Have you ever opened up a bill or a statement and the first word that came out of your jaw-dropped-mouth was an “uh-oh”? I’m sure it’s happened to all of us at some time or another. Between the bills, credit cards, ever-growing interest rates, savings, retirement, kids…the list goes on and on – it’s easy to get overwhelmed with your finances.
Does it really need to be all that complicated, confusing and just downright stressful? The answer is NO! While the possibilities to end your financial distress are truly limitless, I’ve laid out a few key steps that can help give you some peace-of-mind right away.
Budget, Budget, Budget: Knowing exactly where your money is coming and going is the first step to relieving some of that stress. While we all think that we have a handle on our budget, so many of us won’t sit down and truly categorize everything that we spend in a month. You may think you only spend X on groceries, when in reality you’re actually spending Y. Having a realistic understanding of your budget will allow you to see the ‘big picture’ and give you an opportunity to cut-out some of the non-necessities that really start to add up after time.
Manage Your Debt: Once your budget is setup, you can easily start managing your debt and allocating certain monies to start chopping away at it. Sit down to create a plan to start paying off the debt faster so you’re not getting slammed with the interest in the long-run. If there’s no possible way to pay it off faster, at the very least your budget will provide you with a realistic financial picture.
Talk to Your Spouse: One of the biggest financial stressors when it comes to your personal finances, is not being on the same page with your spouse. Without communication, your financial well-being and future could be full of uncertainty which can eventually cause some tension. Take the time to sit down with each other and go over your household budget and goals. Working together can help overcome your financial stress and provide you a little peace-of-mind.
Cut Your Expenses: After taking the time to truly budget your finances, I’m sure majority of you will realize that there are some items that you can cut your spending on. This is one of the simplest tricks out there – but also one of the hardest. No one wants to give up their coffee in the morning or their evenings out to dinner. And I don’t want you to either! Take a look at what’s really important to you – if you think you might be able to skip that golf game this week, do it. Your financial future will thank you.
Ask for Help: We’d all like to think that we can manage everything ourselves. But the reality is that seeking help from a financial professional, someone who knows the ins and outs of the financial maze, can be the determining factor to your success in the future. You have to worry about so much in a day. Providing you with financial peace-of-mind is what my job is – and I’m here to help in any way I can.
These key strategies will help “boot” that unwanted financial stress. But only you can take the first step to make it happen! Life happens from time to time, things come up – whether it’s an emergency or just a big ‘life event’, having a sound financial plan in place and strategies to help manage your stress will only help you sleep better at night.