If you want a little more simple joy in life, there are many different things you can do – a lot of which you can find on this blog! But if you are constantly worrying about finances, as many of us do all the time, it can put an incredible strain on life.
Of course, we can’t all be wealthy enough to never have to worry about money – that’s something reserved for very few people in the world. Instead, most of us need to be a little more proactive with our finances, to make sure that they never impinge on our enjoyment of life. Let’s take a look at a few things you can do to say goodbye to money stresses for good.
Make A Budget!
Let’s be clear: tracking your finances once or twice a week will let you know your current financial position – but that’s all. Tracking won’t tell you what you can spend or where you should be putting your savings. You need a budget for that – and there are no other ways around it.
Making a budget involves writing down all your incomings and outgoings, and then deciding what you will be spending your money on. And once you get into the habit, you will be amazed at how much you actually have. Who knows – perhaps a budget will enable you to make it to the end of the month with a little cash to spare?
Create Financial Breathing Space!
Unless you have savings, your financial life can quickly spiral out of control. All it takes is a broken HVAC system, car, or structural issue with your house and you could end up in serious debt. Instead, put aside some savings. Build an emergency fund – aim for at least six months of your income.
But don’t stop there. Insure your income and find out insurance details for disability or unemployment coverage. Check your medical coverage to make sure it gives you the kind of coverage that you need. And finally, start cutting any unnecessary spending in your life that is costing you more than you might think. Unused gym membership? Cable TV you barely ever watch? Old insurance plans for cell phones that are long gone? Cancel them all and put the money into your savings instead.
Attack Your Debts!
Of course, one of the biggest financial concerns of any family is debt. Everyone is in debt a little, and as a general rule, it’s OK. You need to have a mortgage, for example, and you might need a car loan to get yourself to and from work. But as for your credit cards, loans for vacations, or borrowing to fund gift buying in the holiday season? It might be time to think again.
Look at your priorities and start tackling your debt. If you owe no one money, you will feel free to enjoy life as simple as you wish to. Once you start being more proactive about your finances, you will find you spend less time worrying about them – so get going, and good luck!
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