How often do you find it hard to fall asleep at night?
In today’s environment, there’s no shortage of factors keeping people up at night. And if you find that worrying about money is causing your lack of sleep, you’re not alone. A 2022 study by the U.S. News & World Report Pollfish found that roughly a third of Americans are not getting quality sleep, and 41% cited ‘worries about the cost of living and inflation’ for their sleep deprivation.
For those nearing retirement or already there, those concerns can take on a different weight. Questions around market volatility, rising healthcare costs, tax exposure, and whether your assets will last through retirement could create an undercurrent of stress.
In today’s economic landscape, a lot is beyond your control. But fortunately, the way you plan and prepare isn’t.
If counting sheep isn’t helping, this blog covers some actionable ways that could help alleviate financial worry.
While you can’t control the markets or the broader economy, you can control how your money is being used day to day. And having a clear plan for that can go a long way in reducing financial stress. If you don’t already have a spending plan in place, it’s worth taking the time to map one out. Start with the basics—your fixed expenses, lifestyle spending, and what you’re consistently setting aside for savings or investments.
From there, the key is simply staying aware. Revisit your plan every so often and make sure it still reflects how you actually want to be spending your money. This isn’t about cutting things out—it’s about being intentional. In fact, planning for things you enjoy, like dinners out or a weekend away, can make the whole process feel a lot more realistic and sustainable.
At the end of the day, having a plan can help quiet a lot of the “what if” thoughts. You don’t have to wonder where your money is going; you already know.
It’s no secret that discussing finances can be uncomfortable, even with a partner. But avoiding the conversation can often create more stress over time. After all, according to the National Institute of Health, finances play a role in nearly 40% of divorces in America.
Having regular, honest conversations with your partner can help you stay aligned and avoid surprises. That might mean reviewing your spending, discussing upcoming decisions, or simply checking in on how you’re both feeling about your financial plan.
If you do not have a partner, think about a close friend or family member who could be a source of accountability and support for you in that way.
Turn on any evening news or business channel and you can find endless reasons to be worried about your finances. And while it is good to stay informed on how certain factors can affect your investments, it is also healthy to set boundaries about how much you are taking in.
We often remind clients that financial planning is a long-game. Checking your portfolio every day or reacting to every headline may do more harm than good, especially if you are prone to financial anxiety. See our blog post here for things to remember during market volatility.
Limiting your exposure to news sources or accounts that oftentimes feed off fear-mongering headlines – especially at nighttime — could make a meaningful difference in how you feel and sleep. Putting these guardrails in place can help you to be better informed without becoming overwhelmed, so you can focus on what actually matters: your long-term plan.
Just as a mental health therapist specializes in supporting people working through anxiety, grief and other life challenges, a financial adviser can be another tool in your toolbox to help manage all the stressors of life. They are there to understand your current financial situation, learn about your short and long-term goals, and help build a realistic strategy that aligns with those goals.
While a financial advisor cannot wave a magic wand and make your worries disappear overnight, working with someone to build strategies might go a long way in helping you feel more comfortable and confident in your financial future.
Wherever you’re at in your financial planning journey, we’re here to help you. Click here to get connected with an Adviser.