Financial Tips To Ease Stress
We all know that money doesn’t grow on trees. It is one of the top areas of conflict for people in relationships, and often causes significant stress for single people as well. But what if you were able to take control of your finances, rather than having your finances control you? If you are feeling strapped for cash, find yourself living paycheck to paycheck, or just want to pad your savings a little extra, this post is for you! Here are five tips to ease financial stress.
- Create a budget, and stick to it.
Do you know where your money is going each month? And I mean really know? Oftentimes, we hit a point in the month where we realize that our bank accounts are looking pretty slim, or our credit card balance is higher than we anticipated, and we scratch our heads and wonder what happened. Creating a budget is an easy way to understand what your expenses are, and to track your money throughout the month. Get creative and make it your own! You can consider using categories such as: groceries, rent, utilities, savings, fun/personal money, debt, and many more! Most spreadsheet applications have a budget template which is an easy, cheap way to start.
- Say “no” now to say “yes” later.
It can be extremely difficult to put a cap on the amount of money that we are willing to spend on the things that we want. We think, “why should I restrict myself from buying x,y,z? I worked for that money!” While this is true, it is important to evaluate decisions through the lens of your financial goals. Sure, it’s okay to splurge once in a while and treat yourself, but saying “no” or “not yet” to yourself in the present when you feel the itch to spend money on non-essentials allows you to say “yes” to your goals and dreams for the future (this is also something that becomes much easier if you can build fun/personal money into your budget). Cultivating the ability to say “no” to spending money on certain things is an important skill in reaching bigger financial goals such as taking a dream vacation, paying off debt, or buying a house. It adds up faster than you think!
- Create a meal plan.
Food is absolutely essential; however, while it is a necessary expense, there are often ways to cut costs in this area as well. Consider creating a meal plan for the week or month, and then create your shopping list according to the ingredients that you need for the meals that you plan to make! Make subsequent trips to the store as needed for fresh produce. There are many ways to do this, from planning what meals you will have each day to devising a list of meals to choose from so that you have options for each day. You may find yourself spending less time standing in front of the fridge or pantry shrugging your shoulders under the guise of not having any options for what to make, eventually spending $10-$20 on takeout.
- Get creative with your leisure time.
Leisure time is often another way that we spend money, sometimes without knowing the full extent of the financial impact. Consider cultivating a low-cost hobby. Research the area in which you live to find low or no cost activities to do! Go for a walk, have a picnic, engage in a community event; the list of things to do is limited only by your ability to be creative! If you are able to build leisure money into your budget, you can plan on doing activities that cost money, but you will be aware of the money that you spend for such activities, and may be able to better judge when it may be better to engage in a low or no cost activity.
- Speak with a financial advisor.
A financial advisor is someone who can help you solidify your financial goals, and assist you in devising a plan for how to make that happen. Just as having an unbiased, third party can be helpful in the therapy process, so also in finances. Having an outside perspective on your financial situation can prove to be invaluable, and you may walk away with more knowledge and sense of direction than you ever thought possible!
Money does not have to be an enemy with which we are constantly at war. Our finances can be an aspect of our lives that we can gain control over in a way that helps decrease stress and move us toward financial goals. Consider adopting one (or several) of these financial tips to find out how you can make your money work for you!
