A stress-free feeling about money is a mindset that defines financial success more than any dollar amount. When it comes to managing money-related stress, Summit CEO and President Kim Sponem says easier conversations around finances and strong money management tools and habits are key. All of this is especially important in helping women overcome unique financial challenges to enjoy long-term security.
Nearly half of U.S. adults say money negatively affects their mental health, causing stress, loss of sleep, depression and more.* Financial stress stems from all different situations — whether that’s worrying about making ends meet, navigating financial shifts after a life change, or trying to reach goals that may feel overwhelming, like saving for college or retirement.
For women, financial stress is also impacted by the fact that they live longer than men, yet earn and save less over their lifetimes due to factors like more time away during earning years for caregiving, fewer roles in high-income fields and a markup on essential products. It adds up, and women have up to $1.6 million less in retirement savings** and are 43% more likely to live in poverty in retirement.***
Sponem says Summit has long worked to improve the outcomes for women — not only for you, but for your daughter, mom or sister. Money stress can lead to a frozen state of overwhelm and inaction, but you do not have to figure things out alone, says Sponem, because Summit is here to help you take a holistic approach to easier finances that leads to better overall wellbeing, too.
An easy step to ease money-related stress, Sponem says, is to put strong money habits and routines in place that help you stay on track financially and support your long-term financial wellness, while also reducing what’s on your plate and on your mind. She shares examples of actions that help you create that consistent routine and more overall peace:
Automate your finances. Setting up automated loan or bill payments means less to have to think about. Plus, transfers from your paycheck into savings make it easier to set money aside consistently for that beach getaway, emergency fund or new car, and even a small amount is a win because it builds up over time. An emergency fund is the best place to start, as it also gives you somewhere to turn if an expense pops up — a stress reliever in itself.
Set consistent check-ins. Review your overall finances, then get specific on where your money’s going. Go over transactions or use visual digital banking tools that make it easy to see spending patterns. Think about how you want to increase savings or reduce debt, and shift your spending to help reach those goals. There are many custom, automated tools in Summit’s digital banking for easily tracking or setting limits on your spending, measuring progress on something you’re saving for, helping you protect your accounts against fraud and more.
Check in with experts. A free, and judgment-free, conversation with Summit’s experts, who have helped countless others take action for their goals, also offers valuable insights on how to create habits, routine and a plan that will ease stress.
“We’ll help you move forward whether you want to pay down student loans or other debt, build an emergency fund, retire early, get free on-demand financial education to boost your confidence — really anything that could greatly ease stress,” Sponem says.
Read on for more guidance on your stress-free path to financial security!
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Make it simple to see your whole financial picture.
A key to reaching your goals in the future is to first gain more clarity and understanding around where you are now. Talking with a financial expert, like a one-on-one with a Summit financial coach, can make it much easier to step back and look at your total financial picture, identify your money habits objectively, and get guidance and tools to move forward.
Start with knowing exactly how much money comes in and goes out each month. Determine your household income after taxes, 401(k) contributions and other deductions, then carefully track your spending — both in terms of wants and needs. This will help you create a budget that will work for your goals and get everyone in your home on board.
“Involve the whole family in this conversation, and revisit any subscriptions and automatic payments you have set up, from streaming services to the gas bill, to make sure they still serve a purpose and align with your current costs,” says Jess Alicea, a senior lending advisor at Summit. “Maybe they were set up a long time ago to work around a different pay period or too many payments are falling within a few days of each other.”
For an easy visual, Alicea suggests writing the dates of your paychecks and automatic payments on a paper calendar. Identify days of the month causing the most financial stress, then look for flexibility where you can.
For example, maybe you prefund some payments with money from your savings instead of using a credit card to get you by. If you do pull from savings or use a credit card, it’s also important to pay yourself back.
Feeling stressed about spreading money thin is more common than you think and happens across all income levels, says Alicea. Creating consistency is key.
For budgeting and further identifying your spending patterns, use free tools to help with the heavy lifting. This may include a daily expense worksheet or a budget worksheet, like the ones on Summit’s website. Summit also offers personal financial management tools within online and mobile banking — so you can go beyond managing your accounts to check in on your financial wellness, track and analyze your spending, and forecast future spending needs, says Megan Schmidt, a digital member relationship specialist at Summit.
Decide what spending aligns with your personal values and goals. Once you understand your spending habits, use that information to consider whether your money’s going toward what matters to you — whether that’s your favorite takeout food or daily coffee, a vacation, concert tickets or anything else that brings you joy.
Making your spending more intentional helps you plan your budget around the joyful “why nots” you value most in your life, while you also account for the “what ifs” of unexpected costs. It takes thinking ahead and allowing yourself some flexibility, as well as having an awareness of your specific spending triggers.
