If checking your monthly bank statement gives you the same feeling as before a big drop on a roller coaster, you’re not alone—in fact, you’re part of the majority.
In a national survey of over 1,500 United States residents commissioned by Discover Personal Loans®, only 30 percent of people reported having no anxiety surrounding their finances in 2021—leaving a massive percentage of people with that pit-in-their-stomach feeling.*
Why does that matter? “Money can seriously affect a person’s stress levels, which can ultimately lead to both mental and physical health issues,” says Carrie Casden, president of Summit Financial Management and certified money coach. The negative effects of stress have been well-documented, but with so many people experiencing stress induced by their financial situations, there’s got to be a way to combat it… right?
According to Matt Lattman, vice president, Discover Personal Loans, the best way to tackle financial stress is head on. “Money is stressful, and whether you’re dealing with an unexpected expense or planning for retirement, it can often feel easier to avoid thinking about it,” he says. “But by spending time practicing things like making a budget or keeping tabs on your credit scores and account balances, you’ll be ready for the challenges as they come—and being ready for challenges empowers people.”
If being financially empowered sounds like something you’d like to sign up for, keep reading for a few nuggets of intel from these financial experts on how to get started.
Keep reading for more expert-backed tips for dealing with financial stress.
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Knowledge is power, so understanding all the methods at your disposal for boosting your financial wellness is a key first step toward alleviating financial stress.
Lattman has a few tips for getting the ball rolling: Check out credible personal finance websites (like the Discover Personal Loans Resource Center) or book an appointment with a financial advisor or debt counselor. From any of those resources, you can glean guidance on negotiating your cell phone bill (did you know that was a thing?), setting up a payment plan for medical expenses, or discontinuing subscriptions you don’t use (like gym memberships or streaming services).
Or, if you’re looking for ways to pay for an unexpected expense or consolidate high-interest debt like credit card debt, you could look into getting a personal loan (no, loans aren’t just for college and homes).
“Personal loans, like those available through Discover, offer funds in one lump-sum that can be used to pay off higher-interest loans directly, or to pay for an unexpected expense that your savings can’t cover,” Lattman says. “Because a personal loan often has a lower interest rate than credit cards (at least after any ‘promotional’ period), this solution could help alleviate anxiety because it might …….
Source: https://www.wellandgood.com/financial-stress-discover-personal-loans/
