No matter how well things seem to be going, financial concerns are ever-present for many Americans. It can be hard not to worry when you’re facing financial stress, it helps to have a plan that can help ease some of that stress. Here are some helpful suggestions for planning and easing the financial stress you may be facing:
Figure Out Where The Stress Is
One of the biggest reasons you may not feel confident about your finances is that you may not know where the stress you feel is coming from. You must work to identify the money issues that are keeping you awake. Whether you have bills coming due or you’re floundering in credit card debt, you need to pinpoint the source of the stress. Keep a shortlist of your biggest money challenges and revisit your list every few months as your circumstances change.
Start Budgeting
A budget can be one of the most powerful tools in your arsenal for being more confident and in control of your finances. It can help you avoid spending money you don’t have or help you avoid spending money on things you don’t need as you try and save for future goals. Bottom line: once you have a clear picture of where your money goes every month, you can look for ways to redirect it to places it really needs to go. Look at the amount you take home every month and write down all your expenses. You should also set up automatic payments for bills and for deposits into your savings.
Maximize Your Income
When money is tight, it can be hard to be confident about your finances. Nonetheless, it’s important to start your financial planning to get the most out of your money. Break your spending up into wants and needs, then trim from your wants list. Look at your spending habits and change them if necessary. You also need to modify your budget to take care of big stressors, such as credit cards.
Studies have shown that Americans feel they have a happy home when they feel secure and relaxed. By getting control of your finances, you’ll feel more confident and have a happier home since you’ll be less stressed.
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Have an Emergency Fund
One of the best financial steps you can take to plan ahead is to build an emergency fund. You never know when something unexpected might happen and having money at the ready can ease financial stress. Having enough money to cover three to six months of expenses is recommended. You can use your budget to figure out how much money you can contribute to your fund each month.
Think About Outside Help
If you find all your efforts to plan and ease your financial stress are proving difficult, you should consider getting outside help. If you’re older, for example, and you don’t have a will, you should visit a financial consultant to set up a will. So, why make a will? Almost all estates have to go to probate court to start the legal process overseeing the distribution of assets. Without a will, the court has to name an administrator to administer your estate. And this can be time-consuming, expensive, and even contentious for your loved ones. In fact, it’s estimated that as much as 60% of Americans don’t have a will.
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The Bottom Line
Worrying about money can be stressful, but it doesn’t have to control your life. With some careful analysis and some planning, you can make the most of your monthly income, identify where the sources of your stress come from, and take steps to build an emergency fund, pay off debt, and get your finances in order.
