Inflationary pressure is pummeling consumers from every angle, so it’s more important than ever to get yourself financially fit to best deal with what could be coming in the months ahead.
All of our everyday items, from the simplest grocery items to the weekly fuel fill up for your car -even the movement of stocks on the NASDAQ Index – these all have huge flow-on effects to the American consumer, especially for small business owners.
As we move from a global pandemic to the highest inflation rate in years, there’s no wonder why the cost of living is increasing. As we emerge from the restrictions from COVID-19, it’s paramount to get control over your financial stresses before they snowball into a dire emergency.
Multiple factors can influence financial stress. Loss of work, escalating debt, unexpected expenses, less spending money, bank accounts looking empty – to name a few – can all lead to financial stress.
If you’re struggling financially, fear and stress can take over your world. It can damage your self-esteem, make you feel flawed, and fill you with a sense of despair. When financial stress becomes overwhelming, your mind, body, and social life can pay a heavy price.
There is no simple fix when it comes to overcoming financial stress. But there are a coupe of steps you can take to limit the effects of rising living expenses.
Two Tips to Reducing Financial Stress
1. Identify your financial stressors and make a plan on how to tackle them. Understanding that a problem exists is the first step to correcting it or at least dealing with it in the short term
2. Draw up a financial plan or budget and keep to it. Take small steps. Knowing that you are moving forward can reduce anxiety and stress in the short term and keep you on top of debt, bills and other foreseeable expenses in the long term.