April 6, 2020 Casie Fox

Tools to Release Financial Stress

Stress about finances has been identified as one of America’s employees top stressors every year since 2007, according to the American Psychological Association’s annual Stress in America survey! Money woes and anxieties affect the U.S. workforce on a daily basis, and can impact overall staff wellness. Debt, cost of living, and other financial concerns may seem like the worst of it. However, the drain they have on physical and emotional resources can be even more costly! Get your financial wellness under control, with tools for a virtual workforce to release financial workplace stress.

financial planning for staff wellness

Release Workplace Stress Over Finances

Create a budget

Creating a manageable budget, and then sticking to it is one of the best first steps you can take in your financial journey! Apps such as You Need a Budget (YNAB), Quicken, Mint, Personal Capital, and others can be helpful as you create a plan. These apps allow you to plan your finances in an easy to understand way. It may seem unnecessary or overwhelming at first, but having a set budget will actually allow you to think about your finances less instead of more! A budget will make sure you cover your expenses, and work towards your saving goals. Having a concrete plan in place means you can stop wondering and worrying, and simply follow the steps you’ve laid out for yourself. 

 

Shift your mindset

It’s easy to get stuck in worry and a scarcity mindset–feeling like you’ll never have enough. Changing your perspective, and focusing on what you do have can help you approach your finances with a more positive outlook. Try journaling things you’re grateful for, meditating to ease your mind and exploring our mindfulness offerings! Incorporate Wellness offers personalized meditation and life coaching courses that can help you change your relationship around money, open up about the workplace stress you’re experiencing, and improve overall staff wellness. 

Related: Improve Your Financial Mindset

financial planning for staff wellness

Bring in an expert

If money is not your area of expertise, consider hiring a pro. It can be hard to know if you’re making the right choices with your finances. With decisions so important, sometimes spending money on advice means you’ll make more money in the end! Consider hiring a virtual financial adviser, a service lots of companies are now offering. NerdWallet has a great breakdown of financial adviser options. Do your research and be sure you know how much you’re comfortable spending before you get started. Bringing in a professional to help your employees could be a great benefit, and help with overall staff wellness. 

 

Cancel unnecessary subscriptions

Did you sign up for a subscription months ago, then forget about it? You might be paying hundreds of dollars for services you aren’t using! Try downloading an app that monitors what subscriptions you’re paying for, so you can stay on top of them and cancel any that you don’t need. Apps such as TrueBill links to your bank account to show you recurring charges to your accounts, and any increases in price. You can even cancel your subscription directly through the app. Bobby does the same thing, without linking to your bank account, and other apps such as Subby or Trim similarly help show you what you’re paying for on a monthly basis.

financial planning for staff wellness

Cut back on expenses

Knowledge is power! And with information in hand from creating a budget, consulting experts, and subscription tracking apps, plus a positive mindset to go with it, consider using that knowledge to trim excess spending. Treating yourself here and there is also important for your workplace stress levels. However, making sure that you’re purchasing within your means will help cut down on both stress and spending. Consider what items are essential to your health and happiness–and what can be cut out without having much effect.

With all that in mind, you’ll be saving more and stressing less in no time!

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