5 tips to help you reduce financial stress

Sticking to a budget, managing your finances, saving money can be three of the most stressful daily routines and if you get it right with a masterstroke you will certainly feel accomplished. Now, that is in a perfect world. All of us know that life can bring unexpected expenses and new worries - Delightedly - there is always a way out!

 

 

 

Always have a budget

Set up a budget, start by figuring out down to every cent, what do you spend your money on? Just maybe things are not as bad as you thought. Seeing finances in black and white, as you set them out might bring a new perspective. Having a set budget with financial goals and rewards will motivate you to stick to it. Set up a goal and reward to help you focus on following your budget.

 

Have an emergency fund

One of the most stressful situations we can face is not having an emergency fund especially when unforeseen expenses arise. Decide from experience what you would see as "the amount" that would be sufficient to cover an emergency. What you can do is set aside a certain amount every month to start building this emergency fund. To get started you can consider selling some stuff that is just taking up space.

 

Reduce your debt

In your budget, you should focus on reducing your total debt, create a debt pay off plan and stick to it. Maybe getting there would require you tightening your belt or getting a part-time job. As you reduce your outstanding debt your financial stress will also become less and less.

 

Stay off social media

On social media, people portray their best. So if you are having your bowl of pap, and that friend from high school is posting pictures of living it up. You can't help but feel where did I go wrong? First of all, close the page, as you do not know what is going on in their lives, what their bank accounts look like, how their credit card statement reads. Remember social media is like a good PR stunt, everybody only shows their best sides online. Rather focus on yourself and get your financial house in order.

 

Get professional help

If you find it difficult to get a clear perspective of what needs to be done. Maybe you need help with your budget. Maybe you need some advice on savings plans or investments. For all of these, we recommend that you contact a financial advisor or financial planner.  If your problem is a debt problem, it can help you to consider engaging with a debt councillor who can direct you to the most affordable, sustainable way to get back to a better future.