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It is a fair statement to make that, if asked, most people today, especially those living in more modern, technologically-oriented societies where personal income or finances determine literally their daily survival, will name finances or money as one of their major forms of stress. Money has assumed the number one means that determines human interaction, exchange of products and services and, in essence, a person's worth and existence. Therefore, to not have enough of it (e.g., the poor) or to have too much of it and attempting to keep it and/or increase it (e.g., the rich) have been important sources of stress for a variety of people. Important TrendsWith the exception of relatively small, isolated (which there are few left), developing societies, most countries in the developed and developing world are interrelated, whether it be on an indirect or direct basis. It is this interrelatedness of these countries that constitutes what is popularly coined the "global economy." This global economy concept has real implications for the economic health and prosperity of countries and, as such, the people living in these countries. Whereas the interrelatedness of the world economies can be very good with respect to trade, it can be very bad with respect to how "bad economic" events in one major region (e.g., Asia) and have a devastating impact on other regions whose products and services were either imported and/or exported to these regions. In short, history has shown us how bad economic times in one major trading country/region has had devastating consequences in other regions. These reactive consequences have resulted in less trade, plant/factory closings, termination and/or reduction of workers and utter "hell" for workers and families who were directly affected. All this translated into financial stress for those affected!!! Job loss, downsizing of the workforce, early retirement of older workers are just some of the more immediate outcomes that translate into financial stress for workers in many counties of the world who are affected by negative shifts in the global economy. It must also be added that finding an job, keeping a job and having "job security" are major factors influencing workers who experience financial stress from time-to-time.
In some countries, especially in the developing world, as
well as more rural Before money or currencies were developed hundreds of years ago, trade was conducted using the barter system where each person exchanged goods and/or services with another person for equally valued goods and/or services. For example, if an electrician wants to buy food from a grocer and he does not have any money he will offer to perform electrical work for the grocer in exchange for groceries which are of equal value to the electrical work performed. Financial Stress Can Be Complicated Financial stress is also associated with individuals and families pondering and/or arguing about the following: a) ways to invest; b) finances for kids/children; c) support of older family members; d) spending priorities; e) who should be in control of the family monies and, therefore, the decision making processes; f) who should work and who should stay at home to look after the kids; and g) postponing important activities (e.g., surgery, vacations, purchasing a home, send children off to colleges of their choice, etc.). While things and uncertainties will always come up in the future to increase the impact of financial stress, if the individual has a) a stable and secure job, b) qualifications to fit into other competing industries, c) a willingness to be flexible when needed, and d) the needed support (e.g., financial, emotional, etc.), then financial stress is less likely to have as important a negative impact on those affected. Other Ways to Reduce Financial Stress No matter how much money we have there will always just as much ways to spend it and/or people advising us on how to spend it more appropriately. Given the fact that as mentioned before financial stress is a dynamic and multifaceted phenomenon, accept the fact that there will always be some degree of financial stress. Also, if it is any consolation, you are not alone and will never be alone in experiencing some form of financial stress. This simple fact will help you in your proactive strategies to deal more effectively with financial stress. What you have to learn to do, however, is to anticipate what kind you are likely to have, what degree of it you will experience, and last but not least, how much can you and you lifestyle tolerate. These points are so very important that you literally have to become a "financial detective" for yourself. Whatever your financial situation, to control financial stress it is advised that you modify your lifestyle to reflect a more pragmatic and prudent way of living. Set realistic financial goals and have a lifestyle that will ensure reaching these goals. Such a lifestyle most definitely must a) include investing wisely, preferably having a diversified portfolio; b) regularly save a portion (i.e., no matter how small) of your disposable income; c) engage in only appropriate and needed expenditures involving goods, services and leisure-related activities associated with you and your family (e.g., vacations); and e) have an open mind to explore entrepreneurial activities that may not only enrich your life, but also provide you with supplemental income, thereby helping to reduce your financial stress and related dependencies. If you indulge in excessive spending, e.g., around holiday
seasons, be as modest with these expenditures and try very much
not to use credit cards if you do not have to do so. Seek expert
advice from time to time to ensure that your actions are legal
and that you are taking advantage of all possible avenues open
to you. Finally, sometimes your expenditures are in far excess
of the revenues that you are bring in from your job and other
sources of income. If this is a case that you find yourself in
at any time, it is very important that you seek out the
appropriate financial experts or counselors to advise you as to
how to consolidate your debt, reduce you debt, or in some
extreme cases, how to file for and declare bankruptcy. Remember,
uncontrolled financial stress can be both psychologically and
physiologically debilitating for your health and your
performance.
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parts of developed countries, because of the
importance placed on money as the only means to trade and do
business, in order to survive and address the financial stresses
associated with loss of jobs, reduced earnings, etc., some
individuals have reverted to the old ways of
"bartering" as an equitable and viable means of
trading and, ultimately, surviving.