For example, is it harder to make good money decisions during certain times of the year, like the holidays or summer? Maybe the credit card comes out for fast food when everyone’s tired after the kids’ soccer game or when hanging out with certain friends.
“To curb impulse spending, try the 24-hour rule — which is waiting one day before making non-essential purchases,” says Jenny Ugalde Herrera, a lending advisor at Summit.
Figuring out what makes you want to spend money is a big win, but also give yourself grace for unplanned spending, according to Aidan Hauge, a Summit branch manager.
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Take easy next steps to save more and reduce debt.
Once you know the where, what and why behind your money habits, and put a budget in place, you’re ready to build on the best action plan for your goals and overall life. For many, that involves increasing savings and paying down debt — and healthy money habits require you to balance doing both.
Make it easier to save. Look for ways to keep your savings goals in front of you, like displaying them on the refrigerator, or even with a sticker on your debit or credit card. The savings goal tracker in Summit’s online and mobile banking lets you set, track and make quick transfers to a custom goal (for example, “European Vacation”) right on the first screen you see when you log in.
One of the best things you can do for your savings is to always pay yourself first, says Ugalde Herrera.
“Create different sub-accounts to save for specific goals, as that can feel more motivating,” adds Ugalde Herrera.
Make it easier to reduce debt. Depending on your situation, a home equity loan, loan consolidation or refinance, credit card balance transfer, or new quote on your home or auto insurance could improve your debt and savings picture. Talk through all your options with an expert who can help you find the best fit.
“Identifying what changes will have the biggest impact is unique for each person,” says Hauge. “Maybe that’s tackling the easiest win to stay motivated and focused — like eliminating the smallest debt first.
“But sometimes, it’s first removing the stressful decision you wish you could change, like a credit card with the highest balance or interest rate.”
Make it easier to feel in control of your money. Automating your loan or bill payments means less to remember and fewer decisions to make, with more time for what matters most to you. If you add any new automatic payment to the mix, you may be able to ask for a certain payment date that works for you — so be your own best advocate.
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Build stress-free finances far into the future.
The great thing about taking action is that it sets into motion a series of positive effects. The next thing you know, smart money habits and steps are your new normal, and reducing your debt and building your savings has given you more funds to achieve your goals, moving you to a stronger place with money.
The groundwork is set to pursue goals that lead to even greater wealth and security, including:
- Buying a home. Owning your home is one of the biggest wealth-growing steps you can take. As you build equity — the difference between what your home is worth and what you owe — you’ll have funds to improve your home (a smart way to add value), pay off debt or invest.
- Investing. You can earn more for your money with higher yielding options that fit your risk comfort level — just make sure your emergency fund is in a good place first. Ideally, that’s having enough for three to six months’ worth of expenses, based on knowing what you actually spend in a month, not your paycheck amounts.
- Starting a business. By launching or growing a business, you could benefit from more cash flow and tax advantages, and have an asset with potential for appreciation, or even a profitable sale.
None of these wealth-building goals need to be stressful when you have experts to talk through your options, answer your questions and offer guidance. For example, even while you’re saving for your emergency fund, you can still start the conversation about plans to reach your longer-term goals, and what could be in your control and possible for you, based on knowing where your money’s going each month.
Getting the support and resources you need so things don’t feel overwhelming is key, says Ayobami Sanni, a Summit business services lender.
“A big misconception is believing you need to personally have all the money up front to launch your business when it’s more that you need a good foundation to start from, as in good credit and some savings,” Sanni says, noting women are less likely to ask for money and often use more of their own funds for business than men.
Similarly, Sanni points out that you may not need as much money as you think for a down payment on a home, or to get started with investing. To take confident next steps for either goal, she suggests setting up a chat with a Summit Mortgage Loan Officer, even if you’re just starting to think about buying a home, or scheduling a free consultation with a financial advisor.
Overall, reducing day-to-day financial stress often goes back to taking into consideration your specific goals, and your timeframes for each one.
For example, when it comes to investing and your risk comfort, it helps to keep your goal in mind so you avoid looking at all your money as one sum and one intention. If you need money for a car in a couple years, you may find the guaranteed growth of a certificate or money market account more reassuring. On the other hand, when you know money you have invested isn’t intended for today’s groceries but for college or retirement in 20 years, it’s easier to roll with some ups and downs, knowing historically there are more good days overall.
The very act of defining your intentions and risk tolerance for each place you put your dollars will ease stress.
*The Wisconsin’s #1 Mortgage Lender designation is based on the number of loans in 2024, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the Consumer Financial Protection Bureau’s website. LEI: 254900NTAC4H10MGSU23.**SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024.
*Bankrate’s Money and Mental Health Survey, March 19-21, 2025.
**Center for American Progress, “The Economic, Educational and Health-Related Costs of Being a Woman,” March 30, 2022.
***U.S. Department of Labor: 5 Things to Know About Women and Retirement.
