Do you ever find yourself reaching for a bag of chips or a pint of ice cream when you’re feeling stressed about money? Congratulations, my friend, you are not alone! In fact,
according to a recent survey, a whopping 60% of millennials admit to stress-eating at least once a week.
But here’s the thing: emotional eating may provide temporary relief, but it won’t solve your financial problems. In fact, it could even make them worse. So instead of reaching for that tub of Ben & Jerry’s, let’s talk about how to tackle financial stress head-on.
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WHAT IS financial stress?
One theory is that emotional eating is a way to self-soothe. When we eat, our brains release feel-good chemicals like dopamine, temporarily making us feel better. So if we’re feeling stressed or anxious, eating can be a way to calm ourselves down. But, are you solving your financial stress by eating the whole chicken?
WHAT IS emotional eating?
Now, let’s talk about emotional eating. This is when you eat in response to emotions rather than hunger. For example, you might eat a whole tub of ice cream because you’re feeling sad or stressed, even if you’re not actually hungry. Emotional eating can be triggered by financial stress. But hey, no more tears because we have the perfect solutions for financial stress!
now, Let’s go quickly over some steps to solve financial stress:
Step 1: Identify the source of your financial stress
Is it student loan debt that’s keeping you up at night? Or maybe it’s the fact that you’re living paycheck to paycheck and can barely afford rent, let alone groceries. Whatever the source of your financial stress may be, it’s important to identify it so that you can come up with a plan to address it.
You know you want that coffee. Create a budget to afford it!
Step 2: Create a budget
Ah, the dreaded B-word. But trust me, creating a budget doesn’t have to be as painful as a root canal. Start by listing all of your monthly expenses, from rent and utilities to Netflix and that daily coffee from Starbucks. Then, compare that to your monthly income. If you’re spending more than you’re making, it’s time to make some cuts.
Now, I know what you’re thinking: “But TryMagenta, I can’t give up my daily coffee! That’s like asking me to give up oxygen!” Trust me, I get it. But the truth is, those daily expenses can really add up over time. So instead of cutting them out completely, try to find ways to reduce them. Maybe switch to making your own coffee at home, or share a Netflix account with a friend. Small changes can make a big difference.
Step 3: Consider a personal loan
If you’re drowning in high-interest credit card debt or have an unexpected expense pop up (hello, car repairs), a personal loan may be a good option to help you get back on track. SoFi offers personal loans with competitive rates and flexible terms, and the application process is quick and easy. Plus, as an added bonus, if you sign up through our affiliate link, you’ll get a $100 welcome bonus! (See what I did there?).
Step 4: Find ways to increase your income to avoid financial stress
Sometimes, no matter how much you cut back on expenses, it’s just not enough. In that case, it’s time to think about ways to increase your income. That could mean picking up a side hustle, asking for a raise at your current job, or even starting your own business. The possibilities are endless!
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Step 5: Don’t forget to take care of yourself
It’s easy to get so caught up in financial stress that you forget to take care of yourself. But the truth is, self-care is just as important as budgeting and paying off debt. So make sure you’re taking time to do the things that make you happy, whether that’s going for a run, practicing yoga, or binge-watching your favorite Netflix show. And remember, it’s okay to treat yourself every once in a while. Just make sure it’s within your budget!
In conclusion, financial stress is no joke. But instead of reaching for that bag of chips or pint of ice cream, take a deep breath and tackle your finances head-on. By identifying the source of your stress, creating a budget, considering a personal loan, finding ways to increase your income, and taking care of yourself, you’ll be well on your way to financial freedom. And who knows, you may even be able to afford that daily Starbucks coffee again someday!
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