*Feeling overwhelmed by money problems? Living to paycheck-to-paycheck and feeling like you’re drowning in financial stress?
You’re not alone. Research shows that money is one of the biggest sources of stress for Americans.
If you’re looking for help with finances and trying to overcome financial stress, you’ve come to the right place.
Here’s 5 handy-dandy tips to help you manage your money and improve your financial outlook on life!
- Make a Budget
B-U-D-G-E-T. Know what that spells? Freedom!
No, but really. Making a budget for yourself is the first step in dealing with money problems.
Too many people treat the word “budget” like some kind of dirty word that’s going to trap them into boring spending patterns.
Nothing could be further from the truth.
A budget is nothing more than a plan for your money. It’s a plan for where every single dollar will go.
Rather than being a slave to your finances, a budget puts you back in control of your own money. A budget allows you to prioritize what’s important to you, and to make sure that your money goes directly towards those priorities.
- Set Goals
Making your budget is a fantastic first step in dealing with your financial stress. However, now that you’re in control of your money again, it’s time to move on to the next step: setting financial goals for yourself.
Maybe you want to pay for your kids’ college. Maybe you’re saving for a house. Maybe you want to take a vacation.
Maybe you just want to pay all your bills this month and have enough leftover to eat out once or twice!
No matter where you’re at in your financial journey, the best way to ensure that you actually keep saving money is to set an actual, concrete financial goal for yourself.
It becomes a lot easier to say “no” to $10 lattes from the hip cafe down the street when you start visualizing that $10 going towards your next Caribbean cruise.
- Stay Organized to Overcome Financial Stress
When you’re in financial trouble, it can be difficult to stay on top of all the bills, accounts, and paperwork.
Especially if you feel financial stress, it can be tempting to just ignore the bills and high loan balances until they just magically go away.
Unfortunately, they won’t just magically go away.
Staying organized and on top of your money is absolutely crucial in how to deal with financial stress.
Know your checking account balance in order to avoid costly overdraft fees. Know the due dates for all your bills and credit cards — and pay them on their due dates! Consider setting up autopay to avoid late fees.
Late payments can also negatively affect your credit score, so avoid them at all costs.
- Consider a Short-Term Loan
Speaking of credit scores… low credit scores often make it difficult to qualify for regular loans. This can further compound financial stress in an individual’s life.
If you have a low credit score, don’t despair — the best online payday loans usually offer fast approval to lenders even with no credit history.
Payday loans often get a bad rap. Most people think they come with high interest rates that will only further exacerbate your money problems.
However, in some situations, a short-term “payday” loan can be the best option to alleviate financial stress in your life. Just keep that “payday” part in mind. These loans are meant to be repaid as soon as your next payday comes around.
- Be realistic
Overcoming financial stress is kind of like dieting. Drastic actions might be exciting at first, but are rarely sustainable in the long term.
As you make your budget and set your financial goals, be realistic with yourself about what you can actually do to save money on a daily, weekly, and monthly basis.
Remember, slow and steady wins the race. Even if you are only able to put $10 into your savings account on each paycheck, that’s still more than $0.
In Summary
No matter how horrible your money problems seem, there’s always a way out. Start today with the simple steps outlined in this article, and you will already be well on your way in the journey to overcome financial stress!
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