Stress Management - Essay Sample

Introduction

Money has been one of the assets that have unified many communities and societies, especially in business work (Sundarasen & Rahman 2017). Even though getting money does not come easily, especially considering the economic challenges and other government obstacles, that encompasses one in obtaining the money. Financial managing it is one of the critical moments that many individuals find themselves between a hard place and a rock.

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In the United States, most of the middle, and lower-class individuals, have found themselves between a hard place and a rock, especially when it comes to the concept of money management. Poor money management has far-reaching psychological consequences that ultimately result in stress. As a result, proper money management techniques play a vital role in ensuring that every coin end in the right spot. As Arnold (2017) outlined, Money management is the process of tracking the investments, expenses, tax evaluation, as well as banking.

Poor Money Management

According to Arnold (2017), nearly 87% of the recorded stress in the middle class in the United States has been widely associated with poor money management, while 13% of the recorded stress emanates from higher living costs. While the two causes contribute to higher levels of stress, developing useful money management concepts provides an opportunity to reduce stress.

There is a higher interrelationship between money management and stress relief, especially considering the relationship between poor financial management and increased levels of stress. Proper money management allows one to plan and allocate money to all the needs without poor planning.

Promote Decreased Stress

Stress-related to poor money management can be challenging, especially considering that some activities are recurring in nature (Sachitra & Wijesinghe, 2018). Some of these everyday activities contribute to higher levels of stress, especially if they are not fully addressed. Recurring monthly bills are among the causes of higher stress, primarily when financial resources allocated to settle them are receiving numerous challenges. As a result, it is essential to develop various money management concepts to help reduce the levels of stress.

Tracking one’s spending behaviors helps to understand how every coin is being spent and what it was spent on. As a result, this helps to understand what is required to be given the priority in the spending list. More so, this helps to understand if there was any expenditure that went overboard. Therefore, tracking one’s expenditure behavior is a useful tool, which helps to understand the money has been spent. As a result, this helps reduce the possibilities of spending more or even spending on things that are not necessary. As a result, this concept helps reduce the possibilities of stress emanating from financial constraints.

Conclusion

In the quest for money management, it is essential for one to ask financial support from experts as a way of managing the limited amount of money one has. Financial advisors work hand in hand with psychologists to determine how money-saving activities can help reduce stress. Therefore, seeking financial support is another significant way of managing money that can be used to reduce stress.

References

Arnold, M. (2017). Fostering sustainability by linking co-creation and relationship management concepts. Journal of Cleaner Production, 140, 179-188.doi.org/10.1016/j.jclepro.2015.03.059

Get Sachitra, V., & Wijesinghe, D. (2018). What determines the money management behavior of undergraduates? An examination in an emerging economy. Journal of Education, Society and Behavioural Science, 1-14.
https://doi.org/10.9734/JESBS/2018/44050

Sundarasen, S. D. D., & Rahman, M. S. (2017). Attitude towards money: Mediation to money management. Academy of Accounting and Financial Studies Journal, 21(1), 80-96. https://search.proquest.com/openview/52ba0461186bbd866b5fda3ad3b59ba3/1?cbl=29414&pq-origsite=gscholar.