5 Ways to Avoid Money Stress

In times of great stress or adversity, it's always best to keep busy, to plow your anger and your energy into something positive. ~ Lee Iacocca

1.       No financial planning:  You always find yourself running short of money when you do not have a budget and not spending within your means. You have to use your credit cards, get a personal loan, or dip into your savings account or your emergency fund.  It is stressful that you can’t find the money when you need it the most.

Solution: A personal monthly budget is necessary to live within your means. You just can’t go on spending money as you wish because overspending is leading to debt and bankruptcy if a debt is out of control. Plan your spending wisely and challenge yourself to stick to it. The aim is not to overspend and avoid drowning in debt.  

2.       Cannot cope financially: The rising cost of living is eroding your purchasing power and you can’t stretch your every dollar any further. It is stressful when your meager income just can’t cope with the situation.  Being prudent in spending does not seem to work things out.  

Solution:  Getting extra income by doing online business at home or working part-time is what you can do to manage your finance. When your own business is successful you can even do full-time and solve your financial woes once and for all.

3.       In debt: It is stressful when people are knocking on your door and asking for money. You have outstanding grocery bills and other sundry bills. You miss your HP installments and the interest on your credit cards is snowballing.

Solution: When you are in debt, the most important thing is to get out of it. It requires a lot of self-discipline and will-power. The longer you delay the more interest you will have to pay. Be determined to be debt-free.    

4.       Stuck in a rut: Your job is boring and your present position is getting you nowhere. Your salary is also stagnant. Working life is stressful in such a situation.  

Solution: The key is to make changes. Take a bold step and look for something you enjoy doing and go for it. Do not expect a thing to get better when you are doing the same thing day in and day out.  The other important thing is to acquire more marketable skills. You add value to what you can do and increase your earning power.

5.       Financial worries: Worrying too much about your financial future is really stressful. You are thinking about the foreclosure of your home and the repossession of your car. You also worry about the security of your job because the economy is gloomy.

Solution: What can you do about the future? It comes only one day at a time. The best thing in life is to do the best you can now with what you have. Get busy, do the right things, and hope for the best.  

A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life. ~ Suze Orman 

Source: 5 Ways to Avoids Money Stress