6 Financial Tips for Navigating Economic Stress

Economic stress is everywhere, with the global economy in a constant state of flux. Wherever you look, people are struggling to keep their heads above water. If you’re feeling overwhelmed by your finances, there are ways to help mitigate the effects. Turn to resources set up specifically to help you. Here are some tips to help you stay in robust financial health no matter what challenges may pop up.

Get Creative With Your Savings

When times are tough, there are various ways to save money on items you need. Previous generations would have turned to clipping coupons and buying in bulk. While these are tried-and-true methods, smart subscriptions, and convenient online shopping are more modern tricks. For example, ordering groceries online for pickup saves you time and curbs last-minute impulse purchases at the register. Alternatively, meal kit subscriptions can contribute to your financial well-being by eliminating the need to visit the store entirely.

This approach doesn’t just apply to groceries. If you have a pet, explore the convenience of having their food delivered to your doorstep. For essential medications like birth control or prescriptions such as Lexapro, opt for home delivery. This spares you the time and expenses associated with a trip to the pharmacy. Consider exploring various subscription services for entertainment, fitness, and more to find ways to save while still enjoying the things you love. These subscription-based services can streamline your life while keeping your budget in check.

Prioritize Your Expenses

Part of tackling financial stress should include taking a good look at what you spend. Figure out where your money’s going and decide which expenses are must-haves and what you can cut back on. Pinpoint your fixed costs, such as rent or mortgage payments. Then look at your variable costs, such as groceries or entertainment. This is often where you can cut back.

Your cutbacks don’t have to be extreme either. For instance, you may not mind bringing lunch from home instead of eating out. And you may not notice if you unsubscribe from a few streaming services you don’t use. But these actions can add up to serious savings over time.

Consider Supplemental Income

Have you thought about launching a side hustle? Almost everyone has at least one skill or hobby with the potential to monetize. It could be something small that you could turn into something big. For many, it’s also appealing to set your own hours and be your own boss.

For instance, do some freelance consulting in your field, sell your artistic creations, or drive for a rideshare service. If you’re handy around the house, you could offer home repair or renovation services on the side. Or if you excel at taking pictures, offer to photograph a friend’s graduating senior or family reunion. In time, you’ll grow your client base. This way, you can ease financial stress and fulfill your passions all at once.

Don’t Forget to Invest

Investing is a powerful way to help grow your wealth over time and work toward less financial stress down the road. For instance, does your job offer access to a 401k? If so, take advantage of that. If they match the contributions you make to it, even better. If that’s not an option, open up another tax-advantaged savings account, like a traditional or Roth IRA.

Investing even a little extra money every month in stocks, bonds, or mutual funds can add up. You’ll also save on your tax bill. Plus, when your working years are over, you’ll breathe easier knowing that your finances will be on solid footing. Talk to your employer or a trusted financial advisor if you’re curious about any of these options or how they work.

Find Support

Financial stress can take a surprising toll on your mental health. Reach out to trusted family and friends or turn to a professional. Getting help doesn’t have to break the bank or consume too much of your spare time. Ask your doctor to refer you to a trusted therapist who works on a sliding scale. These days, you don’t even have to leave your desk to get mental-health support: online counseling services can provide a supportive ear.

Make sure to take some time for yourself. This could be in the form of a simple walk or an evening spent cooking a comforting meal. If you’re stressed about money, knowledge, and education also goes a long way. Turn to trusted agencies like the Consumer Financial Protection Bureau for a wealth of resources on personal finance. Spend some time educating yourself about what options are available to help your situation.

Redefine Financial Success

The traditional notion of success often centers around accumulating wealth and material possessions. Many people have been conditioned to believe that success means owning lavish homes, fancy cars, and perhaps even a yacht for those perfect vacations. However, in reality, this definition of success can feel elusive, especially for those who don’t have substantial sums of money stashed away. In fact, many studies show households earning less money often feel more financial stress.

But here’s the key to redefining financial success: Instead of chasing someone else’s prescribed metric of success, take control of your own narrative. Consider what truly matters to you and what brings genuine satisfaction and happiness. Rather than pursuing material wealth, focus on enriching your life with meaningful experiences. Imagine a new definition of being rich, one that has nothing to do with your bank balance.

Being rich could mean being surrounded by joy and laughter, flourishing in the company of loved ones, and nurturing meaningful relationships. It could mean investing in your passions and hobbies, and channeling your energy into pursuits that ignite your spirit. In this redefined perspective, financial success becomes not just about accumulating money but about creating a life rich in experiences and connections. By setting your own goals and priorities, you can escape the cycle of financial stress and discover a more fulfilling path to success.

Economic stress can feel like a heavy burden. However, there are ways to get a handle on the situation so it doesn’t drag you down. From taking care of your mental health to investing in your future, there are options to look after your financial health. Take control of your own narrative, set your own goals, and prioritize what brings genuine satisfaction and happiness to your life.