how can we lessen money stress
Jan 7, 2024
There are many external factors that are beyond our control. But there are some steps that we can take to bring our finances and thus our worry under control.
Actions that can be taken by women to tackle their finances
- Chat about your money concerns with your family and friends - Don't think you are alone. Don't feel ashamed in talking about money mistakes you may have made. You might be surprised to hear similar stories from people who could also be under financial distress.
- Get organized: Write down how much money is coming in, your fixed expenses(rent, mortgage) and the expenses that vary month to month. At the end of the month, analyze your expenses and identify the leaks. Taking a look at these expenses and consciously deciding to avoid some of the wasteful ones can add that little zing to your savings.
- Compare brands before you buy anything - this could be from groceries to clothes to any purchase that we make. This will not only help save some money but can also help feel in control.
- If your are struggling with your debt, talk to lenders -You can consider paying off your high-interest debts first. This can improve your financial situation and also reduce your stress.
- Increase your financial literacy skills - Being financially literate means you can make informed money decisions.
- Ensure your emergency fund is fully funded - Aim to have at least 3 to 6 months of living expenses.
- Find ways to make extra money - Negotiate a raise, sell items that you no longer need, working extra hours, working as a freelancer or a side gig.
- Seek professional help from a financial counselor, a debt relief agency, or a legal advisor if needed.
- Practice gratitude and focus on the positive aspects of your life. Think about what you have and not what you lack. Don’t be too harsh on yourself. Don’t be discouraged if you encounter bumps on your financial road.
- Learn from your mistakes. Try not to blame yourself or others for the situation, instead learn from it.
- Don’t wait for the right moment to get started. Even a small amount can do wonders to your retirement account because of the power of compounding.
- Monitor your progress. Celebrate the small wins along the way. This can have positive impact on your well being.
Start by taking small steps. As you start making progress, you will be amazed how far you have come towards you goals and help you to stay motivated. Even a small amount of change can have positive impact on your well being.
Subscribe to She Invests
A weekly newsletter filled with money tips & insights, curated for women.
Related posts
Learn how to save money effectively! Explore practical strategies to build healthy saving habits. Discover how to create a budget, set SMART goals, manage spending wisely, and achieve your financial goals. Building a healthy savings habit is your key to unlocking financial freedom.
Starting small should not hold you back from investing! Investing is about starting early and being consistent. Learn how to overcome fear, invest with tiny amounts, and build a secure financial future with mutual funds, spare change strategies, and smart habits. Remember, investing is a long-term strategy for building wealth.