4 Ways to Help Alleviate Daily Financial Stress

It’s important to remember that taking care of your mental health is just as important as your physical well-being. MD Magazine® recently wrote an article on the growing epidemic of physician burnout and cited work related stress as one of the chief contributors to this.

Build a plan

Work related stress is hard enough on its own without the added stress of worrying about your wallet. We break down four steps to help change your routine to alleviate some common financial stressors.Financial planning and budgeting are key ways to avoid daily woes about your finances. A good budget and financial plan will allow you to keep track of your finances in an organized fashion. You can then quickly access your financial information whenever you need reassurance that you’re on the right track.

Look for free activities to do with friends

Budgets are easy to make and you can use a variety of platforms to create them ranging from Microsoft Excel to an independent site like Nerdwallet.com. Whatever way you choose to make your plan, make sure you stick with it. A healthy social life is another way to alleviating stress. However, you might avoid it because it can get too expensive going out all the time. Find alternatives that are free or inexpensive.

Shop smarter

For instance, movie night can happen in the comfort of your home. Or enjoy the weather by taking a walk through a local park. Find activities that are fun while also making sure you aren’t dipping into your wallet too much.Cooking and grocery shopping are often overlooked when things get tight. They can also quickly become a stressful chore as you consider how much you need to buy. Start thinking about what you actually use versus what you buy.

Always consider the burn rate, how frequently you use a product up, when deciding on the quantity of an item. If you buy a gallon of milk but are always throwing some of it out after it expires, downsize to a half gallon. Every perishable item you buy should be used as efficiently as possible to avoid wasting the money you spent.

Do something for yourself, within reason

Pay attention to your local store’s sales and sign up for their free rewards program. Every time you shop your loyalty will be rewarded with extra savings on certain items. Utilizing the offers that are already there will help keep you on budget and naturally fill out your shopping list.Every now and then it’s best to indulge on something you want or want to do. You don’t have to break the bank and buy that dream mansion. Focus on finding ways to reward yourself that makes sense for you.

For instance, you can go on a big vacation that will provide you with memories worth sharing over and over again. You can also go out to eat once a week with your family or go on small excursions every other weekend.

Related Articles:

Regardless, taking care of yourself financially doesn't have to mean restricting everything.

• What Does Comprehensive Financial Planning Mean to You?
• Why Not Saving is Bad for Your Health
• Can Even Physicians Suffer from Financial Impotence?