Five Steps to Manage Money Worries

Today I would like to take a break from promoting purchasing deals and offer a few practical steps you can take to reduce your money worries.

#1 Take a worry inventory – much like a time study. Estimate how much time you spend worrying and determine if it is affecting your health and well-being. If that’s you, seek help. Perhaps speaking with a counselor (financial advisor and/or mental health professional) to help you reduce worries with stress management techniques.

#2 If you are drowning in debt, create a debt reduction plan. In the coming weeks I will offer more tips on this but I would also suggest searching the internet or contacting the local Family Credit Management. NEVER pay for assistance until you’ve researched free agencies and services.

#3 If you are worried about how to meet monthly bills, come up with an immediate plan. Take a serious look at what is going out on a monthy basis and cut back spending in areas such as groceries, entertainment, cell phones bills, etc. Also, contact your lenders or bill collectors, make agreements and keep them. Do not try to avoid the tough conversations!

#4 If you have fallen behind on your credit cards, take corrective steps. Again it’s important to contact them, ask if the will lower your rate, you don’t know until you ask. This is where a credit counselor can help negotiate a plan if necessary.

#5 If you are worried about retirement, find ways to save more. Put you retirement savings at the top of the list, pay yourself first! Be sure you are taking full advantage of any employer match.

Worrying may seem unavoidable but if you take steps to research where you are and make a plan to get where you want to be you will be less overwhelmed.

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4 Responses to Five Steps to Manage Money Worries

  1. share local says:

    Love these tips Anita. I especially like the comment on not avoiding the touch conversations. It feels easy to ignore financial worries and hope they will go away but of course they never do, they just get worse. It’s easy to feel overwhelmed but taking one step at a time sure does it more manageable.

  2. Anita:
    I love the information. I can attest to researching the free resources. We have a great one here in Rockford…Family Credit Counseling. I often feel overwhelmed with fiances, so one of my actions for 2013 will be to increase my faith. Finances will be an issue in 2013 as I continue with my campaign and researching ways to finance. Nuevo Ano, vaya con Dios! Amo!

  3. Hello Anita:
    Thank you for the useful information. I can attest to the free local resources, we have a great one in Rockford…Family Credit Counseling. Great work. In 2013, I will need to address being overwhelmed as I research ways to finance my campaign for elected office. Nuevo Ano! Vaya con Dios! Amo!

    • Frugal Anita says:

      I agree, Family Credit Counseling is a wonderful agency. They have great staff and offer a variety of good services for people trying to improve their financial well being. Best wishes to you in 2013 and as you pursue your campaign goals.

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