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.