One of the most common stresses in an adult’s life is money. It is the constant struggle of wondering if you have enough to pay bills this month. Will you be able to afford a vacation or will you end up deeper into debt?
The list of financial worries is never-ending. The more you stress about money, the bigger the toll is on your body. Stress affects you both physically and mentally. It increases your risk of a heart attack, negatively affects your digestive system, high blood pressure, weakened immune system and many other health risks.
If you find yourself constantly stressing over your finances, it is time to take control. Here are a few steps you can take to get your debt under control and ease your mind.
Build a Budget
One of the best ways to get a snapshot of your financial situation is by creating a budget. It helps keep track of what goes into the account and what leaves. Keep yourself organized and track your spending on a budget.
Start by getting a total of your monthly income. This is your reference point as you add in expenses. Make a category for fixed expenses – rent, loan payments, or anything that remains consistent each month. Then move to your variable expenses – payments that change each month. The goal is to keep your expenses lower than your income, or you won’t be saving any money.
Build Up an Emergency Fund
Unexpected expenses is a quick way for stress to take over. These expenses are anything that catches you off guard and haven’t prepared for. By building up an emergency fund, it is your way of preparing for the unexpected. Each month set aside a bit of your paycheque for your emergency fund. The more money you have set aside, the more confident you will be if you have an emergency pop up.
Ask for Help
Sometimes the stress of debt is too overwhelming to handle on your own. If you find yourself struggling to make ends meet and get everything organized, it is time to ask for help. Seeking financial support is not something to be afraid of. It is a smart decision to make if that is what you need.
Financial help can come in many ways. It could be as simple as borrowing money from a friend or family member to quickly pay off an expense. If you are struggling with a budget, seeking help from a financial advisor would be beneficial. If you have multiple different loans with high interest, different kinds of debt solutions help get you back on your feet (click here to learn about the benefit of a Debt Arrangement Scheme).
Make the Change
In the end, getting your finances under control likely means a change needs to be made. Whether it be finding more revenue or cutting out expenses, changing the way you handle money is a step towards relieving the stress of money.
Don’t let money take over your life. The stress of finances is not worth the added risk it puts on your body. Follow these four tips to help you take control of your finances and ease your mind.