Although there was a time when I felt like we were alone in our financial struggles, I now know that is absolutely not the case. Here are some real ways to eliminate financial stress from your life!
It wasn’t too many years ago that my husband and I were crushed under the weight of financial stress to the point of seeing no way out.
We were living at a poverty-level income.
We were eating with the help of WIC checks, and our children’s medical bills were being paid via Medicaid.
Our home was underwater–we ended up losing that home.
And I was pregnant and/or breastfeeding for years on end (hello: hormone shifts!).
For a long time, we couldn’t figure out what it was that we were doing wrong.
My husband, who has a master’s degree, worked as a high school teacher in our public school district. To make extra income, he also worked Saturday school, the after school program, summer school, and even taught a class during his planning period.
I tutored elementary school children, taught a group of homeschoolers Spanish, and wrote for our local newspaper.
Still, the bank account sat empty at the end of each month, and we drained our meager savings while trying to save our home.
Fast forward a few years, and we are now in a much, much better spot financially.
I can look back and see exactly when I began to see a light at the end of what had looked like a very long and dark tunnel.
I now thrill in teaching and encouraging others that there is hope, even in the midst of severe financial stress.
How to Eliminate Financial Stress
1. Talk to a financial advisor.
This can be anyone from a financial teacher at your church or community center to a finance-savvy friend to an accountant or banker.
No matter who it is, it will help you to talk it out and see wisdom from those who have figured out how to eliminate financial stress.
For our family, it meant talking to a financial planning expert from our church and also a financial coach.
Much like someone struggling with depression would talk to a counselor or someone with a health crisis would seek the advice of a doctor, those under financial stress should embrace seeking the wisdom of the experts.
Truly, talking about our situation with others felt like counseling!
2. Evaluate your spending habits.
You might think you aren’t a spender, but little “splurges” here and there can really add up fast! It’s vital to figure out if you have a spending problem or an income problem.
Honestly evaluate your spending habits to determine if you are spending more money than you really have to spend.
Challenge yourself to keep track of every single penny you spend for one month. Then evaluate the wants versus the needs on that list.
Are there things you can cut out (and possibly add back later, when you have more wiggle room?)?
3. Take a realistic look at your income.
Do you really make enough money to cover all of your expenses?
Write down everything it takes to actually live: your food budget (and step #1 above should help you weed out those food items that aren’t a necessity), your mortgage or rent, any car payments, and your utilities bills (don’t count cable!).
Do your basic expenses from this exercise add up to more money than you are bringing in each month? If so, something has to change.
We had no clue just how little we were trying to live on (or even that we were living on the poverty line) until we met with the financial advisors.
They told us what we had somehow been overlooking before: We simply did not make enough money to live.
To some people, this might have been depressing, but it actually gave me hope that there was something we could actually do about this problem!
4. Figure out ways to create more income.
If you are under financial stress, and you discover that you are not making enough money to survive, it’s time to figure out how to create more income.
Can your husband seek out a different career path that will pay more money? Can you brainstorm ways in which you can make an income from home?
Finding out we needed to create more income was the exact push I needed to create an at-home business via this blog.
5. Set baby goals.
If you are already under financial stress, making a goal to pay off your house in one year might just do you in!
The best goals are ones that you can realistically meet within a set deadline.
It has helped our family tremendously to set “baby goals.”
My first goal for this blog was to make enough money to send our daughter to private school. After that, we wanted to save up for a down payment to buy a house.
Perhaps even just aiming to add an extra $25 per month to your grocery budget is a good place to start!
If you need some planning sheets to get your goal-setting juices flowing, pick up a copy of my eBook, Your Retreat: A Guide to Giving Yourself a Personal Planning Day. It includes 35 printables to walk you through your own planning and goal-setting session.
6. Live below your means.
Live on much less than you make–if possible.
(If you are at poverty level and haven’t yet figured out how to create more income, this might not be possible–yet! We were there!)
Once you are making enough money to support your family, create a realistic budget and make savings a priority.
