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If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about
your financial future, you’re not alone. While finances can impact overall stress, taking steps to manage
your finances can support your mental, emotional and physical well-being.
When it comes to money, the sources of stress may look different for everyone, but identifying the
underlying causes and setting goals accordingly may help you feel more confident about your financial
future.
Consider these strategies to help improve your financial wellness and reduce stress:
Understand what causes financial stress
While everyone’s financial situation is unique, several common sources of stress have the potential to
strain your financial health. These include financial and economic uncertainty, existing debts,
unexpected expenses, and mental or physical health changes. Financial stress may differ from situation
to situation, but understanding the factors contributing to yours may help you begin to craft a plan for
your unique circumstances.
Determine your financial priorities
Start by reflecting on your financial priorities. This can include paying for school or paying off student
loans, building an emergency fund, paying down credit card debt or buying a car. Name the milestones
that are most important to you, and plan accordingly.
Create a plan and stick to it
While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a
plan to follow through. Identifying and committing to a savings plan may give you a greater sense of
control over your finances, which may help reduce your stress. Creating and sticking to a budget allows
you to better track where your money is going so you may spend less and save more.
Pay down debt
If you have some form of debt and want to make progress toward reducing your debt obligations, one
option is the debt avalanche method, which focuses on paying off your debt with the highest interest
rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball
method, which builds momentum by paying off your smallest debt balance, and then working your way
up to the largest amounts.
Build your financial resilience
Some financial stress may be inevitable, but building financial resilience may allow you to overcome
obstacles more easily. The more you learn about managing your money, for instance, the more
prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase
resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living
expenses.
The bottom line
Financial stress can affect your health and well being, but it doesn’t have to derail your dreams. Setting
smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and
adjust your plan as needed to ensure it continues to work for you.
For informational/educational purposes only: Views and strategies described on this article or provided
via links may not be appropriate for everyone and are not intended as specific advice/recommendation
for any business. Information has been obtained from sources believed to be reliable, but JPMorgan
Chase & Co. or its affiliates and/or subsidiaries do not warrant its completeness or accuracy. The
material is not intended to provide legal, tax, or financial advice or to indicate the availability or
suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs
and objectives before making any decisions and consult the appropriate professional(s). Outlooks and
past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not
responsible for, and do not provide or endorse third party products, services, or other content.
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