Money is a significant source of stress for many of us. However, with a few tweaks to your spending and saving habits, you can take some of the strain of managing your money off of your mind.
Smart money management combined with self-care can make you feel brand new. Keep reading for more comprehensive strategies to lower stress while staying on top of your money.
Money and Stress
According to Charles Schwab, 59% of households in the United States are just one missed paycheck away from personal disaster. Fear of the inability to pay for your home, food, and other necessities can weigh on your mind heavily.
This type of stress can result in a lack of sleep. You may also face difficulty in your relationships, which may even lead you to anxiety and depression.
For many people, life insurance provides peace of mind. When you have life insurance, your family is taken care of in the event of your death. Life insurance, however, can get complicated, so make sure you connect with a professional to help you figure things out.
Self-Evaluation
Before changing your spending and saving habits, you must first identify where changes are needed. Perform a self-evaluation to determine where your money is going and exactly when your budget goes off the rails.
Do you spend too much money dining out? Are you being paid less than you’re worth? Once you answer these and other questions, you can formulate a strategy to keep yourself from going under.
Housing
Housing is almost everyone’s biggest expense. If you are currently renting, you may spend more each month than you need. In many cases, buying a home is the more affordable option. However, you may need a down payment assistance program, such as a tax credit, loan, or grant to help you buy.
Depending on where you live and what you do for work, there may be programs available that can help you make a downpayment on the home of your dreams. You also need to consider the type of home you’re looking at, as some are not eligible for grants.
Even with financial assistance, you’ll need money in the bank. You might consider getting a part-time job or selling off excess personal belongings, such as unused vehicles or jewelry, to put toward your home.
Additional Income
Sometimes, the problem is that we simply are not earning enough money. We often get so used to being told what we will be paid that we forget our actual worth. If you think this is the case, now might be a great time to step away from your 9 to 5 and start your own business.
If you want to ease into the process, you can begin part-time and build your clientele. Depending on where you live, you’ll also want to decide on a business structure. In the United States, an LLC makes the most sense for small businesses due to its advantages, including limited liability.
Affordable Self-Care
Although money is a concern, you still have to care for yourself. If you’re worried about overindulging and overstretching your budget, The Source says you shouldn’t be. There are plenty of ways to take care of yourself that don’t involve your credit card.
A few ideas are to learn how to cook, meditate, or visit a body of water. Anything that makes you feel good is considered self-care and can help you take your mind off money matters.
The truth is that we all need money, but it often feels as though there isn’t enough. Whether changing your spending habits or simply taking control of your income, the little things you do today will add up in the long run. The result will be a happier, healthier you with one less thing to keep you up at night.