Financial planning and mental health are two significant aspects of our lives that are often seen as distinct from one another. But the truth is that these two factors are intricately linked and their connection can have a significant impact on our general well-being.
If you’re feeling the weight of financial stress, there are some proactive steps you can take to alleviate that anxiety. The more knowledgeable about your finances you become, the happier you may feel.
Here are some tips for taking control of your finances and reducing the financial stress in your life.
Make Budgeting and Planning a Priority
Budgeting helps you track your expenses, find areas for improvement, and take control over your finances. With this newfound control, you have the potential to make wiser financial decisions and cut back on wasteful spending.
Financial planning takes it a step further. Build an emergency fund to prepare for unexpected events. Having an emergency fund in place helps you have more confidence to cover unforeseen expenses without taking on debt with excessive interest rates or compromising your long-term objectives. Having a safety net in place allows you to focus on what’s really important to you and confront financial issues with less stress.
Automate Your Finances
Automating transfers and payments wipes out the risk of late fees and penalties, which are often an enormous source of financial stress. Imagine never having to worry about forgetting to make a payment or putting money toward your savings goals!
In addition, automating savings eliminates the lure to spend that allocated money and naturally helps you progress toward building a solid financial future. Knowing you’re in control of your financial obligations lets you focus your energy on less stressful priorities.
Set Consistent Financial Reviews
Just like a visit to your doctor for a checkup, setting aside time to analyze your finances lets you identify possible issues before they become serious. Implementing a proactive approach helps you take care of problems before they worsen and become more stressful.
While you’re reviewing your finances, you can evaluate your budget, monitor your progress toward objectives, and confirm that your investments continue to reflect your evolving needs and risk tolerance. Regular financial reviews help you master your finances by identifying minor problems early and making adjustments as needed.
Utilize Mobile Therapy
Unhealthy money habits and emotional anxieties are frequently entangled with financial stress. While traditional mental health treatment is a valuable tool, there is a noteworthy bonus to utilizing mobile therapy. Thanks to the accessibility and convenience of mobile therapy sessions, you can meet with a licensed therapist at your convenience, from the comfort of your home.
This can be especially useful if it’s difficult to have in-person meetings due to work hours or geographic constraints. During these sessions, you can work with your therapist to investigate the underlying causes of your financial stress. In short, mobile therapy can help you take charge of your finances and drastically lessen the stress that comes with it.
Work With a Financial Planning Professional
Your smartest defense against financial anxiety is to collaborate with a financial planning professional. Imagine having a reliable specialist at your side to help you understand difficult financial ideas, develop a customized plan designed to meet your unique objectives, and navigate the ever-shifting world of finance.
By analyzing your income, expenses, and risk tolerance, financial professionals can build a customized strategy for managing your debt, planning your tax responsibilities, increasing your retirement savings, and making investments for the future. Additionally, they can help you understand complicated financial products, prepare for retirement, choose wise investments, organize your personal finances, and ultimately experience a major reduction in financial stress.
Reach Out Today!
Studies show that partnering with a financial professional literally helps people sleep better at night; that knowledgeable support is a key factor in managing and reducing financial stress. Our team at Laurel Wealth Planning is here to support you in tackling tough financial decisions so you can worry less and instead focus on other priorities.
To schedule a complimentary meeting, email laura.kuntz@laurelwealthplanning.com or call (952) 854-6250. Let’s see if we are the right financial advisor for you based on your wants and needs. Even if we are not a good fit, we can assist you in the next step of finding someone who is!
About Laura
Laura Kuntz is a Senior Wealth Manager at Laurel Wealth Planning, a full-service, fee-only firm based in Minneapolis, Minnesota. A sounding board and voice of reason, the firm guards clients’ financial interests and goals at all times, freeing them to live the lives they want. Many of Laura’s clients are women navigating significant life transitions such as changes in marital status or retirement, and her ability to demystify complex financial concepts empowers clients to make informed decisions with confidence. Laura’s approach is client-centered, focusing on integrating all aspects of a client’s financial life to add meaning and value.
Laura earned a bachelor’s degree in economics with the highest academic honors from the University of Wisconsin-Eau Claire, after which she considered law school. She shifted her focus to the burgeoning field of financial planning after reading a life-changing article in Forbes. After honing her skills in various roles, Laura pursued further education, obtaining her CPA certification and a master’s degree in taxation from the University of Minnesota. She then applied her expertise to helping Fortune 500 executives and multi-millionaire business owners, climbing the ranks to director. In 1998, after her position was eliminated, Laura founded Laurel Wealth Planning. Her firm was built on the principle of providing objective, holistic financial advice. Her mission was, and remains, to help clients build and maintain financial independence with honor and decency. The team feels that Laura’s warm, open-minded, and down-to-earth style is one reason clients are drawn to her, and one of many reasons why they stay.
Laura is honored over the years to have been invited by her peers in law and accounting to address them on the complex issues of financial planning and wealth management. Beyond her professional achievements, Laura is deeply committed to giving back. She serves on the board of NPH USA, supporting orphaned and abandoned children in Central and South America, and helps direct the Father Wasson Legacy Endowment, which creates long-term financial stability for ongoing support of NPH children. When she’s not working, Laura enjoys documentaries, historical fiction, nature, and spending time with family and friends. To learn more about Laura, connect with her on LinkedIn.
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