Money can be a huge source of stress in your life — in fact, research has shown it’s often one of the biggest — but it doesn’t always have to be. There are choices you can make and steps you can take to ease the mental burden. You might be thinking that simply making more money will ease all your worries. However, often that’s not an option, and even when it is, chances are once you make more money, you’re going to find that you’re spending up to that level, maybe more. Instead of constantly pulling your hair out over your finances, try some of these tips below that will help calm the stress.
Be vigilant. If you let bills linger on the table or miss a credit card payment here or there, you’re not doing yourself any favors. When was the last time you looked at your credit report? Or revised your budget? The point is avoiding finances or getting sloppy with them is only adding to your stress. Stay on top of everything and you’ll feel much more in control, thus less worried about things.
Cut back. Take a hard look at your budget and cut back on any unnecessary spending. Most people have at least one area or two in which they spend excessively. Find those parts and cut them loose. Then use that extra cash to stockpile your savings and emergency fund. A more stable future often means a more settled present.
Minimize debt. If you’ve cut back on excessive spending and still have little room for paying down debt, pick up the phone. Contact your student loan lender, your credit card company, etc. Many times there are options available that will help you pay down debt faster and easier, you just have to be willing to ask for help. Eliminating debt will go a long way toward lowering your stress.
Get help. Talking to a therapist or counselor is a great way to alleviate any kind of stress, not just financial worries. As US News reports, check out Wealthminder or the National Foundation for Credit Counseling for professionals who can help guide you through this rough financial path.