Who isn’t worried or anxious about money? Almost everyone at varying levels is. Bills, unemployment, economic woes,businesses crumbling, the recession, it’s a lot to grapple with.
The general uncertainty and job and business loss are driving financial stress,” and the average family even has it seemingly worse, seeing that they have come into the current situation already carrying debt.The correlation between financial stress and physical ailment is so strong, even if this might be overlooked.
If money has you tossing and turning, try these easy, intentional moves to get control.
Pace yourself, one step at a time:
Avoidance is a natural reaction to the stress and shame of financial difficulty, but running away or shying away from your financial obligations isn’t going to help much, on the contrary it would only make everything worse.
Instead, pick one easy thing to do every day, Pay a bill, look at bank balances, communicate with creditors.
Try not to go down the rabbit hole of assuming there is nothing you can do to make extra cash.
Partake in financial self-care:
They are ways of ascribing intention to your financial actions based on a healthy view of self-worth.
So take time out to really get to know your financial accounts.
Log into bank accounts and look at the balance information and transactions. Create a solid, daily routine. First thing each morning, look at your finances. Don’t go more than five minutes. You don’t want it to become a burdensome commitment.Listen to music you like and keep a financial journal to chronicle goals, desires and feelings. Chart ideas for new avenues of income.
Take pen to paper:
For a simple activity, tracking expenses is surprisingly powerful.Whether you use a Google doc, a spreadsheet program or just a plain piece of paper, physically writing down your own spending creates a mental financial map in your brain.Tracking creates accountability and can spark better spending decisions when you know you’ll have to enter it into your ledger.
Commit to dates:
It can be overwhelming to compare your fixed and recurring expenses with your lower or non-existent income.
Instead of looking at just the actual amounts of monthly bills, consider the timing of when they need to be paid, says Dickey.
Once you’ve made a list of recurring monthly expenses, organize them by due date. See what’s coming up in the next week so you can plan. When everything seems chaotic and you can’t plan a month out, plan for [just] the upcoming week.
Do a budget update:
An old tactic will help you get through the new reality.People’s budgets aren’t anything like they looked like a month ago.
Nearly everyone has items they are no longer paying for, from commuting and takeout lunches to restaurant meals.
Make a list of the things you are now saving money on and the things you could eliminate naturally, such as subscriptions you aren’t using. That money goes toward paying down debt or into savings.