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5 ways to help manage financial stress

Life has a way of keeping you on your toes. A surprise medical bill here, a rising interest rate there 鈥� it鈥檚 no wonder nearly 70% of Americans are 鈥渟omewhat鈥� or 鈥渧ery鈥� stressed about their finances¹.  And the stakes can feel especially high for those juggling multiple financial priorities: paying down debt, saving for their kids鈥� college while paying their own student loans, and, somewhere on the list, planning for retirement. 

The problem? That 鈥渟ometime in the future鈥� approach to retirement planning might feel easier in the short term, but it can leave you unprepared when you need it most. 鈥淚f you are stressed, you will not be in your optimal decision-making state,鈥� explains Dr. Sonya Lutter, PhD, CFP^庐, LMFT and Director of Financial Health and Wellness at Texas Tech University. However, stress doesn鈥檛 have to be the enemy. 鈥淪ome stress can motivate change, like when you really need to start saving more for retirement,鈥� says Dr. Lutter. 

Ready to turn financial stress into financial momentum?

1. Get clear on your financial priorities 

With so many goals competing for attention, it鈥檚 easy to lose focus. Dr. Lutter recommends the 鈥渂ull鈥檚-eye approach鈥� for clarity. 

How it works:

• Write down a list of your financial priorities.
• Arrange them in a target-like diagram, with your most critical goal 鈥� like 鈥渇inancial security鈥� 鈥� at the center. From there, other priorities like 鈥減roviding for my family鈥� or 鈥渆njoying retirement鈥� can radiate outward. Seeing it all mapped out can help you align your goals with your values and create a step-by-step plan to tackle them.
• Write sticky notes with steps to reach these goals and place them next to the circle. For example, achieving financial security might be accomplished by paying down debt, contributing more to a retirement plan, or exploring more diverse retirement savings approaches through products like annuities. 

2. Take small, consistent steps toward a goal 

Big financial goals can feel overwhelming 鈥� but they鈥檙e simply the sum of smaller actions. Dr. Lutter suggests breaking tasks into 10-minute chunks. 鈥淲hat is the tiniest step you can make toward a long-term goal?鈥� she asks. 鈥淚f you can do something in 10 minutes, don鈥檛 wait.鈥� These wins could include setting up autopay for your bills, organizing some key financial documents, or building a budget. Over time, these small steps create a foundation for long-term success.

3. Consider partnering with a professional

Sometimes, the best move is enlisting expert help. Financial professionals can give you a clearer picture of where you stand and how to align your strategies with your goals. They can help you choose the right retirement savings tools, such as an IRA or an annuity; help you balance short- and long-term financial goals; and better adapt to life changes, like a layoff or career pivot. Consider exploring financial professionals with hourly rates for targeted advice or attend workshops to deepen your financial know-how.

4. Making plans to handle the unexpected

Life is unpredictable 鈥� but having a plan can help you weather the inevitable storms. Think of these as your financial shock absorbers:

• Build an emergency fund
• Maintain a flexible budget that can be adjusted as needed
• Explore financial protection products, like life insurance or annuities
• Diversify your savings to help reduce risk

By expecting the unexpected, you can feel more in control no matter what comes your way.

5. Celebrate your wins to maintain momentum

Big wins start with small victories. 鈥淓ach day take a tiny step toward furthering your long-term goals,鈥� says Dr. Lutter. Break your financial goals into manageable milestones 鈥� like monthly or yearly check-ins 鈥� and celebrate when you hit them. Not only does this help keep you motivated, but it also gives you a chance to recalibrate your approach as life evolves.

Financial stress isn鈥檛 just a challenge 鈥� it鈥檚 a signal that it鈥檚 time to act. With the right strategies, a clear plan and a commitment to small steps, you can turn anxiety into empowerment and build a more secure, fulfilling future.

Want the most from your retirement? Get smarter with Smart Strategies from 黑料社区 鈥� your go-to resource for tips, tools, and financial solutions to help you live your best life.

 ¹ CNBC Your Money Financial Security Survey, 2024,