Did you know that worrying over what’s in—or not in—your bank account can have as much of an impact on your life as any other stress?
Financial stress can increase your risk for a heart attack, diabetes, stomach problems, anxiety, and depression. Making wise financial decisions can help you take control and find relief.
- Know your weaknesses. Avoid places, people, or situations that tempt you to spend money you don’t have.
- Take small steps. Simple changes add up and give you a sense of control. Pack your lunch. Make your own coffee. And deposit the money you saved in your savings account.
- Communicate. For motivation and accountability, talk with your spouse or partner about your shared goals and priorities.
- Budget, budget, budget. Track money to see where it goes. Online tools and apps can help. Create a budget that shows exactly where your bank account stands.
- Cut expenses. Look for ways to trim your cash flow.
- Pay off credit. Decrease what experts call “bad” debt (anything other than a mortgage, student loan, or car payment) by paying it off as quickly as possible. Start with whatever carries the highest interest, and always pay more than the minimum due.
- Take advantage of free money. Sign up for employer programs that match your IRA or health savings contributions.
- Know and increase your credit score. Periodically check that it’s correct. Paying bills on time and lowering debt will drastically improve your score over time.
- Start an emergency fund. Life happens unexpectedly and so do costs you didn’t budget for. Having funds available is far better than accumulating more credit card debt.
Keep in Mind
Good money management gets easier the longer you stick with it. If you need help, reach out to experts to guide you in financial planning and debt reduction. Making wise decisions and following the tips above can help lessen the stress on your bank account, your body, and your mind.
© Amplified Life Network 2023
