28 Jun Financial Stress Is Real. Here Are 3 Tips To Beat It.
Financial Stress Is Real.
Financial stress anymore is a very common occurrence. Some research suggests that up to 75% of Americans experience some form of financial stress. Close to 25% even experience “extreme” financial stress at one point or another.
So why is everyone getting stressed out? Well for starters, salaries have remained fairly stagnant while the cost of living has gone up. At the very least, this reduces someones discretionary spending. For those in the lower income bracket, this could mean that a financial emergency has an even bigger impact or that it takes longer to recover from one. A recent Chase Study found that the average American will have about a $1500 extraordinary payment related to medical, auto, or taxes. Which is essentially the equivalent of a mortgage payment or rent for most people. An involuntary extra mortgage or rent payment will surely add some financial stress.
Many Americans resort to direct payday loans or online installment loans, often with no credit check to get the fast funds they need. While this can often provide temporary relief to your financial stress, it tends to add more to it in the long run. Forbes recently reported that Americans often need up to a year or more to recover from these financial hits.
Don’t forget the emotional stress that will come along with it. Often under the more extreme or long term cases, the extended burden can lead to high blood pressure, depression, and a weakened immune system.
3 TIPS TO BEAT FINANCIAL STRESS
1. UNDERSTAND HOW YOU GOT HERE
While life definitely has a way of enforcing the old “when it rains it pours” saying, ultimately it helps to take some accountability for the situation. Did I not plan for emergencies or plan enough? Was the online installment loan I took out the wrong decision? Acknowledge where you may have went wrong or where you could of done better, it will help you to avoid this situation again.
2. LEAN ON SOMEONE OTHER THAN YOURSELF
While this can be challenging, it is often the biggest help. Everyone experiences difficult times at one point or another; there is no sense in being alone when this occurs. Reach out to a trusted family member or close friend and vent. Someone lending an ear may be enough to relieve some of the immediate burden your experiencing, simply through communication.
3. GET ORGANIZED
Nobody wants to get hit with a financial emergency but it happens. Afterwards, it is important to come up with a plan to get back on track. Don’t let the setback keep you down and be apart of the earlier statistic. It won’t be easy but it has to happen, so don’t waste anytime.
If you find yourself in an undesirable loan situation, consider a Credit Fair-E loan with ethical terms to help you refinance your current payday or installment loan.