We all worry and stress about money. On fact, it's very high up in the top 10 things we worry about most!
With these useful methods I share below, you can ease your money stress and worry.
1
Got debt? Try the “debt avalanche” or the “debt snowball” method.
Debt avalanche method.
With this approach, you use the money they have left over — after paying bills and other expenses each month — to pay down the debt with the highest interest rate first.
Debt snowball method.
Here, you use your leftover monthly income to pay down the smallest amount of debt first, regardless of interest rate.
For example, a credit card or student loan with the smallest amount yet to be paid off.
2
Combine and consolidate your finances. Consolidate (put it all together) debt from credit cards, car payments, and so forth.
This makes managing your money easier. Obviously there are factors that must be considered which go beyond just simplifying your finances, such as interest rates, the term of the loan and so on.
Just as having multiple accounts at multiple banks overcomplicates your finances, having insurance policies with different companies may create unnecessary financial stress. Bundle all your policies together with the same company, you can potentially save money and simplify your financial life.
This obviously goes without saying to bundle your utilities and household bills too and UW can help!
3
Keep regular tabs on your finances.
One way to reduce the stress of checking one’s finances is to do it every day.
Checking more often can help increase awareness and enable individuals “to make data-based changes” to how they manage their money.
4
Practice gratitude for expenses incurred - where appropriate.
The goal is to focus on “what the money has brought you, rather than seeing it as a deficit.”
Doing so can help to address negative feelings related to money.
Just like we all see on social media about positive thinking, it is recommended when dealing with money stress too!
5
Seek professional help
Absolutely no financial purchases or decisions should be made in a state of anxiety or fear. If you are feeling totally overwhelmed and looking for help getting mentally prepared to tackle your finances and eventually manage your budget, a mental health professional can provide the support you need to get started. Reach out.
If you would like to master your money mindset and start saving with confidence then head over to my website
www.themoneysavingmum.uk
