Worrying about money is part of adulting. Rent, utilities, food, transportation, loans, kids, etc. So many things on our must-be-paid list, it’s no wonder we get stressed out. In fact, according to research conducted by the American Psychological Association in 2015, the leading cause of stress for Americans is money. Well, have no fear. There are a number of ways you can ease your money worries. And we’ve got 5 of them listed down for you.
- Identify what is stressing you
Yes, we all know you’re stressed about money. But what exactly about money are you stressed about? Is it your student loans? Are you worried about paying your upcoming electric bill on time? List the top 3 causes of your financial stress. Knowing what they are can help you plan how to overcome them.
- Think positive by making an action plan
Now that you know what you need to overcome, the next step is to believe you can solve the problem. To do that, you’ll need an action plan – how you can go about relieving yourself of that particular burden. Need quick access to cash for that huge bill looming over your head? Look for alternative financing such as obtaining a cash request online. Need to keep your spending habits in line? Create a budget that you can follow.
- Get help
Everyone needs a helping hand, whether they want to admit it or not. If you are struggling with sticking to your budget or finding ways to cut down on your expenses, you can take online classes or read books on money management. If you want to be able to save for your retirement, you can get a financial advisor to help you decide on investments or other potential sources of income. Even just letting a friend or family member know about your financial goals can mean the difference between success and failure because you become accountable to someone.
- Create an emergency fund
One of the biggest causes of financial stress is unexpected expenses. That trip to the emergency room, your car breaking down, or suddenly losing your job. All of these are financial emergencies that most people do not think they will encounter. At least, it doesn’t cross their minds. And when they come up, they end up feeling overwhelmed and anxious about where to get the money. To prevent that from happening, you’d best save for a rainy day.
- Determine what you can change
So you have a budget and a rainy day fund. What else can you do to ease your money-troubled mind? Get rid of your bad financial habits and develop good ones. For example, if you can’t help buying stuff you don’t need, then maybe you should stick to only using cash. This way, you don’t go into debt and you limit your spending to what you have. If your money worries are centered on the fact that you need a larger income to cover everything you need, then you need to find out how to change your situation. Maybe you can get a part-time job or you can take online courses to qualify for a higher paying job.
Like Us? Sign Up!
Subscribe to get the latest budget buzz via email.