Money might back the world go around for a lot of us, but it’s also a significant source of stress for most of us. Even if you consider yourself to be a fairly frugal person, there’s a good chance that you have a few problems with your cash from time to time.
With the New Year just around the corner, there’s a good chance that you’re already thinking about the positive steps that you might be able to take to reduce your stress levels and create a happier life for your family in the months to come. The following quick tips could help you to reduce the stress you feel when you’re dealing with money, so you can get your financial life back on track.
1. Change your Attitude
First things first, you’ll need to consider how you think about money now. Are you one of those people who thinks that saving only counts if you can put a significant amount of cash into an account each month? If so, now’s the time to change that thought process and start taking the “every little bit counts” approach instead.
By the end of the week, a lot of us end up with a few coins left over in our pockets and purses. Gather those odd coins up and place them in a jar rather than just spending on meaningless nonsense. Even just a pound or two of spare change a week will give you some extra money to rely on by the end of the year.
2. Know When and Where to Invest
Saving your money is great, but if you want to make that cash go even further, then you’ll need to think about investing it too. These days, there are dozens of ways for people to get involved with investing, even if you don’t have a lot of money to get started. You can use an app on your phone that allows you to round up your purchases and invest your change. For instance, if you spend £8.88 on something, you’d invest the other £1.12 to make it up to £10.
If you want to make more major investments, you could consider looking into ways of increasing your income with things like an extra side job that you can do in your free time over the internet. There’s also the option to take in a lodger if you have a spare room.
3. Protect your Belongings
Sometimes, the most valuable items in your life will need some extra support and maintenance. For instance, you might need to repair a hole in your roof before it turns into a gaping chasm, or deal with an issue with your car’s engine. When that happens, you can’t afford to wait around until it’s convenient to spend some extra money.
Knowing how to use money carefully also means knowing when you need to take a financial hit now to protect yourself in the long run. Don’t delay when emergencies happen, look for a loan from a reputable firm such as Readies.co.uk that you can afford to repay over time, and you’ll avoid having to spend a fortune on repairs in the long-term.
4. Celebrate the Little Things
One of the major issues that a lot of people have when it comes to spending money, is that they set huge goals that feel almost impossible to reach. While you might eventually want to pay for a £40,000 deposit on a new home, when you only have £4.00 to start with, you’re not going to feel very motivated. Instead of focusing on the huge long-term goals, split your targets down into little chunks.
For instance, if you manage to save £10 more than you usually would at the end of each week, celebrate by giving yourself a tick on your calendar. If you get a full £40 extra each month, you might be able to treat yourself to something small. Even if you spend £10, you’ll still have an extra £30 that you wouldn’t have had before.
5. Don’t be Afraid to Ask For Help
Finally, saving money can be an overwhelming and stressful task. You don’t necessarily need to try and go it alone. Turn to a friend or family member for help keeping yourself and your goals on track. You can discuss your money worries with this person and ask them to help you to keep making progress by holding you accountable for your actions.
The person that you turn to for saving assistance might even be able to give you some tips and advice on how to manage your money from their own experiences.
