![]() ![]() The easiest way to get your finances on track is to make a detailed, realistic budget that you can stick to. If you are suffering from financial stress, keep two things in mind:ġ) You are not alone, and there are plenty of services and people out there who can help you.Ģ) There are some tried-and-tested ways to begin to feel in control of your money again. Without the right coping strategies or support, it can feel impossible to get through. In fact, research suggests that financial stress is at an all-time high in America, a phenomenon explained by the numerous hiring freezes and layoffs brought on by the pandemic.įinancial stress can be caused by a number of things: debt, unexpected expenses, or a compulsion to make purchases that we can’t afford. Not only have we had to deal with travel restrictions, lockdown orders, and fears of getting sick - many of us have also been struggling financially. The last year has been a very difficult one. Ask for help. There are plenty of services out there that can help you take back control - from financial planning services to debt management advisors to credit counseling services.You need to name the problem to figure out the right long term solution. The financial gap resulting in your debt might be caused by a number of factors – you may not be earning enough, or you may be spending too much. Putting aside $50 a month can really add up. You should aim to have at least $1,000 in your fund until you are out of debt. Instead, aim to make it an accurate description of how your finances work. See where you could be spending more or spending less. But here’s the key: Don’t use your budget to set unrealistic goals about how much you are going to save and how much extra money you will earn. Instead, take back control by following the steps below: Don’t let your finances stress you out to the point of inaction. ![]()
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