Many people get into financial stress after spending more money than they make in the first place. The best way to combat this is to eliminate the problem by living as far below your means as you are comfortably able to do.
Knowing you are spending less than you have will go far in eliminating financial stress from your life.
Bonus: Count your blessings.
If you are under financial stress, one of the best ways to eliminate it is to look around you at what you do have and count your blessings.
When we were barely making ends meet and our cupboards and fridge were bare, I would thank God for a roof over our heads and the clothes on our backs.
Practicing gratitude for our basic needs will later help us to better recognize the bigger blessings as well.
Are You Under Financial Stress?
Although there was a time when I felt like we were alone in our financial struggles, I now know that is absolutely not the case.
Take a look at some of the following statistics:
- Over 70% of Americans are financially stressed
- 12% of Americans skip going to the doctor because of financial concerns
- 80% of people admitted that their personal finances keep them awake at night
- 21% of couples who rate their financial stress as at least “somewhat high” are arguing more
- 32% of adults say their finances keep them from living a healthy lifestyle
People are stressed about money, and that’s not ok. We have a chance to change that.
Money should never cause a fight, cause you to neglect your health, or be the reason why you can’t be present to enjoy all the moments that matter most to you.
Join the onUp Movement!
SunTrust is launching a national movement to inspire millions of Americans to take control of their finances and gain financial confidence so they can pursue a life well spent.
During the Super Bowl, SunTrust will unveil its movement of optimism to encourage millions of Americans to take control of their finances so they can focus on the moments that matter in life.
SunTrust’s goal is to have 5 million people take the pledge at onup.com and join the movement, and make a commitment: Get control of their finances and gain financial confidence so that they can pursue a life well spent.
You can join this movement here.
What are your tips for ways to eliminate financial stress from your life?
Related Posts:
At SunTrust Bank, their purpose is lighting the way to financial well-being. When you feel confident about your money, you can save for your goals and spend knowingly on what matters most to you.
The onUp movement was created to guide millions of people one step at a time towards a more financially confident life without ever losing sight of the moments that matter along the way.
Join the growing number of people transforming their stress into positive motivation to move onUp.
This is a sponsored conversation written by me on behalf of SunTrust. The opinions and text are all mine.
At SunTrust Bank their purpose is lighting the way to financial well-being. When you feel confident about your money, you can save for your goals and spend knowingly on what matters most to you.
The onUp movement was created to guide millions of people one step at a time towards a more financially confident life without ever losing sight of the moments that matter along the way.
Join the growing number of people transforming their stress into positive motivation to move onUp.
This is a sponsored conversation written by me on behalf of SunTrust. The opinions and text are all mine.
Nikki
Psssst, FYI….It’s actually 7 tips, you have 2 numbers 2s!
Erin
Oh my!! LOL Thanks for letting me know! I made #7 a “bonus”!
Keelie Reason
We were in the same boat as you guys for a lot of years. We were just not making enough money to live below our means. We weren’t hardly able to live within our means. Earning more money is the only thing that has helped us have any semblance of stress free finances. Even then, we are still stressing on occasion wihen big things come up that you just can’t plan for. You can plan, but not for every single thing.
Erin
So true, Keelie!
Jess
I tried everything to cut back on our stress financially, but we are growing our family and we needed a bigger house (so bigger monthly payment!) After cutting back everywhere we could without making huge sacrifices, I decided to give number 4 a try! I became a Rodan and Fields skincare consultant. I can do everything from a phone or computer and I can do it when I have the time. They have a very generous compensation plan and amazing rewards programs, so I’m able to generate the extra income needed without actually adding more stress to my day!
Erin
That is so awesome!
Jill York
I try to live as frugally as possible-I feel like we would have to live without electricity if I tried to cut back any more. lol Increasing income has really been the main option to help with financial stress!
Erin
I really hope you are able to get some breathing room soon, Jill!!
Christina @ Martha, Martha
Oh, man! We’ve been there too! Now that our income has increased, it’s so much easier to budget. BUT if it weren’t for the lessons we learned in the lean years, we would be in the same place now.
Erin
I feel the same way!