De-Stress Your Money
Hey Hun! Money anxiety is a significant cause of stress for many people. The causes of money anxiety are numerous and affected by lifestyle. If you're feeling stressed about money, you're not alone. Our blog will help give you a roadmap to “de-stress” your money.
Causes of Money Anxiety
We all know the saying, "Money makes the world go round." It also creates excessive stress, especially if you’re low on funds. Money anxiety can come from financial instability, debt, unemployment, lifestyle inflation, and family obligations. One solution to easing your money anxiety is finding and working a job that pays enough to cover your living expenses. If your job doesn't cover living expenses, consider finding a new one or adding a side gig that fits your skills. Diane Money will help you manage your money to reduce your stress and start meeting your goals. If your familial obligations are causing anxiety, work with them to see where you can cut down your expenses and figure out your savings.
Effects of Money Stress
Stress can impact your physical and emotional health. Money stress can create anxiety, depression, insomnia, substance abuse, and relationship issues. If you're suffering from money stress, start contacting and communicating with people in your life. They might have ideas to ease your frustration, like being able to help you find a better job or manage your budget. If the stress gets too much, please reach out for professional help. There are resources like hotline centers if you feel you need to talk to someone but are uncomfortable talking with anyone in your life. Using self-care methods like taking a hot bath or listening to your favorite music are great ways to save money and de-stress yourself at the same time. De-stressing yourself will help you manage your money and yourself.
Managing your Finances Healthily
Mental health can impact earning ability and spending rate. When people are stressed, they tend to spend more money. Stress also reduces one's ability to earn money. Managing your mental health is critical to your health and, therefore, your earning and saving power. Another factor in being successful mentally and monetarily is one's job. The wrong job will tax your health both mentally and physically. If your job is taxing you and costing you your mental health, it's a lousy job, and finding a new one is recommended. The great thing about this is when you have a job, you can be pickier about finding a new one. If you need training to qualify for the job you want, look into scholarships and grants to offset the cost of learning. So sort out your mental health, figure out your life, and find a new position so you can start meeting your goals, both financially and otherwise! Let’s review goal setting and identifying your financial vision.
1. Identify Your Financial Vision
Managing your finances and attaining financial freedom by setting goals eases much of life's stress. Setting goals gives you a clear direction and purpose for your money. It helps you prioritize your spending and make informed decisions about your finances. When you have a goal, staying motivated and disciplined in your financial habits is more manageable. It also gives you control over your money, reducing the anxiety and stress of economic uncertainty. To start setting your goals, answer these questions What is your financial vision? What kind of life do you want to live? What are your long-term financial goals? Take the time to reflect on these questions and write down your economic vision. This will help you stay focused and motivated as you work towards your financial goals.
2. Make Your Goals SMART
SMART stands for Specific, Measurable, Achievable, Relevant, and Time-bound. When setting your financial goals, make sure they meet these criteria. For example, instead of developing a vague plan like "save more money," set a specific and measurable goal like "save $5,000 for an emergency fund by the end of the year."
3. Break Down Your Goals
Breaking down your goals into smaller, achievable steps makes them less daunting and more manageable. If you aim to pay off $10,000 in credit card debt, break it down into smaller monthly payments that fit your budget. If you can afford to pay $500 a monthly credit card with 20% interest, you’ll pay off that 10,000 in 2 years. For 3 years, expect your payments to be about $372. When you’ve accomplished one goal, find a new one!
4. Track Your Progress
Tracking your progress is essential to staying on track and motivated. Use Diane Money to help you accomplish your goals. Don’t forget to celebrate your successes, no matter how small.
Attaining financial freedom means having the financial resources to live the life you want without worrying about money. By identifying your economic vision, making your goals SMART, breaking them down into achievable steps, and tracking your progress, you can take control of your finances and build the life you want. Take care of your mental health and yourself.
Let Diane Money help you set goals and manage your money to create the life you deserve.
I know you'll figure everything out. I believe in you.