If you are financially stressed these days, you are not alone. We are living in difficult and uncertain times, and the stress level is very high.
Several recent polls have confirmed that Americans are financially depleted right now.
For example, a survey by the National Endowment for Financial Education found that nine out of 10 Americans say the COVID-19 crisis is causing stress on their personal finances. Most worry about not having enough saved or not being able to pay the bills.
A survey by John Hancock Financial found that nearly a quarter of Americans drew on their emergency savings during the pandemic.
The surveys are finding three main sources of financial stress. We have strategies to address all three:
1. Fear of the uncertain future
Are you worried about losing your job? Nervous about what’s going to happen next? That’s why it’s crucial to have an emergency fund to back it up, just in case.
An emergency fund is an easily accessible reserve of money equal to a salary of three to six months, in case you unexpectedly lose your job. And millions of us unexpectedly lost our jobs in 2020.
With the Aspiration Spend 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 .05%.)
It takes five minutes to register.
2. Fear of being left behind in credit card debt
The pandemic, its closures and the loss of jobs have forced more Americans to turn to their credit cards to pay their bills and cover necessities like food. For those who are still struggling, managing credit card debt is a major source of stress.
Can you imagine waking up without credit card debt? Whether you’re stressed out about being in debt forever or just sick of high interest rates, this would be a huge relief.
A free website called AmOne can help you eliminate your credit card debt even faster.
AmOne will assign you a low interest loan to pay off all your credit cards at once. Your interest rates start at 3.99%, much lower than the 20% or more you are probably paying your credit card company. That could save you thousands in the long run. Plus, you’ll be debt free much faster.
It takes two minutes to see if you qualify for up to $ 50,000.
3. Fear of death and leaving your family in a bind
There has been a surge in interest in life insurance during the pandemic, as more Americans are realizing that they probably need it.
Overall, Americans bought about 10% more life insurance policies in 2020 than in 2019. It may not sound like much, but it’s actually the biggest increase in nearly two decades.
Also, more people are seeking no-exam life insurance because they don’t want to go to a doctor’s office for an in-person exam. Companies like Bestow use algorithms instead of medical tests to screen applicants.
Rates start at just $ 16 a month. You could leave your family up to $ 1 million. The peace of mind of knowing that your family is well cared for is priceless.
If you are under 54 and want a quick life insurance quote without leaving home, get a free quote from Bestow.
4. One more way not to leave your family in a bind
Another way to take care of your family financially is by investing. Investing is the way to generate generational wealth.
If you feel like you don’t have enough money to start investing, you are not alone. But guess that? You really don’t need that much, and you can even get free shares (worth up to $ 200!) If you know where to look.
Whether you have $ 5, $ 100, or $ 800 to spare, you can start investing with Robinhood.
Yes, you’ve probably heard of Robinhood. Both beginners and investing professionals love it because it does not charge fees and you can buy and sell stocks for free, with no limits. In addition, it is very easy to use.
What is the best? When you download the app and fund your account (it doesn’t take more than a few minutes), Robinhood deposits a portion of the free shares into your account. However, it is random, so the shares could be worth between $ 2.50 and $ 200, a good boost to help you build your investments.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. He’s not incredibly stressed at all, no sir, why would he think that?