Things to Do When You’re Financially Stressed

Financial stress is a common concern for people of all genders, but it can have unique and sometimes more pronounced effects on women. Bank of America’s 13th Annual Workplace Benefits Report found of it’s survey respondents, “only 38% of women feel financially well in 2023, a decrease from 55% in 2022, and a five-year low.” Women often face specific financial challenges, such as the gender pay gap, career interruptions due to caregiving responsibilities, and longer life expectancies. Despite these challenges, there ARE strategies and practices that can help women feel better about financial stress and achieve greater financial well-being.

1. Understand Your Financial Situation

The first step in managing financial stress is to gain a clear understanding of your current financial situation. Hiding your head in the sand can only go on for so long before things start to implode. Start by creating a budget to track your income and expenses. Knowing where your income goes is the foundation for gaining control over your money.  You may feel embarrassed or guilty at first, but you’ve got to get real before you can feel rich.

2. Educate Yourself

Financial literacy is a powerful tool for reducing financial stress. Take the time to educate yourself about personal finance. Try subbing out your favorite true crime podcast for a female hosted personal finance show for a week. There are so many awesome resources available, from books and podcasts, to financial coaches who can provide guidance tailored to your needs.  Fidelity has a comprehensive learning center that can answer all those investment questions you’re afraid to ask a real person. 

3. Seek Support and Mentorship

Women can benefit greatly from seeking support and mentorship in the financial realm. Connect with other women who have successfully managed their finances or seek guidance from a financial coach. Look for a local women’s finance or investment club on Facebook and dive in.  Sharing experiences and advice can be empowering and provide a sense of camaraderie. 

4. Prioritize Self-Care

Managing financial stress is not only about money; it's also about your overall well-being. Prioritize self-care, such as exercise, mindfulness, and relaxation techniques, to reduce stress and boost your mental and emotional resilience.  Enjoy a quick meditation podcast you can relax to in the carpool line or shopping at the grocery store.

5. Create a Supportive Network

Surround yourself with a supportive network of family and friends who can provide emotional support during challenging times. Share your goals and progress with a tribe who can provide encouragement and advice.

6. Celebrate Your Achievements

Financial well-being is a journey, and it's essential to celebrate your achievements along the way. Recognize and reward yourself for reaching financial milestones, no matter how small they may seem. Positive reinforcement can motivate you to continue working toward your goals.