One of the top reasons for divorce is financial stress due to the inability to manage money. Don’t let money problems take your marriage (if you are married).
Constantly worrying about money affects all aspects of your life. They can effect your mood, how you treat people, how you treat your spouse, or affect your health.
Financial stress can be avoided or alleviated by taking these 7 simple steps:
- Start saving for an emergency fund: If you are living by crisis, then you are probably not prepared for emergencies. Emergencies cause unnecessary stress, stress leads to bad decisions with money. Having an emergency takes care of the unexpected.
- Budget: Having a plan for your money gives a sense of control of your situation. You may not have a lot to spend, being out of control is stressful.
- Agree on your goals and dreams: If you can agree with your spouse where you want to be and why, then the how is not as hard as you think. Two people moving in the opposite direction gets you nowhere. But if you both agree on your dreams, it’s easier to work together to meet your goals. A couple with a strong and unified marriage can get through financial stress.
- Stop borrowing money: Debt payments drain you of your money and your emotions. Stop shooting yourself in the foot and causing unnecessary stress.
- Get good life insurance: Buy good TERM life insurance about 10 times your income. If you die, knowing that there is a lump sum to help your spouse clean a financial mess can help ease financial stress.
- Giving: If you are not giving already, starting to give can change your heart and attitude. You never know when it comes back to you. A generous heart is a less stressful heart.
- Find a financial coach: Find a financial coach that can look at your situation objectively and walk you through the mess step by step. Sometimes a financial coach is someone who can stop you from prematurely filing bankruptcy.
Don’t let financial stress control your life. Get in control now.
Question: Which one of these strategies can you implement NOW to cut your financial stress?