Money is a stressful topic, but there are easy ways to lower your stress while creating good habits and a larger account. Here are five routines that are simple to follow, and will give you peace of mind.
Look at Your Cash Flow
One of the first things you should do is review your monthly expenses compared to your income. Are you spending within your means, or are you in the negative each month? Write all of this down and create a budget. Once you have the numbers in front of you, instead of in your head, you can map out your spending. Hold yourself accountable for your spending habits and see your situation improve.
Talk About Money
Don’t shy away from discussing finances with family or friends. It doesn’t have to get specific, and it’s not a competition. Ask about tips or overall financial health. Understanding how others view finances or budgets could teach you a few things. It is never bad to hear another’s point of view. Maybe you’ll learn something that would benefit your own finances.
Schedule a Day to Pay Bills
Set a specific date to pay your bills each month. This way you can sit down and physically see, and pay the bills you need to. Setting up automatic payments isn’t a bad idea, but if there are any extra fees or charges you won’t see them until you’ve already spent the money.
Save Your Change
If you use cash when you’re shopping or out to eat, save your change. When you get home put your change in a safe place and watch it grow. Every little bit can help. It may not seem like a lot at the moment, but if you make a habit of it, you’ll have a fund to use for emergencies, vacations, or little extras. Find a jar, box, or envelope, and start saving that change.
Set Financial Goals
Write down any of your financial goals. Believe it or not, writing them down and seeing them makes the goal more real. Think about these goals every day, especially when you are out shopping. Having them in your head will keep you on track and prevent you from unconsciously spending more than necessary. Spending a little more than you would won’t keep you from your goals, but spending less will help those goals come quicker.
If you experience financial-related stress, SeaComm’s partnership with GreenPath Financial Wellness can help. GreenPath provides SeaComm members with access to free one-on-one financial counseling, student loan counseling, debt management services and more. To learn more about how SeaComm’s partnership with GreenPath can help you, click here or call (800) 550-1961.