Women worry about money.
According to a 2016 study, 85% of women are anxious about some aspect of their finances1 and another study found women are more likely to lose sleep over money than men (at 68% vs. 56%).2
While it’s nice to know you’re not alone as you toss and turn the night away, wouldn’t it be nicer to stop worrying? You’d lower your stress – which can affect your physical and emotional health in a whole host of ways –and enjoy life more. And there’s no better time to put yourself on a path to stressing less than May, which is Women’s Health Month.
Here are five steps that can help.
Step 1. Make a list of the money-related issues you worry about most. It might seem like putting your concerns down on paper will make you feel even more worried, but there’s actually lots of research to show the benefits of capturing your thoughts. You have to know what’s causing you stress before you can figure out how to deal with it. And sometimes just seeing a worry in print can make it feel more manageable.
Step 2. Evaluate your current financial situation. Take a look at each of the areas you’re concerned about and decide if your worries are justified. First, estimate the cost of whatever you’re looking to fund (e.g., college, retirement, wiping out your credit card debt) using the Tools section of the Summit website. Then list the assets you currently have set aside to cover each area and get a handle on the gap between your expenses and resources.
Step 3. Ask for help. Feel like you can close the gap on your own? Good for you and get cracking! Need some strategies and advice? Summit is here to help. Our financial experts and loan officers are happy to set up a free, no-obligation appointment. Set up a meeting today using Summit’s online calendar.
Step 4. Make realistic changes – and keep on keepin’ on! Whether you come up with a game plan on your own or have some help, make sure it includes a manageable to-do list. You can’t solve all your financial problems overnight, so don’t set yourself up to fail. And don’t be too hard on yourself when you have setbacks. There’s going to be a month when you can’t put aside as much money as you hoped to, or splurge on something you shouldn’t. Don’t wallow – move on!
Step 5. Own your money! Sure, it’s the Summit tag line, but it’s there for a reason. Feeling confident about your ability to manage your finances – and handle whatever life throws your way – will go a long way toward relieving stress. You can do it and Summit’s here to help.
Try it and see how much better and healthier you feel!
Smart money tips brought to you by Red SHOES, Summit’s exclusive financial wellness program.