Take a break from your money worries to read the 3 tips below
The car’s making a funny noise. A water pipe broke. Your kids’ clothes are getting too small. Medical and college bills are piling up. It’s time to buy groceries but you don’t get paid until next week. Credit card bills keep rolling in and your savings account is growing cobwebs. Plus it’s time to take the dog to the vet.
Any of these sound familiar? Money worries regularly keep 2 out of 3 people up at night and financial woes rank as a top culprit causing general stress. In the US, 2 of every 3 people have less than $500 in savings, and owe nearly $17,000 in credit card debt. That’s a recipe for financial instability and its related stress.
Take a break from your money worries to read the 3 tips below. Learn and implement these key strategies financially successful people follow to waive goodbye to financial worries.
1. Start a Budget
How’s your financial budget going? If you’re like most people, again 2 out of 3, you don’t have one. The statistics above all line up and are not a coincidence. Those who have and follow a personal budget have less money related stress and are more financially successful.
Don’t believe that old myth that budgets are no fun and shackle you down. They actually free you up and empower you to tell your money where you want it to go. Tired of letting your money run wild and stress you out? Find a simple structure to follow, like the one here, and start your family budget today. Make sure you include some guilt free fun money and you may actually enjoy the process!
2. Build an Emergency Savings Account
Once you’ve started a budget, make sure it includes setting money aside for emergencies. That way the next time the car breaks down or you have to rush your favorite pet to the vet, you’ll have cash to pay the bill. Start by ramping up your savings account to $1,000 as quickly as possible. Then work towards stashing aside 6 months worth of income to really tide you over during large unexpected events.
Are mounting credit card bills causing financial unrest? It could be that most of the purchases on your credit cards were from unexpected emergencies. Or for expenses you knew were coming but just didn’t plan for (Christmas, annual insurance bills, etc.) Stop the cycle of paying interest for things you need. A savings account will bring you peace of mind and a better way to deal with the unexpected. Read tips here to get yours started.
3. Pay With Cash
Cash just seems so…well…old-fashioned, right? Actually in some circles it’s the latest trend. Financial experts recommend a “ cash-only diet to clients who need to rein in their spending.” Give it a try, even for just 30 days. You’ll be amazed at the control you gain over your money. By using cash, you can’t accidentally overspend and send your hard work and plans down the drain.
Enjoy your Financial Makeover
The tips above are easy to implement and have a proven track record for minimizing stress and increasing success. Enjoy a financial makeover today by launching your budget, building a savings account, and paying with cash. You deserve to control and enjoy your money instead of letting it control you. Follow these tips and you’ll be waving goodbye to the vast majority of your financial woes.