Financial stress is real. Reportedly, 90% of Americans say that money has an impact on their stress levels (Thriving Wallet, January 29, 2020). In a report by Thriving Wallet, it was found that:
1. 41% don’t set aside any money for their household retirement plan.
2. 25% have charged their credit card for groceries/food and have not been able to pay it off right away.
3. 33% said it would take more than 3 years to pay their credit card debt.
4. 29% said if they needed $2,000 for an emergency, they would use a credit card.
5. 20% of those with children in childcare said the cost is as expensive as, or more expensive than, their monthly rent or mortgage payment.
One of the worst things about financial stress, aside from the financial burden that
comes with it, is that financial stress can impact your physical health, to include having an adverse effect on blood pressure, respiratory symptoms and sleep.
Things you can do to take control of your finances include:
- Set a budget
- Write down all expenses
- Track expenses against your budget
- Reduce overspending
- Eliminate impulse buys
- Pack a lunch
- Eliminate or cut back on fast food and restaurant purchases
- Eliminate use of credit cards
- Create an emergency fund
- Establish a plan to pay off debt
- Work a second job, if needed
If more help is needed, consider contacting a nonprofit credit counseling agency for assistance.