It’s tough to be a millennial. The Pew Research Center summed it up pretty succinctly: “Millennials are also the first in the modern era to have higher levels of student loan debt, poverty, and unemployment, and lower levels of wealth and personal income than their two immediate predecessor generations (Gen X’ers and boomers) had at the same stage of their life cycles.” And PwC’s newly-released 2016 Employee Financial Wellness Survey revealed, “Millennial employees tend to be in worse shape than their older counterparts.”
Although millennials are facing greater economic difficulties than previous generations, all is not lost. Here is a selection of steps to help you combat financial stress and take control of your finances.
Reduce Your Debt and Save
One of the first steps to dealing with financial stress is to reduce debt and save more money. Take advantage of our strategies for reducing your debt and learn how to build a savings fund over $1,000.
Financial literacy will arm you with the tools to help you tackle your financial troubles. Start your education by adding the following books to your “to read” list:
- “Financial Literacy for Millennials: A Practical Guide to Managing Your Financial Life for Teens, College Students, And Young Adults, by Andrew O. Smith
- “The Money Book for the Young, Fabulous & Broke” by Suze Orman
- “Get a Financial Life: Personal Finance in Your Twenties and Thirties” by Beth Kobliner
Change Your Perspective
To maintain a healthy outlook on your financial troubles, it’s sometimes necessary to change your perspective. To do this, you can start by changing your surroundings, taking a trip somewhere, or even taking on a new hobby. Whatever you decide, the activity will give you a much-needed distraction and a renewed perspective that will help you maintain a healthy, positive outlook.
Talk It Out
There are many resources available to help you cope with financial stress and emotional exhaustion. Don’t be afraid to ask for help, whether it’s your friends, family, a professional or even your manager and work colleagues.
Physical activity is a great stress reliever. According to the American Psychological Association, 72% of millennials state that they exercise once a week and 36% of those that exercise report feeling less stressed after their workouts. Combat anxiety, depression, and heart disease with an endorphin rush!
Dealing with financial struggles can seem difficult if not impossible to overcome, but by following the above steps, you can begin to ease your stress by making sound financial decisions and taking care of yourself emotionally and physically.