Financial anxiety keeps millions of Americans up at night. From worrying about everyday expenses to planning for retirement, kid’s college, aging parents, and getting buy until the next paycheck. Here is how to easy your anxiety.
Get Real About Your Spending
The best way to get real about your spending is to sit down with a financial planner. They will teach you how to maximize the money already coming in and how to pair down spending in areas that you rarely think twice about. In many cases this will result in a few hundred extra dollars a month.
Increase Your Income
There are a variety of ways you can increase your income, start whittling down your debt, and increasing your cash cushion. Start by looking for things you no longer use that you can sell. Ask for a raise at work. Take a part-time job or start freelancing for flexible work hours. The goal is not to overwork yourself, but to ease your financial stress. With even 5 extra hours of work a week you can increase your income enough to greatly reduce your level of stress.
Create A Cash Cushion
While you might be set on paying off your debt the ultimate goal is not to create new debt. The best way to do this is by creating a cash cushion. Aim to set aside one full month of savings and work your way up to 6 months. This alone will give you an increased peace of mind.
The better you sleep at night the more productive you will be, which can further increase your earning potential.