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Article Series: Money Stress
My Lack Of Cash Is Freakin' Me Out!
Manage
Your Money & Your Stress Level Will Fall
When it comes to stress, there’s almost nothing
more difficult than managing finances. Many people feel like
they’re swimming in debt and that their finances are out of
control. This can lead to the breakup of a marriage, depression,
and even serious health problems. When you manage your money,
you also manage your stress levels and improve your quality
of life.
The very first step is to make the decision to manage your
money instead of letting it manage you. Many people feel helpless
when it comes to money. They don’t know how much they have,
how much they spend, or how to use money to their own advantage.
But when you take control of your money, you improve your life
exponentially.
Start
by tracking your spending. That means writing down every
penny you spend. Even if you’re spending 50 cents on a newspaper,
write it down. After a month, you can really get a picture
of where you’re money is going. At this point, you may find
out that you’re spending too much money in one area of your
life and not enough in another.
For example, many people are spending money on clothing and
entertainment, but only paying the minimum balance on a high
interest credit card. You need to start by looking at the cold,
hard truth of how you spend your money. You also need to track
all of your income. You may have a paycheck from a single employer,
or you may have other streams of income you need to understand.
After you know how much money you bring in and how much goes
out, it’s time to trim expenses or make more money so that
you bring in more than you spend. That’s the bottom line. When
you spend more than you make, you end up in debt. And while
that may not seem like a big deal, debt makes you a slave to
a company or another person.
Finally, you need to do all you can to learn how money works
and how you can improve your wealth. You can read books (free
from the library), watch financial experts on television, and
even take classes at your local college or community center
on managing money.
When you begin to make your money work for you by saving,
investing, and planning for retirement, your stress levels
will decrease. You also will feel empowered as you get out
from under any debt you have accumulated such as credit cards,
auto loans, and even your home.
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by SolveYourProblem.com
: 2009
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