Money and Stress: How a savings account can help
March 12, 2009
I’ve always believed there was a correlation between stress and money. Let’s face it, if you’re struggling financially, there’s a good chance you’re stressing about it.
With all of the recent doom and gloom news about the economy, it stands to reason there are probably quite a few people out there mentally exhausted from worrying about their finances. Even people who are doing fairly well and have jobs are concerned about their financial futures.
It turns out there is a way to ease some of that stress: a savings account.
At Advantage, we always encourage people to build up a savings account. There is a generally accepted guideline in the financial world that you should have at least three months worth of living expenses saved. That can be an overwhelming amount for some people. And facing what seems to be an overwhelming task often leads people to give up.
That’s why we recommend people start with a smaller goal and build from there. Even if you’re putting aside $5 a pay, it’s better than not saving anything. You can always sock away more if you pay down debts or increase your income in the future.
Liz Pulliam Weston just wrote an article on MSN Money that highlights a study that has shown that having even a small savings of $500 helps people to sleep better because it reduces a certain amount of anxiety over money.
If you’re stressed out, you’re probably not sleeping well. A lack of sleep can lead to other health problems, not to mention making it very difficult to get through the day.
If you don’t currently have any savings, try to start putting away a little bit of money each month. Once you reach $500, reevaluate your financial situation and set a new savings goal.
Comments
1. All comments are subject to review by Advantage Credit Counseling Service prior to their publication on this site. Advantage CCS reserves the right to decline publication to any post it deems in violation of the Terms of Service.
2. No potentially libelous or damaging statements will be posted. This includes negative and / or unsubstantiated allegations against Advantage CCS and its competitors.
3. No comments including obscene, explicit or racist language will be posted.
4. Comments containing personal attacks, insults or threats will not be posted.
5. Comments not related to matters of personal finance, budgeting, credit counseling, housing counseling, bankruptcy and other related financial issues will not be posted.
6. Anyone who posts using another person’s identity will be barred from posting in the future.
- SEARCH:
