As the hustle and bustle of the holiday season comes to an end, you may be finding more time to consider life’s greater questions: What would I like to accomplish in the next year? How do I maintain my relationships? And perhaps most urgently, how do I rebound from all my holiday spending?
The last question is a stressful one for many people. According to the American Psychological Foundation, money worries are a significant cause of stress for 74 percent of Americans. For the many who are unemployed or underemployed, it’s a question of surviving paycheck to paycheck while searching for stable employment. Even those of us who are employed may fear pay cuts or layoffs. The holiday season can be especially stressful when we find ourselves stretching each dollar, while also giving into the consumerism of the holidays. Some people may believe gifts are the only way to show love and appreciation, while others indulge in shopping to fill a void in their emotional or spiritual lives.
Financial stress can cause changes in eating patterns, high blood pressure, headaches and other physical symptoms. The physical toll includes persistent sadness/crying, lack of sleep/constant fatigue, excessive irritability and increased anger. There is also an increased risk of depression, anxiety, compulsive behaviors such as gambling and overeating, and substance abuse.
However, it is important not to let yourself get overwhelmed by these feelings. There are many steps you can take to manage financial stress now and in the future.
— Remember that you are not alone. Changes in the economy can be scary for everyone but it is possible to get through it. — Engage in activities that bring you joy and that don’t have a price tag — such as exercise, hobbies and spending time with friends and family. — Write down worries and concerns before going to bed so they don’t interfere with your sleep. — Take action and make decisions in areas you can control. Doing so increases your financial confidence and can help you develop new skills. — Try to remember the positive parts of your life and reinforce your hopes for the future. — Expand your professional skills. This can be a way to cope with financial stress while also working to address it. — Talk to someone who can provide advice or is in a similar situation. This can include a healthcare provider, spiritual advisor, therapist or friend. If you’re in crisis, call the Philadelphia Crisis Hotline at 215-686-4420. — Find free events in Philly by visiting www.phillyfunguide.com. — Advocate for more community-based interventions to assist those who have been deeply affected by changes in the economy.
In addition, Philadelphia offers a host of social services, including some specific to those with little or no funds. The Philadelphia Coalition Against Hunger (215-769-0659) works to combat hunger and provide food resources to the city. They also help Philadelphia residents learn if they qualify for food stamps and assist in the application process. There are also numerous thrift stores in the area, including Philadelphia AIDS Thrift, where you can find low-cost used clothing while helping others. (PAT donates their proceeds to local organizations involved in the fight against HIV/AIDS.)
Long-term financial planning
The economic issues facing the country have also affected those who have made efforts to plan for retirement. Same-sex couples face an additional burden since they are not allowed to marry in the state of Pennsylvania. Therefore, those in long-term relationships must be aware of ways to remain financially secure. The American Association of Retired Persons, or AARP, suggests a few ways LGBT persons can be active in their financial future.
First, be sure to review your finances alone and with your partner. This allows you both to list your expenses and be aware of what might need to shift or change if one partner becomes ill or dies. Next, review and update your will and estate documents. Third, review your assets and be sure that there is a beneficiary listed. This not only makes sure the beneficiary has access to funds as soon as possible, but it halts the possibility that someone could override your requests. Fourth, consider whether or not you may need long-term health insurance. Health insurance can help cover costs if one partner has a prolonged illness.
Last, prepare your end-of-life documents so that you and those around you know about care and services before an emergency occurs. Mazzoni Center’s Legal Services department can assist low-income LGBT clients to draft the necessary legal documents to ensure that your wishes are clear. For more complicated estates, they can also refer you to an LGBT-friendly attorney who can provide you with the legal assistance you need. More information is at www.mazzonicenter.org.
These tips are general suggestions; before making any financial decisions, be sure to consult with a financial advisor. You can find an LGBT-friendly financial advisor in your area through the National Gay and Lesbian Chamber of Commerce (www.nglcc.org).
A new year does not have to mean new worries around finances. By understanding how you spend, knowing about resources in your community and planning ahead, you can devote more time to New Year’s resolutions and jumping into a great year ahead!
Anita R. Gooding is an intern in Mazzoni Center’s Open Door counseling department and a second-year MSW student at the University of Pennsylvania. Thanks to the following for providing useful information for this article: Julia Gottlieb, LSW, the AARP, American Psychological Foundation, The New York Times, Bloomberg and the Substance Abuse and Mental Health Services Administration.