How to Reduce Your 'Money Stress'

Most of us will get stressed out about money sometime in our lives, and it's important to recognize the problem and figure out how to solve it.

Some common stresses surrounding money include:

Feeling like you have no control, as when you watch the value of your investments slide

Feeling like there is no solution, as when you're unable to handle your debt load

Feeling like money concerns dominate your personal or family life, such as if you notice you're having frequent arguments with those you love most

Left unchecked, stress about money can have devastating effects. What can you do?

First, identify the main cause of your money stress.

Debt is one of the most common stresses. Sometimes stress is due to one specific issue (e.g., credit cards), and sometimes it stems from a combination (e.g., divorce and job loss).

Regardless if you have one or many money stresses, write them down. Do not underestimate this simple step. Seeing your concerns listed out allows you to look at them head on. This is good. Because you'll be mowing them down and taking care of what you need to take care of.

Second, decide that you are capable of solving your money stress.

Yes, you must consciously decide you can do it. Then, you must make the personal commitment to do so. This is the step that separates those that give up from those who solve problems.

Be a person dedicated to solving problems.

Third, make a new list.

This list will have two columns. On one side write everything you can think of to help solve your problem and therefore reduce your money stress. Do not edit. Just write out every possible, even far-fetched idea.

Using the debt example: brainstorm the ways you can simultaneously make more money and reduce your expenses.

The other side of the column you list everything you "don't know." Here's an example, using debt as a major stress-inducer:

What is my interest rate?

What is my APR?

Can I negotiate a lower rate?

Can I consolidate this debt?

Is this debt tax-deductible?

Where can I learn about managing my debt?

Whom should I ask for advice?

How can I reduce this debt by $XX a week?

What opportunities am I not seeing?

Then, walk away for a few days. That doesn't mean you're walking away from your money stress. You're just allowing the questions you've raised to settle in your mind. This is an important step, too.

Doing all of these steps will help you identify your stress and reduce its hold on you, brainstorm solutions and open your mind to new possibilities

It's easy to shut down and think nothing will help your money stresses. In fact, you are quite capable of solving whatever stress exists so long as you commit to the process. Identify what you can do and what areas you need to learn more about so you can solve your problem(s) and reduce your stress.