A step back from the stress of making an appointment, checking out a new home, or even making a payment on a credit card can have the effect of making your financial life appear to be a blur.
In fact, many people are doing just that.
The truth is that most people are not doing what they should be doing, and there is nothing to stop them from doing so, says Prabhakar Menon, the chief financial analyst at BNY Mellon, and a professor of finance at the Wharton School of Business at the University of Pennsylvania.
He says that is what people need to do to manage the stressors of the financial crisis, which have brought an increase in stress and anxiety in our economy.
“We’re not looking at the negative consequences of this crisis, and we’re not trying to change the way we work or live,” Menon says.
“It’s really important that we think about the positive consequences.”
Here are the steps you need to take to manage stress: Stay in touch with your financial situation.
Take time to take care of your finances and see how you’re spending them.
It will help you to understand how you can cut your expenses, Menon adds.
Get a sense of your goals and goals of where you’re going.
The most important thing to remember is that you are not alone in your financial problems, Menor says.
Take a moment to reflect on the reasons you have your current financial situation, and how you want to change it, Menone says.
“People are really struggling to deal with their financial situation right now, so we have to be really honest about it,” Menone adds.
“Don’t be afraid to be honest with yourself and admit that you have an issue.
You can’t just walk away from a situation and go on vacation and go back to your comfort zone.
You have to find a balance.
The truth is, if you look at your financials, you don’t have the time, money, and energy to deal,” he says.
Invest in yourself.
Investing is essential, he says, but it’s a matter of prioritizing the things that matter to you.
Invest time in hobbies and activities that are important to you and your family.
This can include hobbies like cooking, gardening, travel, or travel planning.
Invest as much as you can into your retirement account.
“There are a lot of good things you can do with your savings, but we need to make sure that it’s for the things you want it to be for,” Menones says.
The key is to keep your savings up to date, but also to consider how you might use it, such as for investments, if necessary, he adds.
Make good choices.
Menone stresses that the financial decisions you make will not only help you keep your financial affairs in good shape, but will also give you a sense for your priorities, as well as help you find ways to make your financial lives easier.
Take some time to look at the balance sheets of your major credit card companies.
These can be helpful, he suggests.
If you are a new borrower, start by taking the time to review your credit history.
“You want to know if you’re borrowing too much money for too long,” Menoni says.
If your credit is good, you can go back and take another look at it, he added.
If not, Menones advises that you get a second look at how you are using your credit cards.
If this is a problem, then get advice from a financial adviser.
You might also want to consider whether you should pay down debt or start taking steps to reduce your debt load.
Make healthy food choices.
It is important to make healthy food a part of your daily routine, Menoni advises.
Take the time and energy out of shopping for groceries and instead consider getting healthy, protein-rich foods, such a whole-grain bread, lentils, or a vegetable such as cauliflower.
If that doesn’t work, you might want to try making healthy meals out of fruit and vegetables, as Menone recommends.
Menones also suggests that you consider taking the opportunity to take a day or two off from your busy schedule.
This will allow you to focus on things that are less important.
Menon recommends that you avoid paying debts, and if you do have debts, limit them to one-time payments of less than 10 percent of your adjusted gross income, or $6,400.
The more money you have to pay off the debt, the more likely you are to be able to pay it off, he said.