When we did this webinar last year, we had no idea how much more aptly it would apply in 2020. Surviving financial stress is on all of our minds as we navigate the COVID-19 crisis.
In fact, many psychologists describe this time as a “collective trauma” – in other words, we are weathering a traumatic experience as a community.
Our webinar on Wednesday, July 8, at 1 p.m. (EST) will review strategies you can use to control the strong emotions financial trouble causes:
When you’re struggling with debt, it can affect every aspect of your life. There’s research that shows too much debt stress can actually shorten your life. We’ll show you how to live long and prosper with our popular “Code Red RX” webinar. It’s free! Sign up now.
What causes financial stress?
There are two main causes of financial stress: one that you can’t change, and one that you can.
You can’t change an uncertain economy. Especially now, all any of us can do is weather the storm. Stay informed, but don’t let the news cycle scare you or dictate your financial decisions.
You can change how prepared you are for the future. Your budget, savings, and debt are all under your control.
A major source of financial stress is not having all of these things figured out. We know budgeting isn’t always exciting, but the more you understand your cash flow, the better you will feel.
The damage stress can do
Stress – whether financial or otherwise – isn’t healthy. In fact, it can negatively impact your immune system. And a stressed immune system can’t battle COVID-19 as well as a healthy one.
Additionally, financial stress can make it difficult to focus in your everyday life. This could lead to poor performance at work, possibly compounding your money problems.
It can also make you fearful. You may be stressed about money, but scared to attack the problem for fear that it may be worse than you think. You must face this fear to attack the source of the stress.
The CALM Method
When you do get to the source of your financial stress, we have a method for staying CALM about it. CALM stands for create a plan, automate bill payment, lower spending, and make progress.
Review these steps and some important stats in the infographic below. Then, sign up for our webinar to learn more details!