Feeling stressed about money?
Business coach Sue Brown previously called stress the Black Death of the 21st century because of how widespread it has become. It is the most common cause of absences at work, more so than other reasons like back problems and medical illnesses.
Of course, there are a variety of factors that contribute to stress, including long hours at work and family problems. For many millennials, however, it’s money. In fact, a study on stress published on The Independent details that people aged 18-34, stress about money 5.6 times a week, compared to 3.6 times a week for those aged 35 years and above. Many of these young adults are saddled with crushing student debts.
As we all know, money may not buy happiness, but it does help with your peace of mind. And if you’re one of the many people out there stressed about your finances, here’s what you can do about it.
Create a Budget
Sticking to a budget may seem either futile or difficult at first, but it can definitely help ease your financial troubles in the long run. The Balance explains that budget planning can make you realise important trends, like where your money is “wasted” or what priorities you need sorting out. When on a budget, you are also forced to adopt new habits, which is further explained in the next section.
Continue to Learn
Learning is not particularly easy, but you always become a better person because of it. The same principle is applied in specific matters like handling money. There may be some money-saving habits that you would normally never do on your own, but if you are open to changes, these can make your life much easier.
For instance, why not practice preparing your own meals instead of frequently trying out new restaurants? Another option is travel more via public transportation instead of driving your car and spending money on fuel. You can also get into the habit of earning money on the side through part-time jobs or investing in financial markets. One market that may appeal to millennials is Forex, considering that it’s the largest and most liquid market in the world. FXCM details how studying exchange rates is the key to earning from the Forex market, as it is all about profiting from the rise or fall of money values. These activities may all seem daunting at first, but a little patience and determination can open you up to better opportunities to manage your money.
Build an Emergency Fund
If you don’t want to stress about life’s many “what ifs,” consider setting aside money for emergencies. These emergencies may include being in hospital or vehicle repairs. The usual advice is to save at least six months’ worth of your salary, but you don’t need to limit yourself to that figure. The more savings you have saved up just in case, the better.
Beat the Blues
Talking to someone can help reduce the stress that money matters bring. Don’t be afraid to go to friends or family for advice. It doesn’t matter if they can’t help you financially, since simply airing out your problems with someone can help you lessen the weight on yourself. People may even suggest useful tips to overcome your money woes.
Do you have any thoughts on stress and your finances? Share them with everyone below.
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