Money Glee Monday #19 - Reasons for Financial Stress & what's keeping you up at night

Are you up late at night thinking about something?

According to an April 2016 CIPD study the main cause of stress in working people's lives was money stress. At 22%, this tied with working hours and family and relationship issues (20%).

What this clearly shows is something you probably already know that money causes you stress rather than glee. What it also shows is the importance of a balanced or at least a holistic life.

Imagine you're in the office late night, missing your daughter or son's first performance in a school recital. Or instead of being out enjoying the sunshine with your partner or friends you're inside on the weekend cranking out the latest management report for your boss. While sure occasionally it is necessary and great to put in the extra hours where you can, how often are you doing this & unlikely getting paid extra?

Are you spending a lot of time in the office for little financial reward?

Are you spending a lot of time in the office for little financial reward?

What are those reasons for financial stress then?

  • Working to pay for lifestyle inflation - Are you attempting to keep up with the Jones' looking to pay for that brand new car every 2 to 3 years?
  • Looking to impress your family - Similar to #1 however this one is about impressing those ones close to you by taking them to the fancy restaurants, buying them the latest electronic gadget etc
  • You aren't clear on what you want to do with your money - If you don't know which target you're aiming for, a target in any direction will do.
  • Not having a financial buffer in place - If you were to lose your job today, how long would you be able to live your current lifestyle? If you don't know the answer to this it probably is keeping you up at night

What are the things keeping you up at night then?

  • Finances and money - Not surprisingly this is probably the #1 thing
  • Relationships (friends and family)
  • Career, your boss and / or workload
  • Hopefully not your partner (if you have one) snoring :)

While here we've addressed some of the key reasons for financial stress next week we'll look at ways you can overcome these

What are some reasons for your financial stress?

Why are you being kept up at night?

We'd love for you to share, comment, like and ask any question you'd like more information on. Remember your Money Glee!