Americans are feeling more financial stress today than ever before. In a recent survey, respondents cited money as the top source of stress in their lives. And it's not hard to see why. With the cost of living on the rise and incomes staying stagnant, it's becoming increasingly difficult to make ends meet. If you're feeling overwhelmed by financial stress, don't worry – you're not alone. But there are steps you can take to manage it. Here are some tips for handling financial stress during 2022.

"I Feel Like I don't Make Enough Money"

It's no secret that the cost of living is on the rise. And while this may not be news to some, it is becoming increasingly difficult for people to keep up with the ever-increasing prices. This is especially true for those who are concerned with money and their financial stability. The emotional toll that comes with trying to make ends meet can be devastating. And, unfortunately, it seems this stress is only going to continue to increase. For many, this is a daunting prospect. But, fortunately, there are ways to ease the financial burden. By taking steps to reduce expenses and save money, people can help to ease the stress of the rising cost of living. And, in doing so, they can also help to improve their overall well-being.

Be Honest with Yourself

Many of us are under a lot of financial stress right now. Whether we're worried about losing our jobs, struggling to make ends meet, or just trying to figure out how to pay our bills, it's easy to feel overwhelmed. The emotional toll of financial stress can be significant. We may feel anxious, depressed, irritable, and think less clearly. It can be hard to concentrate on anything else. If you're feeling maxed out financially, it's important to be honest with yourself. Take some time to assess how you're really feeling. Are you managing your stress well? When was the last time you felt financially secure? If you're struggling, reach out for help. There are resources available to assist you. Don't try to tough it out on your own. Seek out support and information so you can get back on track.

Find a group of people you can trust during this period of your life and open up to them about your financial stress. Doing so will help you to feel less alone and more supported.

Take Inventory of Your Finances

If you're concerned about your finances, the first step is to take inventory of your income, debt and spending. This will help you devise a plan to get your finances back on track.

Start by tracking your income for at least one month. This includes money from your job, investments, gifts and any other sources. Then, list all of your debts, including credit card balances, student loans and mortgages. Finally, track your spending for the same period of time. Look for patterns in your spending and try to identify areas where you can cut back.

With this information in hand, you can start to devise a plan to get your finances back on track. If you're not sure where to start, there are plenty of resources available online or through financial advisors. Don't be afraid to ask for help - getting your finances under control is an important step in achieving financial freedom.

Take Action

Money is one of the leading sources of stress for Americans, according to a recent survey. If you're struggling to get a handle on your finances, it's important to take action. Although it may be tempting to avoid facing your money problems, that can actually cause more anxiety, experts say.

The first step is to create a budget. Look at your income and expenses and figure out where you can cut back. You may be surprised how much money you're actually wasting each month. Once you have a handle on your spending, you can start working on a plan to pay off your debt and build up your savings.

Take charge of your financial future. Don’t let money control you - you control it!

— Fiat WM

With a little bit of effort, you can get your finances in order and improve your overall well-being in the process.

Do Something that Makes You Happy

It can be easy to get caught up in only spending money on what you deem as necessities. While this may save some money in the short term, it can actually do more harm than good in the long run. When you take away things that make you happy, it can offset any stress or anxiety you may be feeling. It's important to find a balance between investing in your happiness and being concerned with money. A little bit of both goes a long way. By doing something that makes you happy, you'll be surprised at how much it can improve your overall mood and well-being.

For example, if you love going out to eat,  find a restaurant that has a happy hour or special deal. If you enjoy getting your nails done, look for a salon that offers discounts. Taking some time for yourself doesn't have to be expensive - it just has to make you happy!

Start thinking about all the things that bring joy into your life. Make a list of activities and start  planning ways to incorporate them into your budget. A little bit of happiness can go a long way in reducing stress and anxiety.

Doctors have found that smiling can actually help to reduce stress. So even if you're feeling down about your finances, try to keep things in perspective and focus on the positive. A little bit of happiness can go a long way!

There are endless ways to still enjoy the things you love without breaking the bank. So for the next time you find yourself feeling stressed about money, take a step back and focus on what will make YOU happy.

Consult with Financial Professionals

Anyone who has ever tried to organize their finances knows that it can be a daunting task. There are so many variables to consider, and it can be difficult to know where to start. However, one of the easiest ways to understand your financial situation is to consult with a Fiat Wealth Management fiduciary advisor. Our advisors are trained to analyze your specific situation and then design a custom blueprint that is in your best interest.

So whether you're trying to save for retirement or just need help getting your finances in order, Fiat Wealth Management can help. Contact us today to learn more about our services.

Contact Us!

While it may be difficult to face our finances head-on, it is important that we do in order to lessen the load of stress on our back. The first step is admitting that there is a problem and then taking inventory of what you have. From there, you can start developing a plan of action and take steps towards getting your financial life in order. If you are feeling overwhelmed or lost, don’t worry! Check out some of our other blogs for more valuable information regarding this season. At Fiat Wealth Management, we want to help you get through this tough time so that you can focus on what’s really important - living your best life!

This page is a publication of Fiat Wealth Management, LLC. The firm is registered as an investment adviser and only conducts business in states where it is properly registered/notice filed or is excluded from registration requirements. Registration is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability.

The information presented is believed to be current. It should not be viewed as personalized investment advice. All expressions of opinion reflect the judgment of the authors on the date of publication and may change in response to market conditions. You should consult with a professional advisor before implementing any strategies discussed. Content should not be viewed as an offer to buy or sell any of the securities mentioned or as legal or tax advice. You should always consult an attorney or tax professional regarding your specific legal or tax situation.