If you’re concerned about your finances, know that you’re not alone. In fact, some research suggests that financial stress is at an all-time high in the US. Luckily, there are some tried-and-tested ways to begin to feel in control of your money again.
- Be honest with yourself.The gap between where you are and where you’d like to be could be caused by a number of factors. Maybe you’re not earning enough, or have a lot of debt, or maybe you’re spending too much. Whatever the situation is, name the problem so that you can figure out a long-term solution.
- Start budgeting.Here’s the key: Don’t use your budget to set unrealistic goals about how much you’re going to save or how little you’re going to spend. Instead, sketch out an accurate description of how your finances work. See where you could be spending more or spending less, and plan accordingly.
- Create an emergency fund.Putting aside $50 a month can really add up. If you’re in debt, aim to have at least $1,000 in your fund until you’re out of debt.
- Ask for help.There are plenty of services out there that can help you take back control — from financial planning to debt management to credit counseling. There’s no reason to go this alone. Getting the help you need will reduce your stress levels and help you build a more positive relationship with money in general.
This tip is adapted from “5 Easy Ways to Take Control of Your Personal Finances,” by Kiara Taylor
source: Harvard Business Review
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