Worrying about money is natural. Almost everyone does it at some point. But worrying could also be a sign there are serious problems you’re avoiding —a persistent little reminder that just won’t go away. So if you’re finding yourself stressed about upcoming spring plans or summer travels, there are some simple things you can do to stop worrying and take back control.
Ask yourself, “What am I really worried about?” If it’s something you can’t control, like the economy as a whole, there’s no reason to waste too much personal worry on it. Focus your attention on things that can give you a strong foundation of personal financial peace of mind: you’re tracking your spending, saving regularly and living within your income.
If there’s a real problem with personal finances, like too much credit card debt, it’s time to take action! There’s no quick fix, but taking the first steps and making a plan can get you out of debt faster than you may think. Here are three simple things anyone can do to reduce financial anxiety.
1: Do not immediately think about how to spend your paycheck
Make it a priority to save something first. Put a portion of it in a savings account for emergency use only–even if it’s a small amount, add to it every month. The goal here is to be able to cover three months of typical expenses. Knowing you have a few bucks in a savings account is huge. For even more security, or to save faster, add another income stream. It doesn’t have to be a traditional second job—people can make money selling their old stuff online or monetizing a hobby like freelance writing or photographing.
2: Schedule an appointment with a financial adviser
It is never too soon to make sure you’re on track for life goals. If your company offers a matching program for your 401(k), take advantage of it! If your work doesn’t offer retirement savings, you can open a personal retirement account at your credit union. Once again, even a little can go a long way. You’ll be amazed at how that money will grow over time.
3: Take advantage of Liberty Savings’ not-for-profit status
Being a not-for-profit credit union means Liberty Savings offers the same services as other financial institutions, but with a direct mission to help our members. Don’t feel like you have to tackle your problems alone when you have a team of professionals who want to help right at your local branch! They can sit down with you, look at your financials, offer advice and help you develop an action plan. We even offer free education programs so to help with money management.
Start now on these three things and you’ll be worry-free in no time!