They say, “money makes the world go round,” but when you’re the one who doesn’t have much money to spare, it can feel like your entire world stops. And as much as people like to say that money isn’t everything, it kind of is… The people who say those things are the ones who have plenty of money to spare; When you don’t have that luxury, life can get pretty hard.
Many people tend to believe that if they just had a little more money that all their financial worries would just disappear. Now, in some cases, people do make minimum wage or less and it’s impossible to live on, and earning more would be the solution to financial hardships. But what’s even harder to believe is that no matter how much money you make, you never really get rid of financial stress… But what you can do is reduce that stress.
If you’re experiencing financial stress, or even depression, due to finances, some of the following tips may be the solution you need to alleviate that stress.
Helpful Tips to Alleviate Financial Stress
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Cut Your Monthly Expenses
This is when it’s time to sit down, grab your pencil and paper, and write down all your monthly expenses; Write down every single place that your money is being spent.
Monthly expenses are your necessities to live, for example, rent/mortgage, utility, gas, food, etc. Anything extra can be cut or work towards paying down and eventually off. But as far as monthly expenses go, your utility bill is one of the major areas that can be cut.
Right now, you’re probably paying an expensive utility bill, and that’s simply because you’re paying for electricity generated from nonrenewable resources… If you were to switch to an electricity provider that offers electricity generated from nonrenewable resources, you’d be able to have instant renewable energy powering your home for sometimes less than half of what you’re currently paying.
Also, you’ll want to take time to cook more and spend less on takeout, carpool to cut back on gas, and compare prices of cellphone carriers, internet, and car insurance to find the best deal.
Stay Current With Your Bills
Because you’re so stressed about your bills, you may find yourself avoiding opening them because you don’t want to see what it says… but this doesn’t do anything but make matters worse. As soon as you get a bill in the mail or in email, open them. The sooner you do, the sooner you can make arrangements to get them paid. A lot of times, companies will work with you if you call them and explain your situation. They’re more likely to set up payment arrangements that work better on your terms with no problem, but you have to first open your bills up to see what you can do and then see if the company can accommodate that. So if you are struggling with bills, check some of the best debt settlement companies.
Speak to a Financial Advisor
When all else fails, talk to a financial advisor. They’re experts in their field and can tell you exactly what you need to. They’ll be able to look at all your expenses, look at your gross and net income, and devise a financial strategy for you to tackle your debts, and finally take control of your finances.
Feature photo by Photo by Andrea Piacquadio
