Dealing with Financial Stress Annapolis MD

When financial stress in Annapolis is too much to bear, you should seek help. Simply talking to a trusted friend or family member will allow you to get some things off your chest. If you don’t have anyone to talk to, consider joining a support group or getting counseling. Your local mental health authority can help.

Brian Booth
Rockwood Wealth Management
(410) 224-0097
200 Harry S Truman Parkway, Suite 300
Annapolis, MD
Expertises
High Net Worth Client Needs, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

Martin Hopkins
Hopkins Investment Management, LLC
(410) 757-7980
12 Francis Street
Annapolis, MD
Expertises
Ongoing Investment Management, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules, Retirement Plan Investment Advice, Estate & Generational Planning Issues, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®

James Ludwick
MainStreet Financial Planning, Inc.
(410) 695-1556
2327 Sandy Walk Way
Odenton, MD
Expertises
Cash Flow/Budgets/Credit Issues, Middle Income Client Needs, Real Estate Investments, Retirement Planning & Distribution Rules, Planning Issues for Unmarried & Same-Sex Couples
Certifications
NAPFA Registered Financial Advisor, CFP®

NTS Bearing-Total Wealth Management.
(410) 513-9619
58 Cornhill Street
Annapolis, MD
 
Mr. John V. Murphy, CFP®
(410) 224-7583
711 Bestgate Rd Ste 201
Annapolis, MD
Firm
Ameriprise Financial, Inc.

Data Provided by:
Thaddeus Toal
Rockwood Wealth Management
(410) 224-0097
200 Harry S Truman Parkway, Suite 300
Annapolis, MD
Expertises
Ongoing Investment Management, Retirement Planning & Distribution Rules, Tax Planning, Estate & Generational Planning Issues, Retirement Plan Investment Advice, Hourly Financial Planning Services
Certifications
NAPFA Registered Financial Advisor, CFP®

Patricia Currey
Currey Financial Consulting, LLC
(410) 956-0655
810 Caroline Lane
Edgewater, MD
Expertises
Ongoing Investment Management, Cash Flow/Budgets/Credit Issues, Retirement Planning & Distribution Rules, Women's Financial Planning Issues
Certifications
NAPFA Registered Financial Advisor, CEBS, CFP®

Mr. Paul P. Evans, CFP®
(410) 571-2747
801-11 Compass Way
Annapolis, MD
Firm
Annapolitan Investment Group, Inc
Areas of Specialization
Asset Allocation, Budget Development, Business Succession Planning, Charitable Giving, Comprehensive Financial Planning, Cross-Border Planning, Debt Management
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000

Average Income: $250,001 - $500,000



Data Provided by:
David Thomas Kelly, CFP®
(443) 321-0001
1901 Towne Centre Blvd Ste 135
Annapolis, MD
Firm
Fidelity Investments
Areas of Specialization
Education Planning, Employee and Employer Plan Benefits, Investment Planning, Retirement Income Management, Retirement Planning, Small Business Planning

Data Provided by:
Nilos Sakellariou
58 Cornhill Street
Annapolis, MD
Company
Title: Managing Director
Company: Glen Eagle Advisors
Service
Income for Life/ Preserve Principal,Retirement Planning,Long-Term Health Care Planning,Business Succession & Liquidation Planning,Fee-Only Comprehensive Financial Planning,Stock Market Alternative,Alternative Investments,Alternative Asset Class Planning,Commission-Only Financial Planning (Full Disclosure),Hourly Financial Planning Engagements,IRA, 401k, Roth IRA, QDRO Rollovers,Wealth Management,Investment & Portfolio Management,Investment Consulting & Allocation Design,Estate Tax Planning,401k

Data Provided by:
Data Provided by:

Dealing with Financial Stress

Stress can take a toll on our lives and health. During these tumultuous economic times financial stress is particularly bothersome. While cutting corners never hurt anyone, juggling bills and doing without necessities harms both our physical and mental health.

Stress contributes to health problems, including insomnia, depression and anxiety. If that isn’t enough, financial problems may prevent sufferers from getting proper treatment. They may beat themselves up mentally for allowing things to spiral out of control. But that frame of mind can only make things worse. Instead, a more productive use of your energy is to develop a way to get out of debt. Here are some things you can do to prevent or reduce financial stress:

  • Make a budget and stick to it. Start out with bills and necessities such as food and transportation. Put aside some money for unexpected expenses such as medical bills and car repairs, and reserve a small amount for entertainment. Put all of the money that is left over toward paying off your debts, starting with the one with the highest interest rate.
  • Become a penny pincher. Scour the sale papers for the best deals on groceries and other necessities, and seek out coupons for the things you buy. Join the frequent shopper club at every store you visit to take advantage of special deals.
  • Learn to have fun without spending a lot of money. Instead of going out to dinner and a movie, eat in and rent a DVD to watch with your spouse or family. Check your local paper for free events such as concerts. Rediscover the simple (and free) pleasures in life, such as taking a walk around the block and throwing a frisbee in the back yard with the kids.
  • Keep your credit cards out of sight and out of mind. Avoid using them except in the case of a true emergency, where there is no other option.
  • Getting Help

    When financial stress is too much to bear, you should seek help. Simply talking to a trusted friend or family member will allow you to get some things off your chest. If you don’t have anyone to talk to, consider joining a support group or getting counseling. Your local mental health authority can help you find counseling that you can afford.

    If budgeting is your problem, credit counseling could be the answer. Also, see my article on creating a household budget . Credit counseling agencies will often help you set up a budget and learn effective money management for free. If that doesn’t solve your problems, your counselor might be able to set up a debt management plan for you. This involves negotiating lower payments and interest rates on unsecured debt, allowing you to pay it off more quickly and still have money left over each month.

    Financial stress can be devastating for you and your family. Learning to cope and taking control of your finances can help you get your life back on track.

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