Prioritizing Your Financial Health

Many Americans are feeling the ripple effect of financial strain due to layoffs, salary cuts, and small business closings. Some high school graduates are deferring attending college for a year, directly impacting the higher education system. Additionally, the American job market is as competitive as ever, leaving millions in the unemployment system searching daily for new opportunities.

This, among other daily stressors, is the root of financial strain which can also take a toll on your overall physical and mental health. At BancFirst, we care about your well-being. It is important to take a step back and handle the stressful situations life throws at us with a calm mind so you can stay healthy. Let’s explore the effects of financial strain, and how to cope with high-stress situations so you can prioritize your financial health.

The Impact of Financial Stress on Your Health

There are times in our lives where it can be difficult to remain financially stable. But it is key to your physical and mental health to stay on top of your finances.

It is important to feel in control, no matter the amount of income that you have. There are always options to get back on your feet and BancFirst can work with you in both the good times and the bad.

Having chronic stress in your life due to your finances is a dangerous road to travel down. Many Americans avoid doctor visits and yearly check-ups to diminish medical expenses, but this type of preventative treatment can be costly to your health. This can be even worse if you have fallen victim to stress-induced situations such as depression or high blood pressure.

Money stress can also impact your mental health, which adversely makes it harder to focus on your finances. Tackling a pile of bills or taking time off work due to financial distress can be a downward spiral, and so on.
 

Tips To Cope with Financial Stress

Tip 1: Reach Out for Help

The first step for maintaining your health in correlation to your finances is to ask for help when you need it. Opening up to your family members or talking face-to-face with someone whom you trust can relieve stress. It's good to put things into perspective and allows your loved ones to know right where you are financially and how they can provide support.

Tip 2: Stay on Top of Your Money

Take a full inventory of all your finances. Where is your money coming in from, and how it’s being spent? It’s better to face your bills head on, rather than avoiding them and letting the piles grow on your kitchen counter.

List your debts and take the time to see where your money is going and if there are patterns that cause stress. Spending patterns and triggers could lead to poor financial decisions. Does shopping or takeout dinners make you feel better when you’re bored or unhappy? Try channeling that energy into other activities like learning how to cook or volunteering for an organization. By eliminating this impulse spending behavior, you can save your money and put it towards more important financial decisions. You will also want to look at monthly expenses and see if there are opportunities to spend less. You might have charges for streaming services you no longer use, you might be able to save with other bills by looking at competitors, or you may have other areas you could cut back on or eliminate. BancFirst’s Money Management tool categorizes your spending so you can see just what percentage of your spending goes to specific areas – it can be an eye-opening experience to see! This is a great first step in creating a monthly budget.

Tip 3: Create a Monthly Budget

Here are some tips on how to create a budget that fits your lifestyle:

• Start by including your everyday expenditures like gas and groceries, monthly rent or mortgage, insurance, and utility bills.
• Take a look at monthly subscriptions such as gym memberships, streaming services, and meal services. Classify these into necessity vs luxury to understand where you might be able to cut back – at least temporarily.
• Set up automatic payments to ensure bills are paid on time and avoid late fees.
• Sign up for overdraft protection and link your checking account to a savings account to cover transactions if there aren’t enough funds.
• Set aside yearly expenses, like car insurance, and divide them by 12 to add to a monthly budget.
• If you’re a student, use our Student Budget Calculator to add up your income and expenses.
• Lastly, dedicate a certain amount of money each month for things that you love such as entertainment or activities with friends. Not everything has to be expensive, but quality time with friends and families can go a long way towards a healthier and happier you.

Tip 4: Put Your Health First

Managing your money is crucial to maintaining your health, so staying on top of your stress levels is vital. Here are a few positive habits to manage your stress:

• Stay active – regularly exercising can boost both your mood and energy levels to keep your mind and body happy. Even taking a walk to get some fresh air will go a long way to your mental and physical health.
• Get more sleep – it’s important to have a bedtime routine that fits your lifestyle. Staying up too late and feeling tired can lead to more stress and anxiety, so get some rest!
• Eat right – adding the right food to your diet such as fruits, vegetables, and proteins can help improve your energy and mood. Plus, there are plenty of ways to stock your fridge with healthy meal options on a budget.

Managing your financial life can be stressful, especially in times where life throws you a curveball. At BancFirst, we are here to lessen the load so that you can manage your money more confidently and navigate all life stages. Contact us today or visit us at an Oklahoma branch to discuss how to improve your financial health.