some serious relaxation techniques, or look for a solution to your money problems.

 

Obsessing Over Your Savings

 

Saving money is something we all need to do in life, and it’s something that a lot of people take pleasure in doing. There’s nothing quite like sitting secure in the knowledge that you’ve got enough in the bank for a rainy day, or that that vacation is going to pay for itself quite comfortably. All in all, savings help us to feel safe, and regular saving is a very good money practice that’s going to keep you sitting comfortably for years to come.

 

However, this can be a double edged sword, as a lot of people can start to obsess over their savings, or the act of saving money itself. Sure, it’s often a lot better to put that money away than spend it, but if you haven’t treated yourself for months on end, or you can’t even stomach the thought of spending that spare $20, this saving habit could soon turn into a problem.

 

Of course, good financial habits are all about balance. For example, take a big life expense such as needing to upgrade your car: you need reliable transport to get to and from work, and for your family, but you’re very hesitant to even think about scoping out a second hand dealership.

 

What do you do in this situation? You think about how to salvage your current car, without making any big moves. You can’t afford to buy a new car, sure, but you can afford to get a wheel package to make sure that your current car runs a lot smoother and safer.

 

Finding a compromise between your need to spend and save is all about looking for deals that actually suit you, rather than spending hours clipping coupons you’re never ever going to need, while your bank account sits entirely untouched and useless to you.

 

Breaking Out of the Cycle

 

And then we come to the meat and potatoes of it all – if you’ve got money worries, and it’s really stressing you out, how do you break out of the cycle? Because money makes you worry, and the worry makes you bad at managing money, and that makes you worry again, and on and on it goes! It’s incredibly unhealthy, and something you definitely need to become self aware about.

 

Make sure to talk to someone. Reach out to your friends and family, and let them know how much you’re struggling – they’re going to be willing to help! Then think about taking stock of your money; track your spending, list out where the problems are, and make changes bit by bit.

 

And then it’s time to come up with a plan you can stick to, which includes the use of a monthly budget, and knowing your usual spending and saving patterns. You can find a workaround, it just takes a bit of time.

 

So, What Now?

 

Money management can be very stressful, and it really feels like it’s designed that way. No matter how hard you work, there’s a good chance you’re not being paid enough for your labor, and saving up can become more of an obsession than a healthy habit.

 

When you get into a cycle like this, with all the doubt and worry, you need to be able to break yourself out of it. You need to be able to recognise signs, bring yourself down from them, and then think about your future in a constructive manner. Hopefully, this post can help you to do just that.

 

 

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Good luck!

Ken Boyd

Author: Cost Accounting for Dummies, Accounting All-In-One for Dummies, The CPA Exam for Dummies and 1,001 Accounting Questions for Dummies

(email) ken@stltest.net

(website and blog) https://www.accountingaccidentally.com/