Suze Orman says the best way to tackle financial stress is to not think about the future

There’s more than enough anxiety to go around in the news cycle, but one ongoing source of stress for Americans is thinking about their financial future.

Financial expert Suze Orman addressed this anxiety in a recent blog (1). She cited an Employee Benefit Research Institute (EBRI) survey in which more than 7 in 10 respondents agreed that thinking about their financial future, particularly retirement, stressed them out (2).

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No wonder. The numbers are frightening:

• American workers’ median nest egg (including those with zero saved) is just $955 — less than $1,000. That’s across workers of all ages, according to a National Institute of Retirement Security study (3).

• A growing number (7%) of retirees are returning to the workforce just to get by, according to an AARP survey. More than 1 in 3 worry about how they’ll pay for food and housing (4).

The same EBRI survey found that 67% of Americans are stressed out about not having enough stashed away in emergency savings. If hit with a $5,000 surprise expense, 30% would put it on a credit card, 21% would have to take out a loan and 15% would withdraw it from their nest egg.

Orman is known for frequently applying a tough-love approach to finances, so you might think she’d advise people to double down on savings and sacrifice in response to financial fears.

But in fact, the money guru recommends a more Zen approach, one firmly grounded in the present.

It starts with a form of financial meditation.

“Whenever you feel financial stress, slow down and literally focus on taking a few slow and deep breaths,” she advises. “Remind yourself you have what it takes to work toward the financial future you deserve.”

She advises people to break down their long-term financial goals into “small steps, not Olympic jumps.”

For example, instead of thinking about eight months’ worth of emergency savings in entirety, she suggests putting money in an emergency savings account week by week — or month by month.

The advantage of this slow and steady approach is that financial targets, and the steps to reach them, are quantifiable, allowing you to see progress immediately.