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How To Stop Stressing About Money
There is no denying the essential role that money plays in our lives, so it is no surprise that having cash problems causes significant stress. New research conducted by Schroders Personal Wealth and leading behavioural economists from Lloyds Banking Group revealed that over 50% of Brits are often stressed about their financial situation. Many experts believe that money stress may not completely disappear for several people. Nonetheless, reducing it as much as possible can significantly boost your health, relationships, and overall wellbeing. Here’s how to stop stressing about money.
- Get a source of extra income
It will be challenging to stop stressing about your money situation if you live paycheck-to-paycheck and can barely cover your monthly expenses. Therefore, getting a source of extra income is worth considering to ease your financial stress. Fortunately, there are numerous options to consider. According to a report by digital marketplace Airtasker, 46% of individuals in Britain are earning a second income using side hustles. As such, you can consider a wide range of side gig ideas to make money, from pet walking to freelancing. You can also earn money from home by starting a home-based business. An extra income source doubles as an insurance policy; it will help you remain secure if one money-earning avenue dries up, keeping you from further stress.
- Get expert help
Many experts recommend that it is best to consult a wise friend, licensed therapist, family member, or financial planner if you have overwhelming financial problems that you can’t solve alone. Speaking to someone about your financial issues and associated feelings can help significantly. You can even receive practical new insights and solutions to help you address the specific cause of your financial worries. For instance, you can get help with bailiffs from a trusted financial consultant if these enforcement agents make you more stressed about your debts.
- Set up automatic monthly payments
If you delay opening and paying bills, you will be more stressed about your financial situation. Indeed, delaying the necessary monthly payments will only leave you worried about making payments on time. Consequently, track all your upcoming payments with a money diary or a similar financial tool to know what you earn and spend every month. Then, set up automatic bill payments to ensure that you never have to wonder whether you paid particular bills or missed deadlines. Also, review your bank statements monthly to ensure that all the necessary payments went through.
- Stop comparing yourself
Social media is saturated with images of mansions, trips, sports cars, and other wealth indicators. Many people become more stressed when they see these pictures, realising how much their finances pale compared to that of others. However, comparison is the thief of joy, so analysing your financial situation based on what others are achieving will worsen your financial stress. Besides, you never see the full picture behind other people’s perceived wealth. Therefore, it is best to focus on improving your finances instead of judging yourself by standards that might not even be true.