5 Ways to Manage Financial Stress

Posted on January 10, 2024

Key Takeaways:

Focus on the things you can control like cutting back on unnecessary expenses.
Review your budget.
Explore new revenue streams.
Connect with a financial expert.
Make time for self-care.

Financial stress is a part of life, and many of us have had our fair share of financial challenges. They can take over our thoughts and make us feel uneasy, but there are effective ways to cope. Use these tips to feel better as you work toward getting back on your feet.

1. Take Control of Financial Stress

So many factors that lead to financial stress are well beyond our control. Job markets soften. Interest rates go up. World economies shift. We can’t control any of that.

Try to minimize the time you spend worrying about factors you can’t control and focus on factors you can, like cutting back on extra expenses—subscription services you don’t use often, dining out, gifts, and vacations.

2. Review Your Budget to Fight Financial Challenges

A close look at your monthly budget can reveal unnecessary expenses you may have overlooked. Make sure you have typical categories like these covered:

Housing payment
Car payment
Credit card payments
Groceries
Restaurants
Transportation and gas
Childcare

Insurance—auto, home, life, health

Use United’s online budget calculator to crunch your numbers quickly and easily.

3. Explore New Revenue Streams

Side hustles and part-time gigs can help people make ends meet while they’re working through financial challenges. Popular options include:

Driving for a rideshare service
Food or grocery delivery
Pet sitting or dog walking
Tutoring
Seasonal support for retailers or shippers
Virtual assistance

4. Connect with a Financial Expert

At United, we’re here to help you make the most of your financial situation, no matter what it is at the moment. You can count on us for a fresh perspective, sound guidance, and useful tips with your best interests at heart.

5. Take Care of Yourself

It’s natural to worry when you’re under financial stress, but worrying yourself sick is never the solution. Find some ways to relax and get your mind off your concerns. Common methods of self-care include:

Spending time with people you care about
Doing things you enjoy like reading or listening to music
Getting out in nature

If you’d like to take a look at your financial challenges together, stop by your local United branch or schedule an appointment online.