6 tips for managing stress around finances, debt
If you’re feeling burnout and hate checking your bank account, you’re not alone.
Ohio residents are feeling more stress surrounding money and financial burdens, according to a study by CardRates.com.
Surveys point toward low confidence in stress-money management
CardRates.com is a free consumer education website with expert-written articles geared toward learning about credit card usage and which card companies are best.
They conducted a survey asking residents in each state how financial obligations have impacted their stress levels this year as opposed to last year.
The CardRates.com editors read responses from 3,000 participants across the U.S. managing finances and shared some of the common trends:
- Seventeen percent of respondents in the U.S. said they’re worrying daily about financial matters.
- On a scale of 1 to 10, the average confidence level for Americans managing financial stress is six, according to the surveys.
- Using the surveys, CardRates.com found that over half of Ohioans are nearing a ‘stress tipping point.’
What is a ‘stress tipping point?’
According to CardRates.com, a stress tipping point describes the moment when the accumulation of financial obligations leads to overwhelming stress levels.
It’s when the burden of financial responsibilities surpasses their ability to cope with stress, threatening their mental well-being.
In Ohio, the survey suggest nearly 59% of residents, 4,266,575 adults, are nearing a stress tipping point with managing finances.
The national average of 65%, according to CardRates.com senior editor Ashley Fricker.
“As our latest survey reveals, this ‘stress tipping point’ represents more than just a fiscal benchmark; it’s a critical indicator of societal well-being. Our findings call for a collective effort to address and mitigate the factors contributing to this widespread concern,” said Fricker.
Americans have been feeling the pressure of a steep rise in financial obligations, according to the Federal Reserve Bank of New York.
The nation’s total financial obligations increased roughly 4% to $17.06 trillion in 2023, according to the Federal Reserve Bank.
But 82% of respondents to the CardRates.com survey said they’re actively seeking out solutions to not get to a ‘stress tipping point.’
Impact on relationships, seeking help
The survey uncovered that personal relationships are being affected by the stress surrounding managing finances.
Fifty-nine percent of respondents see their relationships being affected, while two-thirds observe a similar impact on their friends and family.
Here are some more pieces of advice from Card Rates.com and Money Mentors on managing money stress so you don’t take it out on people around you:
- Don’t let money consume every waking thought you have.
- Organize by when you get paid, when your bills are due, your monthly budget and keep track of your savings.
- Let go of past mistakes with money.
- Set up monthly auto payments and keep track of upcoming payments so you know what’s going in and out of your account.
- Talk to someone about what’s burdening you financially.
- Prioritize your health and focus on self-care like exercise and meditation.
“You can reach all the financial goals in the world, but they won’t mean anything if your health suffers along the way,” Money Mentors writes. “If money has been consuming your daily thoughts, this is the time to take a step back and let go of the past. You won’t be able to reach your financial goals, pay down your debts or make more money if you’re physically or emotionally drained. Make a conscious effort to not look at your bank account for a week and resist the urge to fill that newfound energy or time with something else.”
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