Stress about money is an all too common thing in today’s world. When money is the main way that you get security for yourself and your loved ones, it’s no wonder why it is so important and at the forefront of our minds.
However, you should not let money become a source of constant stress. If money is always a stress for you, then there are some things you can try to do about it.
Plan for the unexpected
If you are stressed about what will happen if you lose your job or face some other kind of financial hardship (like an expensive medical bill), then it’s a good idea to have a rainy day fund. This should ideally be around 3-6 months of wages saved up in case the worst happens. Having this financial safety net will remove a lot of stress about your money situation.
Get out of debt and stay out of debt
Debt is always a financial burden and a source of stress. You can never feel entirely comfortable with your money situation if you know that you owe. Getting out of debt as quickly as possible, and staying out of debt will help remove a lot of financial stress in your life.
Give yourself a room in your budget
Making a budget is always a smart move, but when your margins are too tight, they don’t leave any wiggle room, and this can make a new financial decision in your life stressful. A budget should always have a 10-20% amount of ‘breathing room’ for you to play around with. This is also known as discretionary funds.
Limit aspects of your lifestyle
Learning to live within your means and do without certain luxuries will save you money, and you won’t feel as bad about missing out on them.