Money stress is something most of us are familiar with - the drop in your stomach when you receive an unexpected bill, the fear of checking your bank account, the nagging feeling that you need to get on top of your finances but have no idea where to begin. But never fear, it is possible to feel free of money fear even if you’re struggling right now. Here are some tips to help you gain financial freedom and get on the path to feeling good about money by Julia Day a financial coach for female business owners.
Face your fears
You can’t become financially free until you know what you’re working with. So put some time aside to work out how much debt you have, how much your bills are and what you’re actually spending your hard-earned cash on. It’s important to learn what your habits are when it comes to money, as you can’t change what you aren’t aware of.
It can be a painful process, but you’ll come out the other side feeling lighter and clear on what you need to change to improve your situation.
Set some financial goals
What would make you feel free when it comes to money? This could be anything you like, from starting an emergency savings fund to saving up enough money to buy a house. Don’t just pick a random goal or something you feel that you should be working towards, as you’ll quickly feel demotivated. Think about why you want to achieve this financial goal and how it will change your life.
Don’t be discouraged if your goal seems like a huge leap for you right now. Work backwards and break it down into small, manageable steps that you can start taking action on now. Make sure you keep your goal in mind and celebrate when you hit new milestones to keep you motivated and focused.
Remember that worrying won’t help you to solve the problem
If you spend an hour stressing out about an unexpected bill, will that make it go away? No. Worrying doesn’t solve anything, and it makes you feel worse.
Instead, take control of the situation and plan how you’re going to deal with it.
Perhaps you’ll need to cut back on unnecessary expenses this month, or ask for help. Biting the bullet and tackling the problem now is much better than pretending it doesn’t exist and hoping it goes away.
Think about the worst case scenario
What would happen if your worst financial worry came true? This may seem counterproductive to someone who is trying not to worry about money, but it’s actually really useful, as often the worst case scenario is not only very unlikely, but also not as catastrophic as our minds like to think.
For example, if you can’t pay your rent one month you may need to ask to borrow money or move in with a friend or relative. Neither of these situations are ideal, but they also don’t result in starvation or death. I’m not trying to downplay your worries, but for most people the result of their worst fears coming true aren’t as bad as they imagine and it can actually be helpful to think about this and then let it go.
If you’re someone who often feels stressed or anxious when it comes to money, I hope these tips have helped you to feel more calm and in control of your finances.
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