By Kimberly Palmer | NerdWallet
Many people feel financial stress, according to certified financial planner Katie Lindquist.
Lindquist explains that people often feel ashamed and unsure about what to do with their money, which causes stress.
To relieve this stress, Lindquist helps clients get organized and take stock of their financial accounts. goalsLindquist, based in Madison, Wisconsin, says that having a financial plan can reduce stress because it provides clarity and direction.
Experts recommend these steps to combat overwhelming financial stress:
Recognize that feeling stressed about money is normal
Bari Tessler, author of “The Art of Money” and a financial therapist in Boulder, Colorado, explains that financial anxiety is common and influenced by various factors like interest rates, inflation, and life events. Listen to your body Sonya Lutter, director of financial health and wellness in the School of Financial Planning at Texas Tech University, says that physical symptoms like cold fingers can indicate financial stress, which can affect decision-making.
Identify your triggers
Jannese Torres, author of “Financially Lit!” and host of the podcast “Yo Quiero Dinero,” suggests that negative experiences around money from childhood can lead to a high-stress response as an adult, and exploring those experiences can help navigate financial conversations.
Find ways to reset Bari Tessler recommends slowing down and engaging in activities like hiking, meditation, or listening to music to reset the mind before making important financial decisions. “I would actually take a deep breath. Nobody even needs to know. Walk away and examine the situation,” Lutter says.
“It’s fine to take a break and revisit” the decision later, she adds.
Begin the process of getting control back
Because stress can make us freeze when faced with financial decisions, Stacy Dervin, founder of Tailored Financial Planning in Eugene, Oregon, recommends addressing one thing at a time. “Trying to solve everything at once can be really overwhelming. Just focus on the next right thing to help build your confidence,” she says.
Sometimes, Lindquist says creating a spreadsheet to list all your accounts
, accessing a workplace retirement savings plan, tracking spending or creating a net worth statement to review assets and liabilities are all excellent ways to regain a sense of control over your finances.
Sara Zuckerman, a CFP in Scottsdale, Arizona, and founder of Reset Financial Planning, says focusing on organizing your finances can bring you back to your own goals instead of comparing yourself to others, which can worsen stress.
“To truly comprehend what you have and where it’s going is the most important step toward establishing that initial feeling of control,” Zuckerman says.
This article was written by NerdWallet and was originally published by The Associated Press.
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5 Ways to Calm Financial Stress originally appeared onRecognizing that money tension is common can be the first step toward reducing it.
Sara Zuckerman, a CFP in Scottsdale, Arizona, and founder of Reset Financial Planning, says focusing on organizing your finances can bring you back to your own goals instead of comparing yourself to others, which can exacerbate stress.
“To really understand what you have and where it’s going is the biggest step toward putting that initial feeling of control in place,” Zuckerman says.
This article was written by NerdWallet and was originally published by The Associated Press.
More From NerdWallet
The article 5 Ways to Calm Financial Stress originally appeared on NerdWallet.
