Ways of Reducing Financial Stress During the Elderly Years

No one wants to be stressed for a long period of time, because it doesn’t feel good. You may know that stress can give you headaches, but long term stress can have some lasting, dangerous effects on your body.

One of the greatest stressors on people, especially senior citizens, is financial stress. Some seniors feel they did not save enough money to comfortably live on. Others may have lost part of their investment in the Great Recession over 10 years ago. Perhaps you had a setback in your financial picture due to illness or injury. If you have financial stress, you’re not alone. Researchers with the American Psychological Association found that 72% of Americans had some kind of financial stress during the previous month. If you are a senior, and you are struggling with stress, here are some tips for reducing your financial stress.

Think About A Reverse Mortgage

If you own your own home, one of the best ways you can reduce your financial stress is to add to your income. You can do that by getting a reverse mortgage. A reverse mortgage is different than a traditional mortgage on your home. You will receive cash for the value of your home. You can choose to have the value of your home in one lump sum payment or in monthly payments for a steady stream of income. You will not have a mortgage payment. Your home will instead be owned by the lending institution, but you don’t have to leave your home. The lender will take possession of your home when you die or when you move. You can calculate the amount of money you might receive by using a reverse mortgage payment calculator.

By choosing to try a reverse mortgage, you will gain some financial stability. You may want to use the reverse mortgage to pay down your debts, add to your savings, or receive a monthly paycheck. This will help to reduce your stress level tremendously.

Side Hustle–or Part-Time Work

One of the best ways that you can reduce your stress level is to add income each month. Many seniors aren’t ready to quit working. If you are bored at home, and you want to continue to work, you may want to think about a job. Luckily, thanks to technology, there are amazing jobs everywhere. If you have a marketable skill, such as teaching, writing, editing, customer service, translation or medical transcription, you will easily be able to pick up work online and work remotely. If you don’t want to work remotely, there are all kinds of part-time jobs you can pick up to supplement your income. For example, if you have a skill such as plumbing, electrical, logistics, maintenance, or construction, you can work part time quite easily.

You can also start a home business. Many seniors have taken a hobby and turned it into a great way to earn a little money on the side. For example, if you sew, stitch, or create jewelry, you may want to market your wares on Etsy, and make money from selling your crafts. You can also market yourself as a marketing guru, therapist, career or life coach, tutoring, or social work. You may not be aware of this, but ¾ of Americans work in a business that employs 10 people or less. Small businesses run America. You may be able to relieve your financial stress by working part time in your own business–which means you can take off from time to time to go on vacation, visit your family, or read that book you’ve been dying to get to.

Get Help

If the stress is getting to be too much, and your finances are in disarray, you may be able to get financial help. There are all kinds of counseling and other financial services available for free or at a reduced rate for seniors. Take all of your bills, and your fears and carry them to a financial counselor. They may be able to help you with your budget, your credit issues, and help you work out a payoff plan to get your creditors paid off as soon as possible. When all of those annoying phone calls, emails and texts stop, and you have a plan in mind, the relief and freedom from stress will be enormous.

No one should have to live with stress. Too much stress can lead to heart attacks, ulcers, stroke, migraine headaches, muscle aches, and digestive issues. If you are struggling with stress as a senior, you can find help quickly with a reverse mortgage, a part-time job, or a side gig–all of which can help you reduce your debt and increase your stress relief.