How To: Better Manage Your Finances And Reduce Stress?

How To: Better Manage Your Finances And Reduce Stress?

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Money runs the show today. But, how much money do we need for a happy and comfortable life? This X amount is different for different people. And while we run, chase, and hustle towards achieving our X, we often drop-off our wellbeing, sanity, and mental health along the way.

However, is it possible to do away with our financial stress? Yes!

Secure your emergency stash

An emergency savings account is your insurance policy against unwanted credit card debt. To build up a savings account, start by opening an account, from which you will not withdraw money. Every month start depositing a set amount of cash to save. Slowly but surely, these savings will build up with a good amount of interest. You can also put your tax refund into this account to get you started. This way you are enjoying your today, while also securing your future.

Save for tomorrow
Today’s saving is tomorrow’s income | Image: File Image

Always keep money stashed for a rainy day. In other words, save for tomorrow. Saving at least 10 or 15 percent of your earnings is bound to reduce any financial stress. Remember you can’t use this stash for any reason. If you can’t see it and you can’t touch it, you will not spend it. Simple.

Set some goals

Remember those days when we used to travel without a google map or a GPS system? Without any real idea of what’s around the corner, it caused us a lot of stress. Well, without having any financial planning is very similar to this situation. All you feel at the end of the day is stress. So set some goals. Decide what you want to save that money for a few years down the road. Once you have a set goal, you will save more seriously and dedicatedly. 

In fact, no matter what stress you have, just sitting down and discussing your financial plans with someone is enough to take a bit of that stress away. This person may be a professional financial adviser or planner, or simply a friend.

Read more: Parenthood: Where Good Is Better Than Perfect

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