The weight on your shoulders of financial stress can be major and lead to many restless nights. You do not have to go through it alone, although you do need a wakeup call when it comes to your financial decisions thus far. Instead of continuing to dwell on the past it is now time to look to the future in getting out of debt and enjoying your financial freedom and finally start getting ahead for retirement.
Create a Budget
Unfortunately, most Americans, two-thirds in fact, do not even have a budget, so the fact that you have been operating each month without is not shocking, but that should change now. Analyze all money that is coming in and out each month by figuring out the necessary (yes, I said necessary) costs each month such as mortgage, utilities, auto lease, insurance, gas, and grocery. Review the statement and circle items that could have been avoided, doing your best to remove unnecessary spending.
Set Up an Emergency Fund
Experts say that three to six months’ worth of monthly expenses should be in an account in case of the sudden need to cover job loss, unexpected medical bills, or auto and home appliance repair. Set up a direct deposit to a savings account so that way money is automatically moved so it avoids the temptation of you leaving in your checking account to spend it.
Hire a Professional
If your financial outlook is not improving, then perhaps it is time to bring in a professional. There is nothing wrong with that. You could look to take money management classes that will teach you to success. If all else fails, then a financial planner, although may be costly, but could save in the long run when you are well equipped on a path for retirement. The same holds true if you need help repairing your damaged credit. If you want to find a company that can help out with this make sure to read their Creditrepair.com review before signing on with them.
Have a Support System
You do not have to ask family and friends for money, but swallowing your pride and asking for advice could help, especially from those that have been in your shoes before. If you have a significant other, make sure the burden is not falling solely on your shoulders and there is an open communication in how to overcome.
Focus on the Positives
At least you have your health right? Well maybe you are losing sleep, but it will get better. Continue to avoid previous mistakes and with time and patience you will get over financial stress.