If you’re financially stressed these days, you’re far from alone. We live in difficult and uncertain times, and the level of stress is very high.
A number of recent surveys have confirmed that Americans are currently financially exhausted.
For example, a National Endowment for Financial Education survey found that a whopping nine in 10 Americans say the COVID-19 crisis is causing strain on their personal finances. Most worry about not having enough savings or not being able to pay their bills.
A survey by John Hancock Financial found nearly a quarter of Americans dipped into their emergency savings during the pandemic.
Surveys reveal the main sources of financial stress. We have strategies to tackle them all:
1. Fear of the uncertain future
Are you afraid of losing your job? Nervous about what will happen next? That’s why it’s crucial to have an emergency fund on hand, just in case.
An emergency fund is an easily accessible reserve of money equivalent to three to six months’ salary, in case you lose your job unexpectedly. And millions of us lost our jobs unexpectedly in 2020.
With the Suction Spending Account, you can earn up to 5% cash back on your debit card purchases. With the Aspiration Save account (where you can channel your tax refund), you can earn up to 20 times the average interest on your savings balance. (The FDIC reports that the average account earns only 0.05%).
It takes five minutes to Register.
2. Fear of falling behind on credit card debt
The pandemic and its shutdowns and job losses have forced more Americans to fall back on their credit cards to pay bills and pay for necessities like food. For those who are still struggling, managing credit card debt is a huge source of stress.
Can you imagine waking up with no credit card debt? Whether you’re stressed about being in debt forever or just fed up with high interest rates, this would be a huge relief.
But a website called Fiona can help you clear your credit card debt even faster.
They’ll give you a low-interest loan that you can use to pay off every credit card balance you have. Earnings? You only have one bill to pay each month, and since the interest rate is much lower, you can get out of debt much faster. Also, no credit card payments this month.
If your credit score is at least 620, Fiona can help you borrow up to $250,000 (no collateral required) with fixed rates starting at 2.49% and terms from 6 to 144 months.
Fiona won’t make you wait in line or call a bank. And if you’re worried you won’t qualify, it’s free check online. It only takes two minutes and could save you thousands of dollars. Really worth it.
All that credit card debt — and the anxiety that comes with it — could be gone by tomorrow.
3. Fear of death and leaving your family in a bind
There has been a surge of interest in life insurance during the pandemic as more Americans realize they probably need it.
Overall, Americans bought about 10% more life insurance policies in 2020 than in 2019. That may not seem like a lot, but it’s actually the biggest increase in nearly two decades. .
Also, more and more people are looking for no-exam life insurance because they don’t want to go to a doctor for an in-person exam. Companies like Give use algorithms instead of medical exams to assess candidates.
Pricing starts at just $16 per month. You could leave your family up to $1 million. The peace of mind knowing your family is being taken care of is priceless.
If you’re under 54 and want to get a quick life insurance quote without leaving home, get a free quote from Bestow.
4. Another way not to leave your family stuck
Another way to take care of your family financially is to invest. Investing is how you build generational wealth.
If you feel like you don’t have enough money to start investing, you’re not alone. But guess what? You really don’t need much – and you can even get free shares if you know where to look.
Whether you have $5, $100 or $800 in reserve, you can start investing with Robin Hood.
Yes, you’ve probably heard of Robinhood. Investment beginners and pros alike love it because it doesn’t charge commission fees and you can buy and sell stocks for free – with no limits. Plus, it’s super easy to use.
What is best? When you download app and fund your account (it takes no more than a few minutes), Robinhood deposits a share of free shares into your account. It’s random, however, so the value of this stock may vary – it’s still a good way to help you build your investments.
Mike Brassfield ([email protected]listen)) is a lead writer for The Penny Hoarder. He’s not incredibly stressed at all, no sir, why do you even think that?