It’s no secret that finances can cause stress. However, your financial situation is also an opportunity for you to build confidence. Seriously! Financial confidence is a mindset, not a paycheck. Don’t let financial stress get in the way of what matters most to you—from saving up for a bigger apartment to supporting causes you believe in. Just remember: You’re in control.
Financial confidence is real
Did you know that only one in five Americans has a high sense of financial confidence? According to the National Financial Confidence Poll conducted by SunTrust Banks, Inc., lower confidence is linked to less happiness, higher stress, more money spats in our relationships and only a partial sense of financial freedom.
On the other hand, having a plan in place for your money provides a sense of freedom. In fact, ninety-six percent of Americans with high financial confidence are satisfied with their freedom to make life choices, compared with 41 percent of those with very low financial confidence. When ranking their happiness on a scale of 1 to 10, those with high financial confidence gave themselves an 8.2 on average. Those with the lowest level of financial confidence? They rated their happiness at 4.3.
It’s up to you!
When you’re in a paycheck-to-paycheck stress spiral, it’s easy to think that reaching financial confidence requires a pay raise or winning the lottery. Even if you have student loan debt or are job-hunting for a better opportunity, financial confidence is possible through planning. Start by taking action: Track your spending, chip away at your debt and proactively save—regardless of how much you make. It’s not impossible; it’s about having a plan.
When it comes to your dreams—moving into a new house, donating to your local animal shelter or kissing that credit card debt goodbye (#finally!)—don’t wait for a windfall. Start changing your life narrative now. The first step to financial confidence starts here.
Source: “SunTrust National Financial Confidence Poll,” Q4 2017, SunTrust Bank
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