NAVIGATING FINANCIAL STRESS

If you feel anxious about your finances, you’re not alone. Here are some tips to help ease your mind.

Many families are struggling financially, and the current economy isn’t helping. The pandemic negatively impacted many wallets, and now inflation and the threat of a recession are adding new worries.

Indeed, according to Thrivent’s 2022 Consumer Financial Outlook Survey, 63% of Americans said inflation is pushing them off track financially, and 60% said it’s getting in the way of saving. One-third of Americans reported their current employment situation is causing them to feel financially off track. Additionally, 29% of people said their personal financial habits, family circumstances, and physical, mental, and emotional well-being, each respectively, contributed to them feeling financially off track.

“We’re seeing financial stress across the board right now,” says Mary Jane Fortin, President, and Chief Commercial officer at Thrivent. “Due to inflation, many Americans don’t feel like they’re in a position to follow financial steps, like saving and budgeting.”

The good news is that there are ways you can manage your financial stressors and prepare for any uncertainties ahead.

1. Go back to basics – Don’t spend more than you have, and write down a simple plan to lower spending and increase income and savings.

2. Break it down into small manageable pieces – Set a goal to just do one thing at a time. For example, create an emergency fund, start a small retirement, and more.

3. Look beyond the numbers – Address the fear you are feeling. Everyone is worried about the economy, right? Most of us have been embarrassed at one time or another that we aren’t handling our finances as good as we can.

Step one: Accept your feelings and fears about finances as normal. Step two: Praise yourself for any small step you take to improve. And, no matter how much wealth you have or don’t have, consider reaching out to a financial advisor. They have ideas and information that can help you take back control.

“NOBODY CAN CONTROL INFLATION AND HOW THE MARKETS ARE DOING, BUT THERE ARE THINGS THEY CAN DO TO MITIGATE THE RISK AND GIVE THEMSELVES MORE CONTROL.”