▬ Contents of this video ▬▬▬▬▬▬▬▬▬▬
0:00 - Intro
0:10 - Side effects of financial stress
0:16 - Financial stress statistics
0:36 - How to improve your financial situation
0:46 - Step 1: Look at your finances
1:06 - Step 2: Talk about your situation with someone you trust
1:34 - Step 3: Make a plan of attack
1:52 - Step 4: Seek progress, not perfection
2:04 - Step 5: Be optimistic about your situation
Money is the leading cause of stress for many state of Missouri employees and it can come with some serious side effects, like high blood pressure, sleep loss, anxiety, depression and even digestive and heart complications. If you are feeling financially out of control and money is weighing heavily on your mind, you are not alone. 90% of individuals say their finances cause them stress.2 59% of Americans say their finances have impacted their mental health and 56% saw negative effects on their physical health.1 Women, in general, tend to feel the burden of financial issues more so than men. Luckily, there are micro-steps you can take to improve your financial situation, and in turn, reduce money-related stress and potentially improve your overall well-being.
1. The first thing you can do is take a hard look at your finances. Review your bank accounts and spending habits, examine your debts, the balances, and interest rates associated with them, and analyze your paystub. This is the most difficult step because sometimes facing reality is tough, but it’s the first step to making a lasting lifestyle change.
2. Talk about your situation with someone you trust. Research has shown us the more we talk about our goals, the more likely we are to take action and stick to them. Do not be ashamed of your financial situation. Instead, embrace it, vocalize it, and make it a priority to change it. A great financial resource for state employees is MO Deferred Comp’s team of education specialists. These are financial professionals who are dedicated to helping you achieve your financial goals, and the best part, they’re a free resource to state employees!
3. Next, make a plan of attack. Maybe you want to establish a budget, set up a debt repayment plan, create an emergency fund, improve your credit score, or save more for the future. Whatever area you want to improve on, define measurable steps and milestones to help you reach that goal and start working toward it.
4. Remember to seek progress, not perfection. If you stumble financially along the way, don’t beat yourself up. As long as you are progressing toward your goals, you are improving your financial situation.
5. Lastly, it’s important to be optimistic about your situation. Difficult financial situations are generally temporary and within your control. By remaining optimistic, you can continue to feel inspired to make changes and improvements to your finances.3
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