Whether you consider yourself financially savvy or your finances leave you feeling flustered, we’ve all felt a sudden pang of fear or experienced creeping anxiety about something money-related. It’s unpleasant and in some cases, it can keep us up at night and even make us ill. Perhaps you’ve missed a payment date, or you’ve forgotten to pay your electricity bill or maybe your debts are keeping you up at night – click here to find out more about taking control of your debts – if your money worries are making you miserable then something has to be done.
Luckily there are a few simple strategies that can help. Read on for 5 ways to stop stressing about money.
Track your spends
If you find yourself shocked at your bank balance at the end of every month then you’re obviously not in control of your spending or have any idea where your money is going. The solution is simple, take a whole month to track every single dime that you spend. Use an app or go old school and use a pen and paper, it doesn’t matter, just write down every time money leaves your bank and you’ll soon come to realize where it is all going. This also works as a good spending deterrent, as you’ll want to hold onto your money a little more!
Check out some simple changes
The best way to stop stressing about money is to have a little more of it. And while we’d all like to win the lottery, we’re all not that lucky. The simplest solution is to make some changes to your monthly spending. Consider downsizing to a smaller property or swapping to a cheaper car or getting rid of it entirely. Instead of going out for a meal every Friday, go once a month instead. Making some simple changes is a great way to save money and alleviate some of the financial stress that you’re under.
Review, review, review
Things seldom stay the same, and this applies to your finances. If you have a monthly budget in place (and you should if you want to stay in control of your money) then you need to revisit that budget every month and see if anything else can be squeezed, pinched, stretched or removed entirely. There’s always room for improvement.
Build an emergency fund
Living from paycheck to paycheck isn’t easy, but it’s a harsh reality for many households. If something unexpected happens that tips your financial scales out of your favor then you could find yourself in trouble. It’s this kind of issue that makes people worry the most. To keep your stress and anxiety at bay, work on building an emergency fund. Even just a few dollars each month over a period of time will give you something to fall back on if things get tough.
Pay off your debts
Again, easier said than done, right? However, getting on top of all your debt and facing it head-on will give you confidence and make everything easier. Speak with a debt advisor to find out more.