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Americans are losing sleep over their finances. Here are some ways to manage your money
Financial stress is taking a toll on people’s physical and mental well-being.
On a recent study by Jenius BankMore than half of Americans said they are losing sleep over money, and 32% said they are experiencing regular headaches due to financial stress.
Money also evokes feelings of guilt and hopelessness in more than 40% of Americans, and more than 30% reported having strained relationships with friends and family due to financial issues.
“When you feel financially secure, it helps boost your confidence and peace of mind. On the flip side, financial stress can have a huge impact on your mental and emotional health,” said Julie Guntrip, head of financial wellbeing at Jenius Bank. “It’s crucial that banks recognise this connection between financial and mental wellbeing, and that starts with ensuring consumers have the knowledge they need to help them live richer lives.”
Guntrip outlined some easy ways to better manage your money and ease the burden.
“It’s important to be smart with money. Educate yourself about money to build confidence,” Guntrip told Scripps News.
She said it’s important to avoid comparing yourself to others.
In the study, some respondents reported feeling behind their peers. About 30% of millennials and 33% of non-millennials said they felt behind their age group in terms of investing, saving and retirement.
But comparison can send you spiraling into self-doubt. Guntrip said that instead of comparing yourself to peers, focus on personal goals for yourself.
She also said it is crucial to familiarize yourself with your consumption habits.
“Schedule regular time to talk to your finances. Track your spending to identify budgeting trends,” Guntrip said.
In terms of dealing with debt and saving for the future, Guntrip said you also need to be strategic and intentional with your money.
For debt, Guntrip suggested developing a repayment plan by targeting high-interest debts first, then aligning non-essential spending with your goals.
In terms of saving, Guntrip recommended creating a routine using a high-yield account.