A recent report from SHRM (Society for Human Resources Management) states that an overall 52% of workers are worried about their finances, and a whopping 64% of Millennials are concerned. The study concludes that the younger the worker, the greater the worry.
And it’s no wonder. According to Bankrate’s 2018 financial security index survey, fewer than 39% of people questioned have $1000 or more on hand to cover an emergency.
Money worries can negatively impact your health and just about every system in your body. It can also distract you from the task at hand on your job, resulting in lost productivity.
So, short of making more money, what can you do to cope with financial stress? There are a few things, starting with self-care. This can take the form of yoga, exercise, or meditation. Even a short walk, according to Anxiety and Depression Association of America, can produce positive benefits. Any exercise release endorphins, which help against the negative side-effects of stress.
Meditation seems like it should be simple enough, but often isn’t. The first step may include unplugging from social media and the temptation to compare yourself to others who are doing better. Instead, remind yourself that your financial situation isn’t going to last.
And for that to be true, you need to identify your financial stressors — overwhelming credit card or student loan debt, medical expenses, etc. — and figure out how to address them. This may be easier than you think. Contact your creditors and ask them to help you with a revised payment plan.
Meanwhile, draw up a budget and see what cuts you can make. There are probably more unnecessary expenses than you realize, and seeing them on paper can be an eye-opener.
You can also look online for resources, such as financial blogs or YouTube videos or even podcasts. Improving your financial literacy can certainly help you come to grips with your present situation.
Ask if your workplace offers financial wellness programs. Some companies are starting to include financial planning in their budget because they recognize that money worries can lead to lost productivity, even absenteeism due to stress-related illness.