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Relax for Your Financial Well-Being

It’s no secret that recent events have impacted the economic health of many Americans. So, it’s completely understandable if you’re feeling anxious, both in general and about your finances. However, it’s important to avoid making poor financial choices about your future when you’re under stress. While immediate expenses need to be taken care of, it’s just as crucial to take a deep breath, keep a clear head, and stay focused on your long-term financial goals. Here are some things to keep in mind:

1. Stay connected.

Preparing for a financially secure future can help reduce any financial stress you’re feeling and may also help set you up for long-term financial wellness. Equally important is making a point to stay in touch with people in your personal life. Sharing your thoughts, concerns and experiences, rather than keeping them bottled up, can help ensure a focused mind.

2. Stay informed, but not overwhelmed.

It’s always a wise decision to enhance your financial literacy. There are plenty of resources that can help, like budgeting worksheets at mymoney.gov, as well as retirement calculators and useful articles with practical tips. Remember, though, that taking breaks to unplug and unwind can help minimize information overload and reduce stress.

3. Stay positive.

Keep in mind that financial markets historically have bounced back from declines over time. Keep track of your asset allocation to make sure it continues to fit your age, risk tolerance, personal circumstances and expected retirement date. If it does, it’s typically best to stay on course rather than make hasty decisions that may hurt your portfolio’s long-term performance. As always, it’s important to remember that past performance does not guarantee future results.

4. Stay active.

In addition to keeping up to date on what’s happening with your retirement savings plan and long-term goals, counteract market volatility with activities that you enjoy. Exercise, meditation, painting, that novel you’ve always wanted to write—staying present with activities you love is helpful in managing stress today and dealing with uncertainty about the future.

You're in Control

Above all, remember that, while some things are out of your control, there are many other elements of your life you can influence to help your physical, mental and financial well-being.

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