HOW
FINANCES AFFECT OUR EMOTIONS
According to The Harris Poll (2023), almost 80% of employees say their mental health is affected by their financial wellbeing. How we feel about money often impacts the decisions we make in life and can affect our overall wellbeing.
If you’re stressed about money, here are three tips to help you feel in control of your finances.
1
Taking a step back and assessing the bigger picture is a great way to put things into perspective.
Instead of focusing on negative thoughts like “I spend too much” or “I’m falling behind,” take the information from your budget list to answer those worries.
Knowledge will always empower you when it comes to financial decisions. Many negative emotions we experience with money come from the fear of the unknown. Once you understand the problems you are trying to solve, you can start learning how to fix them.
Educational resources, such as OneDigital’s Financial Academy, can help you reach solutions to the questions you discover when going through your budget list.
Set clear and realistic goals for yourself. Everyone’s goals and finances are unique; only you know what’s best and doable for yourself. Maybe you decide to organize your finances using the 50/30/20 rule (spending 50% income on needs, 30% on wants, and 20% on savings). Or perhaps you’ll prioritize building your emergency savings.
When you are proactive and working towards a solution, you can combat negative and uneasy feelings. Setting and acting on these goals allow you to set expectations for yourself and eliminate unpleasant what-ifs.
The more in control, you are of your finances, the more at ease you’ll feel.
Investment advice offered through OneDigital Investment Advisors, an SEC-registered investment adviser and wholly owned subsidiary of OneDigital.