Eight in ten Americans feel stressed about money, according to a survey by the American Psychological Association. Nearly 60 percent of respondents say they are concerned about job stability, while 50 percent say they are increasingly concerned about their ability to provide for their family’s basic needs. How are people responding to the stress brought on by the economy? Common answers included overeating and consuming fatty foods.
Feeling out of control creates stress, and the markets have left a lot of people feeling way out of control. Fortunately, there are some financial matters we can control. First, if you are eligible to participate in a 401(k) or other retirement program and your employer matches a portion of your contributions, don’t miss out. That match is a guaranteed return on investment. Are you contributing enough to get the full match? Second, participate in flexible spending, and if applicable, dependent care accounts. Very few eligible employees participate in such accounts, missing out on opportunities to save a lot of money on taxes. Look into them now that corporate benefits open enrollment season is upon us. Third, if your employer offers tuition reimbursement, go to school. There’s no such thing as guaranteed employment, but by keeping our skills current we can do a lot to shore up our employability. So, ditch the donuts and take your employer up on these good-for-your-money programs.
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