Money is a source of stress for many adults, and it’s easy to see why. From debt and job loss to unexpected expenses, there are many financial fears that can keep someone up at night. However, it’s important to know that you are NOT alone in these worries. Millions of people face these same financial situations every day, and there are steps to take to ease the worry.


Worry #1: Unexpected Medical Expenses


    Life can be unpredictable, especially when it comes to our health and the world around us. Accidents and illnesses can affect anyone, and the cost to fix those accidents or illnesses can be daunting to some. To help put this fear to rest, be sure to have solid health insurance. Do research on what insurances are most affordable but will also cover a wide range of medical issues. Familiarize yourself with the terminology. Once you have found insurance, know the cost of what comes out of your pocket and what funds the insurance provider contributes. This can better help you in setting aside money if your health is at risk and put your mind at ease.


Worry #2: Job Loss


    A common financial worry in today’s world is not losing your job to another person, but rather losing it to some form of technology. Udemy reports that 43% of employed Americans say their stress stems from the fear of losing their job to artificial intelligence (Little, 2018). While most people do not have control over potential layoffs within a company, you should always have a “game-plan” if something were to happen. Think about and plan for the jobs for which you could apply. Research similar companies that could use your knowledge and skills in the future. Also consider “side-hustles” that can make ends meet until a long-term job comes your way. 


Worry #3: Not Being Able to Pay Back Debt


    Whether this debt comes from a credit card, tuition, auto, or home, all can be overwhelming at some point or another. Most people not only worry about the debt itself, but also the interest and monthly payments that come along with it. Unfortunately, debt does not disappear by one single solution. Some steps you can do to start repaying back debt are to create a budget for yourself, stop taking on additional debt, start paying off high interest rate loans first, and consolidating current loans. Our personal bankers can assist with advice and strategies to help get you on track with paying down debt.

    Money is essential to cover basic needs as well as unexpected expenses. It can also serve to help us achieve goals. For any of these financial worries, building up an emergency fund and diligently adding to it may be the best way to have peace of mind when financial troubles pop up. Also, remember that you have likely faced and overcome financial troubles in the past, so stay positive, knowing that you will overcome any new troubles!
 

Resources:

Bankrate

Next Gen Personal Finance (ngpf)