If you’re trying to maintain your mental health, it’s important to look at the real sources of modern stress, which, unfortunately, means having to deal with money. However, while the topic might seem so corrosive that people often avoid addressing it altogether, the truth is that there are likely solutions to what is troubling you that are available to you right now. You just need to commit to them.
Overly High Expenses
If you find yourself running out of money shortly after you get paid on a regular basis, then it’s likely that you’re dealing with expenses you cannot currently handle. Putting together a budget means taking a closer look at your finances, tracking your expenses, which can help you see which need to be cut down. This can mean curbing your spending habits, cancelling unwanted subscriptions, or even making big choices like moving into a less expensive apartment. When you know where your money is going, it stops feeling like it’s running away from you. You can grab it and control it.
Unmanaged Debt
The emotional burden that comes with debt, the fear and uncertainty, can be more affecting than the real financial consequences. From credit cards to loans and otherwise, owing money can lead to sleepless nights. The one thing guaranteed to make it worse is to ignore it. Start by organizing what you owe and how you pay, creating a payoff plan that prioritizes high-interest accounts. Look into debt relief options like those promoted by Alex Kleyner. Restructuring your debt or even getting in touch with your creditors when you’re unable to pay can help you find a manageable path forward rather than continuing to live in uncertainty.
A Lack Of Safety Nets
A lot of people are one missed paycheck away from a serious financial emergency. However, it doesn’t have to be that way. Any crisis can be more navigable with a financial cushion, whether it’s a medical bill, car repairs, or otherwise. Taking the steps to put emergency savings together can help offer you real peace of mind. Start small, working towards a savings goal of $500, then $1000, and so on. The long-term aim should be to build up to three months’ worth of expenses in a savings account that you don’t touch unless you really need to.
Concern For The Future
If you’re not making enough money to put a big pile aside for your retirement, it can feel like you’re running out of time to secure your financial future. However, you don’t need to make a ton of money, you just need to make sure that you’re setting aside at least a little bit every single time you get paid. Look at low-cost retirement plans that can ensure that, no matter what, you don’t have nothing left to provide for yourself in the future.
Solving financial stress is by no means always easy. In fact, it often takes real effort and dedication. However, not swallowing that bitter pill and dealing with it now means you will have to deal with it later, and it’s going to be even harder then.