'Finances Fuel Life Goals.' These Top Money Secrets Can Make You Happier and More Successful, According to an Expert. Julie Guntrip, head of financial wellness at Jenius Bank, breaks down how to manage your bank account for higher quality of life.
By Amanda Breen Edited by Jessica Thomas
Key Takeaways
- More than half of American consumers aged 25-55 admit to feeling stressed, anxious or depressed over finances.
- Fortunately, some key money management tips can help people get back on track for long-term financial security.
More than 50% of American consumers aged 25-55 earning at least $100,000 per household say that finances make them feel stressed, anxious or depressed, and 41% of them report feelings of guilt or hopelessness, according to a new survey from Jenius Bank.
Many feel the strain of funds that don't stretch as far as they once did. Two-thirds (63%) of U.S. adults say inflation and rising prices have caused them to save less for unexpected expenses — and just 44% of them have enough money set aside for a $1,000 emergency, per Bankrate data.
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Often, an inability to save makes it difficult to prepare for significant milestones in the future, such as retirement, which contributes to discontent in the present. "Finances fuel life goals, so it's only natural that they have an impact on people's emotions," Julie Guntrip, head of financial wellness at Jenius Bank, tells Entrepreneur.
Making the wrong or costly financial decision and feeling behind one's age group are two of the top sources of financial stress reported in Jenius Bank's survey. According to Guntrip, lack of financial education and access to money management tools — and an unrealistic social media "highlight reel" — all contribute to consumers' negative experiences.
"When people feel scared or unprepared, it may trigger a fight or flight response, putting their minds and bodies on alert," Guntrip says. "That's when mental and physical symptoms of financial stress tend to show up. Taking steps to alleviate money fears and build a path toward financial wellness could help someone replace negative feelings with positive ones."
So, what does that look like, exactly? Although Guntrip acknowledges that everyone's financial journey is unique, some money essentials should never be overlooked.
First, financial education is key — and ongoing. "We think it's important for people to get money smart so that they can filter information they encounter through their own values and judgment," Guntrip says.
Coming up with a budget to track money flow for the month can also give you a "greater sense of confidence and control," Guntrip notes. People should schedule time to get familiar with their money, "essentially, setting aside time regularly to review their income and expenses" to hone in on spending patterns and opportunities to save.
Related: This Financial Expert Reveals the Simple Spending Hack That Will Make You Happy, Even in a Recession
Intentional spending habits can also help curb impulse purchases. "When people spend more intentionally on the things that make them happiest and skip the rest, it may help to free up more funds for life goals," Guntrip adds.
Start a savings routine with a high-yield savings account (HYSA) to save and earn more over time. Guntrip suggests using debt strategically, considering lower-interest debt to fund important life investments or paying off higher-interest debt to avoid a monthly drain.
Finally, do your best to avoid comparing your financial situation to others. "When a person focuses on their own money goals instead of the actions of others, it could help them build a financial future that makes them happiest," Guntrip says.
