5 Time-Tested Tips to Rid Your Financial Worries

While some people are genuinely happy and seem to have it all, there are many others – similar to paid actors with smiles as bright (read: fake) as a 100-watt bulb aimed to light up your entire room – trying to pull a couple of strings together just so that they can make ends meet.

For once, you might be glad that you got rid of the Monday Blues, even if you miss your morning cup of espresso after your Sunday night hangover quite badly. However, even with this little inkling, those bills don’t pay by themselves, and your sudden dietary binges due to your deteriorating mental health aren’t helping your situation either. It is better not to wallow in your sorrow till you realize that you’ve blown the opportunity of reflecting over the current situation as well.

Is Financial Stress Taking a Toll on You

According to a study conducted in 2008, college students end up in a completely dormant state if they have a debt of or greater than $1000. We all know what it really was – your college life was complacent with student loans and inevitable financial strain which consequently lead to unhealthy consumption of fast food or maybe smoking.

Ever since you graduated and landed a job at your dream firm, you might have thought that things would go pretty smoothly but you forgot to realize that nothing is permanent. According to a study, financial strain is the leading cause of stress amongst middle-aged and elderly individuals and might lead them to a relapsing state of bad habits such as smoking and drinking.

In such cases, depression and other physical illnesses might serve to be the cherry on top and topple off the tip of this heavily enunciated iceberg.

A study linked the cause of obesity to rapidly growing psychological stress in approximately 1,335 men and women in the States. In addition, financial stress might take a toll on your relationships as well and will demotivate you to take action – in particular, exist – for the people you love the most.

Most people work two jobs in order to meet their financial constraints. Others just impose their shadows at home so that they can pull in long hours at work to collect the extra wage for overtime. In order to mull over the situation, you need to at least have a rested mind so that you can think, reflect and recollect accordingly. With the strain of your financial worries, you’d not only lead yourself into an abyss of uncontrolled bad habits but also to impaired mental health causing depression eventually.

It’s time you prevent all of this by taking your financial matters in your own hands. Instead of wallowing in self-pity and sympathy, it is time you understood and realized the importance of handling your finances.

5 Tips to Escape Financial Stress

In order to tackle your financial worries, here are 5 time-tested tips that will help you emerge to the necessity of the situation intelligently.

#1. Make and Stick to a Budget

You do realize that you’re going to retire to a rocking chair, right? In order to retire to a deck chair by the age of 30 – only on vacations, that is – it is time you dived into the efficiency of budget-making. It might seem boring and completely over-whelming; given that you’ve peanuts to start off with – but trust us; a budget will help you in the longer run.

Separate your expenses: from necessities to luxuries, so that you know how much you’re required to spend and just exactly how much you’re really spending. Going overboard the budget for the first few times is alright, as long as you’re adding those expenses up.

Keep a separate column for savings and mark it with a red marker so that you not only understand its importance but also remember to allow a specific amount to it regardless of your expenses.

Keep a track of your budget and start cutting off your luxuries one by one. Identify your necessities and highlight the ones that can be cut off immediately – especially that brand of underwear and pack imported cigarettes. Slowly, you’ll find yourself contemplating your budget instead of worrying about your finances.

#2. Tap onto an Emergency Fund

Even with the pro-budgeting, there might be certain uneventful occasions that you couldn’t possibly plan for. It doesn’t only rain when there’s a storm up ahead – it pours. While your business is at stake, there could be a mortgage you have to pay off, or perhaps unseen car repairs or deteriorating health with immense expenses.

While health insurance might help you pay some of those medical expenses, Fast Capital Loans can secure loopholes in your business so that you can prevent its downfall amidst all the crisis and emerge confidently.

Despite insurance and loans, it is highly necessary that you open up a separate bank account and dedicate it to your monthly savings. You might save $10 in the start, but as your budgeting skills improve, you might even save up to $100 or $1000 a month. Make sure you have at least $1000 in your savings account to prevent you from any unseen expenditures.

As soon as you get your paycheck, make sure you dedicate a fraction of the amount to your savings account. Gather leftover money at the end of each month and add to your account. Eventually, each penny will add up and help you pay off your recovering debts. You can also tap into your emergency fund and treat your family to a vacation once in a while.

#3. Get Financial Help

If you’ve failed to manage and stick to your budget for at least three months, there is no need to wait for a miracle to happen because it might be too late. Get financial help from a credited counselor so that you can learn how to make and handle a budget accordingly.

The counselor will be stiff and stern with your expenses but will make you abide by your resolutions. With the help of a guided counselor, you’d also be looking over your retirement plan and discussing alternative routes to secure a future.

Your financial planner will also tell you the importance of keeping an emergency fund to help you save a limited amount of your expenses every month. Your counselor will help you achieve confidence, even if you’re earning less than what you’ve always expected. Follow the ray of hope and claim your dream job but before you do that – spend wisely and save as if your life depended on it. And it does!

#4. Find Replacements for Your Spending

Let’s take a couple of instances here. Firstly, we need to get rid of your shopping purges; even and especially if it’s Black Friday. Invade your closet and gather what you haven’t worn in a while. If you really need to toss something out, donate it to charity or invent a use for it at home. Accessorize your articles and wear each piece as much as thrice a month. Only go shopping when you’re out of certain items.

For instance, a few of your clothing has either become bleached or faded. All of this requires a trip to the mall and try to take a list along with so that you’re not tempted by the goodies on the way.

Secondly, let’s just pretend that you really like fast food and spend nearly half as twice eating out every week. Discover what you really like to eat and drink, and make a list of it all. Go to the supermarket and fix yourself a dish at least twice a month.

You’ll not only be eating for at least a fraction of the price that’s offered in posh restaurants, but you’ll also learn the skills of cooking and culinary expertise. Cut down on your drinking by buying farm fresh fruits and juicing them for your smoothies.

#5. Take Care of Yourself

This might seem unnecessary to you, but self-care and self-love are as important as making and sticking to a budget to rid you of your financial worries. With your deteriorating mental and physical health, there is absolutely no way that you’d find out of your doldrums.

Your poor health and bad habits will slowly affect your performance at work, which will eventually lead you to consumption of unhealthy food and therefore, add to your financial worries. Poor health will also cause you to sleep less which will affect your cognition and daily activities.

In order to take care of your budget, it is necessary you idealize your priorities and identify yourself at the top of the chain. You have to realize that your current financial situation might be temporary and it can be amended to meet your needs.

If you try to cope with your anxiety, you’ll also find yourself working harder and pondering over your monthly financial budget.

Conclusion

Track down the positive aspects of your life and use them to outline your goals of life. Start with a couple of milestones every day and eventually you’ll climb the ladder and reach the summit you visualize so ardently.

Mathew Jade

Mathew Jade

Mathew Jade is a business, finance and technology blogger who spends his entire day writing quality blogs. He is a passionate reader and loves to share quality content prevalent on the web. For more updates follow him on Twitter
Mathew Jade

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