10 reasons why you might be financially stressed
Stress can come from everywhere – career, school, family,
relationships, health – and especially money.
Psychologists have reported that money remains the
number one stressor for 72 percent of the population. In
fact, money is the major contributor to stress among
other issues.
Are you financially stressed? Here are 10 major signs of
financial stress and ways to take action.
1. You wonder if your job is secure. Even though the
economy has improved in recent years, employers still
cut and reassign workers and make occasional
adjustments in pay and benefits. If you’ve spotted
changes in other departments or news accounts suggest
a shift in your industry, start thinking ahead. Action
Plan: Build up your emergency fund to cover six months
or more of basic living expenses, update your resume
and get organized for a potential job search.
2. There’s no money to save or invest. If meeting basic
expenses is a struggle and you have no savings or
investments at all, it’s time for a serious review of where
your money is going. Action plan: Making a basic
budget is the first step to tracking every penny spent.
Figure out extras you can cut and set more aside for
savings and debt payoff.
3. You have disagreements with a spouse or partner
about money. A 2013 University of Kansas study noted
that arguments about money are the top predictor of
divorce. Action plan: Share information about all debt
and legal issues and exchange respective credit reports
and credit score data as you plan to solve all money
problems together.
4. You are paying bills late. Late payments can hurt
your credit score action plan: Set up a physical or
digital calendar to keep track of payment dates and
budget in order to put more money toward debt and
eventually savings.
5. You imagine a windfall. Waiting for a bonus, an
inheritance or even a winning lotto ticket to ease your
financial stress indicates you have a tendency toward
financial denial. Action plan: If your current efforts at
budgeting, saving money or paying off debt aren’t
working, consider a reality check with a qualified
financial advisor.
6. You use your home equity like a cash register. Home
equity loans or lines of credit can provide an interest-
deductible solution for a variety of important needs, but
a down housing market can wipe out your equity.
Action plan: Either refinance if you qualify or stop
using the line entirely until you can pay down the
balance.
7. You’re considering drawing from retirement funds to
solve money problems. Think twice before taking out
loans against these funds. Interrupting your retirement
planning, particularly over the age of 50, can have
significant financial consequences. Action plan: Re-
budget your finances and seek qualified advice to help
you find another solution.
8. Late and overdraft fees are piling up. According to the
Pew Charitable Trusts, the average bank overdraft fee is
$35; credit card late fees are similar. Action plan:
Schedule bill payments and opt for online billing when
possible to save time on mailing. If you have to pay
additional late fees, ask your bank or credit card
company if it might forgive the fee; many will remove
one fee a year.
9. You’re late on student loan payments. It is difficult to
have student loans forgiven, cancelled or discharged
(eliminated) in bankruptcy if you can’t pay. Paying
late can also hurt your credit score. Action Plan: Seek
qualified financial advice that specifically addresses
the type of student debt you have and resolve to pay
bills on time.
10. Your accounts are disorganized. It’s difficult to reach
important financial goals when you really can’t track
your finances. Action plan: Get some advice from a
trusted friend or a qualified financial professional
about how to best organize your accounts and whether
online account management may be right for you.


Source ; www.businessdayonline.com/2015/08/10-reasons-why-you-might-be-financially-stressed/