Stop Worrying About Money by Taking Control Now

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Of all the things that can keep you up tossing and turning all night, money is one of the worst, and unfortunately, most common. So many of us are in debt, lacking savings or even worrying about how we’re going to pay the most important bills at the end of the month and it is leading to all kinds of anxiety. The good news is, it doesn’t have to be that way; it is possible to take control of your finances and stop worrying about money once and for all.

Of course, this won’t happen overnight, and depending on your current situation, it may take a few months or even years to be totally on top of your finances and free from worry, but the sooner you start, the sooner it will happen, and it WILL happen if you do the following…

Honestly Assess Your Financial Situation

If you want to take control and stop worrying, the first thing you need to do is to stop burying your head in the sand. Stop leaving those credit card bills to pile up and sto[ avoiding looking at your savings account because you know you’re going to be upset by the figures you see, and certainly stop spending your money without tracking.

If you want to get on top of this, you need to know exactly how much you’re bringing in and how much is going out. There are lots of excellent apps that will allow you to effortlessly track incomings and outgoings and you should download one as a matter of priority. Then, track all of your finances for a month, sit down and go over the data and get a clear picture of where you stand and what you need to do to start paying down debt and get back on track.

Draw Up a Budget

Once you know what you’re dealing with, it makes imminent sense to draw up a budget. This can be difficult if you’re not used to it, but there are many budgeting apps and resources that can help. Work out all of your monthly bills and regular spends on things like eating out, entertainment subscriptions, travel etc. and see where you can make savings and reduce outgoings. Then, draw up a sensible budget that leaves you with more money coming in than going out, if you can. Commit to sticking with your budget and you will start to make headway.

Tackle Debt as a Priority



If you are in debt, then tackling it should be a priority, not only because worrying about debt is one of the biggest stressors there is, but also because debt costs you a lot of money and you will never be financially well off with big debts in your name.

Debt consolidation loans are a good option for tackling debt because they take all of your debts and merge them into one manageable monthly payment. You can hopefully use the money you’ve saved by tightening your budget to clear this payment, and that will make life far much easier for you. If you don’t think that is an option, and you’re not sure what to so, speaking to a good debt counselor will help. The important thing is to take whatever steps you can to tackle the issue now; the longer you leave it, the more interest you will accrue.

Communicate with Your Family

If you have a spouse, or other members of family with whom your finances are entangled, it is a really good idea to talk to them about your finances and any issues you’re having. Not only will talking to someone you care about help to alleviate your stress, but you will also be able to ensure that you’re both on the same page when it comes to spending. Your spouse/family may not always have the same financial priorities as you, so it’s important that you reach a compromise if you want to stick to your budget and get a grip on your finances once and for all. It might not be ab easy conversation, but it is one that you really need to have for the good of you all.

Keep a Buy it later List

This is a really simple, but surprisingly effective tool that can help you to reign in your impulse to spend if that is something that is stopping you from being fully in control of your finances. Basically, you carry a small notebook with you (or you can use your phone if you like) and whenever you come across something that you have the urge to buy, instead of getting your credit card out and purchasing it right there and then, you note it down on your list, telling yourself that you can buy it at a later date if you really want to.

After 30 days, you review your list and if there is anything on there you really want to by, you can. If not, you simply cross it off the kist and forget about it. Try it and you’ll be surprised just how often the desire for stuff you feel like you must have in the moment fades. It’s a great way to cut down on spending without feeling deprived.

Set Goals




Setting goals that you will only be able to achieve by getting your finances in control is a great motivator for sticking to your budget, reducing your expenses, paying off debts and generally spending less where you can. Goals could be anything from taking that dream vacation to enrolling on a college course that will allow you to  pursue your dream career or go after a big life change. The only stipulation is that they should be sufficiently motivating to keep you on track.

Save


Last, but certainly not least, you should save as much as you  can. This might not be easy in the early days when you’re paying down debt, but even if you can only save a dollar or two each week, it will get you into the habit and eventually you will build up an emergency cushion that will help you stay out of debt in the future.

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Until next time. 

Have a wonderful day.