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Discover Effective Ways To Tackle Financial Stress & Stop Stressing Over Money

It is estimated that 72% of people feel stressed about money issues and 35% said that it was causing issues in their marriage

Amazingly, one in five couples admitted to spending over $500 and hiding it from their partner.

The problem is that this leads to financial stress and continual stress leads to a variety of health issues. In short, it’s time you discovered how to stop stressing over money and how to face money problems.

Discover Effective Ways To Tackle Financial Stress & Stop Stressing Over Money
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In fact, this is one of the biggest issues in itself, money avoidance. It’s normal for people to avoid anything bad, preferring to seek rewards and good experiences. This leads to sweeping financial issues under the carpet. Unfortunately, ignoring the issue doesn’t make it go away. It simply increases your stress levels and ultimately you still need to face the issue.

The best ways to tackle financial stress include meditation and breathing exercises. But, the best way to eliminate the financial stress is to embrace your finances. It’s easier than you think with these tips.

 

Talk To Your Partner

If you have a partner you need to sit down and talk. It is possible you have a similar approach to money but in most couples, one likes to spend, the other likes to save.  If you want to learn how to face money problems and how to stop stressing over money, you’re going to need to get your partner on board.

Together you can decide on a sensible approach to spending. This usually means anything over a certain limit is talked about first.

 

Create Your Budget

Your first step is to sit down and list all your earnings and all your outgoings. This will allow you to take stock of your current position and whether you can afford to pay all your bills or not.

The income must match or preferably exceed the outgoings. If it doesn’t you need to think of ways to increase your income and look at which monthly bills can be eliminated.

This will give you a budget, including a weekly spending allowance, and you are going to need to stick to it.

Should you consider this to be too difficult then set your weekly amount and draw cash from your bank. This will prevent you from overspending.

 

Refinance Only If It Makes Sense

In many cases, your financial stress is stemming from a lack of money due to too many credit cards and loans.

It’s time to consider refinancing to get a better deal and allow you to clear the debt. That needs to be your ultimate goal. Refinancing should be done once and the amount you will need to pay is included in your budget.

The key factor of this is that you will not take out any new debt or continue to use credit cards. That eliminates unpleasant surprises and makes it much easier to deal with your finances.

Discover Effective Ways To Tackle Financial Stress & Stop Stressing Over Money
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Look For Habit Loops

It’s important to see if you are overspending through habit. For example, you visit the gym every other day but always get a coffee and a protein bar after. That’s a habit that can cost you hundreds of dollars a year.

Identifying habit loops will allow you to eliminate them and free money up for other activities.

 

Consider An Incentive

Your brain is hard-wired to seek rewards. At the moment you are simply avoiding money issues, which means any incentive that allows you to stop avoiding these issues will be beneficial.

All you have to do is factor a small saving into your budget and watch it grow. You will be surprised at how much of an incentive it is. In fact, it can change your spending habits.

 

Get Help From A Friend

If you’re really struggling then get a friend or loved one to open all your financial post and help you put everything together. It will still be stressful and difficult. But, your friend will help you to tackle it head-on and it will seem easier with support.

 

Revisit Your Plan

Whatever plan you create to eliminate the debt and start enjoying your money it will take time to complete. To ensure it is successful revisit the plan regularly and tweak it when necessary. Even a small change can make a big difference to your mental and physical health.

 



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