Are LGBTQ folks immune to financial stress?
The queer community has a lot to be concerned with, not least of which is financial stress. We discuss this and solutions on this Queer Money. If you want to reach financial sustainability and financial independence, start here by getting rid of any credit card debt with the free, 7-Step Credit Card Debt Slasher.
Watch this week’s discussion about financial stress in the LGBTQ community
How can I deal with financial stress?
The queer community has a lot to be concerned with, not least of which is our money. Not least of which is about our money.
The recent Motley Fool/Debt Free Guys LGBTQ+ Money Study showed that 2 out of every 3 LGBTQ+ people stress about money at least once a week with many stressing daily. That means when you’re at a dinner table with 6 of your queer friends, 4 of you are stressing about money. That sucks!
On the flip side, only 8% of transgender, straight and non-LGBT queer respondents and 6% of bisexual respondents reported having a “very low” financial stress levels. That’s great for them but not good enough for the community.
Stress can cause:
- Poor sleep
- Fatigue, in addition to the fatigue from poor sleep
- Exacerbate existing skin issues like psoriasis, rosacea, and eczema
- Premature aging Among many other physiological, mental and social issues.
What’s a solution?
As we shared on Queer Money episode 157, 5 tips to eliminate financial stress include:
- Use basic financial tools and banking products, such as a checking and savings account
- Build an emergency savings account, even $400 will go a long way to alleviate financial stress
- Have the courage to Say no when friends, family or colleagues want you to spend money you don’t have or don’t want to spend
- Increase your number of income streams
- Create and live by a budget
Then, listen to Queer Money episode 196 where we talked about how to forgive yourself for your financial mistakes.
Ultimately, the best way to reduce our financial anxiety is to have a plan. Tools that can help you are the Queer Money podcast and other LGBTQ+ personal finance creators available at debtfreeguys.com by searching “LGBTQ personal finance bloggers”.
If you’re stressing about money – and 2 out of every 3 of us are – plan this weekend to create a plan. Listen to Queer Money episode 157 if you need help with that plan or search on debtfreeguys.com for LGBTQ personal finance bloggers.