2 in 3 LGBTQ+ Americans Have Loads of Financial Stress. Here Are 3 Ways to Alleviate It

Financial stress is something a lot of people experience -- especially these days, given the toll inflation is taking on consumers. But a Motley Fool survey reveals that 2 out 3 LGBTQ+ Americans experience a high amount of financial stress. And keeping up with bills and being ready for an emergency are high on their lists of financial concerns.

If you're experiencing your share of money-related stress, it's important to do what you can to alleviate it. Doing so could help your general outlook improve. Here are some key steps to take.

1. Get on a budget

Following a budget won't magically make your bills disappear or shrink. But you might better manage them if you're tracking your spending more judiciously.

The good news is that you don't have to spend hours each week poring over a spreadsheet to keep up with a budget. You can choose from different budgeting apps to streamline the process so you can spend more time doing other things that benefit your mental health.

2. Build an emergency fund

If you're concerned that your next unplanned expense might drive you into debt, or deeper into it, then it's imperative you build yourself an emergency fund. Having money in a savings account could not only bring you more peace of mind, but give you some breathing room if your bills come in higher than expected or you're forced to cover a sudden home or vehicle repair.

Ideally, your emergency fund should have enough money to cover three full months of essential bills, at a minimum. That way, if you were to lose your job, you'd be able to pay your expenses for a period of time while looking for work.

If you're starting off with no savings, do the best you can. Socking away $500 for emergencies is a respectable start, and you can build up from there.

3. Make a debt payoff plan

Maybe you're carrying a balance on one or more credit cards that's causing you to lose sleep. You can't just snap your fingers and magically make that debt disappear. And even if you were to cut your spending and pick up extra work via a side hustle, it might take some time for that debt to be whittled down to $0.

But it might make you feel less stressed to have a game plan for paying off your debt. So figure out how much debt you can reasonably afford to shed each month so you have those details mapped out.

If you owe $3,000 on your credit cards and you think you can free up $250 a month, it means you'll be debt-free in a year. That's not the same thing as being debt-free right now, but it's something to look toward.

Of course, your balance has the potential to keep climbing as interest accrues on it. But if you can do a balance transfer to a 0% introductory APR in this sort of scenario, that added interest may be avoidable.

Take steps to reduce your stress

Unfortunately, members of the LGBTQ+ community face their share of unique challenges. Some, for example, might experience discrimination in the workplace that makes it more difficult to earn an equitable wage.

If you're struggling with financial stress, you don't have to resign yourself to it. Take these key steps to address some of your worries as soon as possible.