While money can’t buy happiness, a lack of it can undoubtedly harm your mental well-being. To help you regain your peace of mind, Resolvly has composed this list of five proven tips for dealing with financial stress. If you are struggling with debt or other financial stressors, we recommend that you:
- Set a Budget (and Follow It)
The first step to overcoming financial stress is to set a budget. Many of the negative emotions you are feeling can be linked to economic instability. Creating a comprehensive budget will eliminate much of your uncertainty and help you better understand your financial standing.
Once you have created a budget, make sure to follow it. If you already have a budget, review it to ensure that it accurately reflects your current expenses and income. Include every non-negotiable cost, including gas, rent, etc.
- Start Saving
If possible, work on putting away money in an emergency fund. The exact amount of money you should aim to save will vary depending on your unique financial circumstances. However, it is generally a good idea to have three to six months’ worth of expenses saved for emergencies.
If this seems like too lofty a goal, start small. Begin working to put away $1,000, as this will be enough to cover most “surprise” expenses you will encounter.
- Examine Ways to Reduce Expenses
Once you have created a budget, identify any unnecessary recurring expenses. Most people find that they can save money by eating out less or preparing their morning coffee at home. You will likely discover simple cost-saving opportunities in your own life.
While there is no need to completely stop indulging in things you enjoy, be more regimented in your approach. For instance, let’s say you are currently spending $200 per paycheck eating out, and you get paid bi-weekly. To tighten your budget, you could reduce this figure to no more than $100 per paycheck.
- Monitor Your Results
As you implement these changes, make sure to track your results. Seeing credit card balances drop and your savings account grow can encourage you to stick to your new budget. Monitoring your results will also help you better understand which changes are working and which are not.
- Speak with a Consumer Protection Lawyer
In some circumstances, the tips above may not be enough to reduce your financial stress. This is particularly true if you face a seemingly impossible credit card debt.
Fortunately, our fifth tip can help you overcome this hurdle to financial freedom. If you feel as though you are trapped beneath your mountain of debt, it may be time to speak to a consumer protection lawyer.
Not sure where to find a reputable consumer protection lawyer? That’s where we come in.
At Resolvly, we can connect you with an experienced attorney who will help you assert your rights and put an end to harassment from debt collectors. Contact us today to learn more.
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect
with consumer protection attorneys specializing in debt resolution. Founded in 2015, the Boca Raton-based company has become an industry leader by helping thousands of Americans find the right, legal-based solution to reduce or eliminate their unsecured debt. Resolvly helps with credit card debt, private student loans, business debt, medical bills, and vehicle repossessions.