We all have worries and concerns about our finances, some more than others. A new study reveals that the average American worries about their finances up to six times a day.

The survey, conducted by OnePoll, polled 2,000 adults and found that millennials were the most laser-focused on their finances out of all the respondents. They think about their finances up to seven times a day.

Many respondents felt millennials learned from previous generations' mistakes during the pandemic on better preparing for their future and how to manage their finances better. Millennials and Gen Z started investing at a much earlier age than boomers. Unfortunately, the younger generations watched their parents lose money during the pandemic. A debt tsunami emerged across the U.S. after COVID-19 forced a nationwide shutdown, which closed businesses and prevented people from working. As a result, millions of Americans were forced to file for bankruptcy. The cost of COVID-19 was over 16 trillion dollars, and many are still paying off the debt incurred during the pandemic.

Millennials and Gen Z are more likely to pay theirs off when debt. Millennials are more confident about debt, with 40 percent believing they will clear their debt within five years.

The recent survey also looked at other issues that each generation faces regarding finances and found some surprising responses to what the respondents would give up to retire today.

  • 43 percent would give up alcohol for five years
  • 30 percent would give up intimacy
  • 29 percent would give up their friendships

When it came to looking for a partner, 51 percent of millennials say they look for a partner capable of managing finances. In contrast, the other generations looked for a sense of humor. Nearly 70 percent of respondents agreed, saying they would break up with someone who had poor financial habits as excessive shopping habits are the biggest concern for all generations. 

The good news is that millennials and Gen Z are establishing financial habits that will benefit them later in life. That being said, it's never too late to change your financial practices. 

If you're struggling to pay off debt, consider the following tips to help you get on the right track.

Create a Budget

Keep track of your spending so you can make adjustments as needed. The first step is to determine how much money you have coming in each month and how much you want to save. Budgeting will help you stay on top of your finances and give you a clear picture of where your money is going. If you don't have a budget, start one today.

Find a Good Bank

Make sure you have a bank that will help you with your finances. Look for one that offers reasonable interest rates on savings accounts, low fees and easy access to your money. You may also want to consider using a credit union, which is often more consumer-friendly than banks. If you are looking for a new bank, ask friends and family members for recommendations. Word of mouth is often the best way to find a good bank. 

Choose Wise Investments

Be wary of investments that sound too good to be true, like promising to double your money in a short period. Don't invest in anything you don't understand. Don't invest in anything you don't understand. A common way to lose money is to buy into a "hot" investment that sounds good but is a poor investment and will end up causing you to lose money.

Start a Retirement Plan

Practicing good financial habits can be a waste if you don't have a retirement plan in place. If you don't have a retirement savings plan, start one. If you have a retirement savings plan, review it to ensure it is on track. It's essential to have a retirement savings plan in place to provide you with a sense of security and peace of mind.

Being financially savvy is one of the most important things you can do for yourself. Cut out your bad habits, which include:

  • Eating out
  • Impulse buying
  • Living outside your means
  • Ignoring your debt

It's better to get ahead with your finances now to reduce the stress in your life. Stressing over your finances will only bring several other health problems that you likely didn't factor in. Studies over the years have directly linked financial stress to mental health issues—people in debt experience more depression and anxiety than those who are debt-free. These health issues are only going to add more pressure on your life. You don't want to have the added stress of worrying about paying off debt and then getting sick because of it.

Long-lasting financial stress will increase your risk of developing other health issues like heart disease, irregular sleeping patterns, migraines and even diabetes. Keeping our bodies constantly stressed out leaves little to no room for recovery, making our immune systems vulnerable. For many Americans, the financial stress is never-ending. The bills keep coming, and there is no end in sight, so it's essential to take control of your finances not just to ease your life but for the sake of your health.  

Making a financial plan is one of the most important things you can do for your future. Without a plan, it's easy to fall into debt and financial trouble. Having a financial plan will allow you to set goals and keep track of your progress as you work towards your financial goals. When working on your financial plan, it's important to keep in mind that the best plans are flexible. You may have a specific goal in mind, but you should also be prepared for changes in your life. Your goals may change over time, but the key is to write them down and then make a plan for how you're going to achieve them.

It's time we start stressing less and focusing more on what we can do to change our lives. Let's stop worrying about what could happen and start focusing on how we can make it happen.

In the end, you have to take action if you want to see results.

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