Local financial professional discusses key stressors impacting personal finances

MILWAUKEE (CBS 58) -- Financial stress can affect personal well-being, leading to anxiety, sleep issues and strained relationships, according to a local financial professional.

Brad Allen of Drake and Associates joined us on Tuesday, June 20 to shed light on prevalent financial stressors, such as dealing with inflation, living with debt, inadequate savings and retirement planning.

He cited a survey finding that over 50% of Americans' mental health was negatively impacted by financial worries.

Allen suggested budgeting as a solution to inflation-induced stress. The practice of tracking expenses could reveal areas for cutbacks and offer a sense of control over finances. For those living with debt, lifestyle adjustments and adopting a debt payoff strategy could alleviate stress.

On the topic of savings, Allen recommended automatically diverting a part of each paycheck into a separate savings account, even if the initial amount is modest. For retirement planning, contributing enough to secure any available company match was advised.

Allen encouraged those feeling overwhelmed to seek professional help, comparing financial health to physical health. More information can be obtained at DrakeAndAssociates.net.