Quick Tips to Reduce Your Financial Stress This Month
Money makes the world go around. The unfortunate truth is that the less cash you have, the more stressed you’re going to be. Worrying about money can leave many of us struggling with sleepless nights and stomach pains, and that’s before the bills start arriving on the door matt.
If your cash situation often has you pulling your hair out as you pour over your bank statements, you’re not alone. Many people consider money to be one of the most anxiety-provoking things that they deal with each day. However, stress about money doesn’t have to rule your life. You can find ways to take control over your budget and ease your anxiety.
Here are a few things you can try to reduce your cash worries right now.
1. Cancel Those Subscriptions
These days, it seems like the world is ruled by subscriptions. Wherever you look, there are sign-up forms to weekly food deliveries, online streaming and so much more. While some of these subscriptions might be helpful to you and your family, others are likely to be underused. For instance, if you’re paying for Sky Sports but you only watch it once a month, it’s probably not worth the cost.
Scroll through your bank statements and highlight any subscriptions that you might not have thought about in a while. If you haven’t used something for the last 2-3 months, it’s probably safe to cancel it.
2. Ditch the Car More Often
Cars are a huge convenience. They make it easier to collect tired kids after school and go shopping for piles of crucial essentials. However, they’re also a real hinderance for your bank account. If you’re using your car to drive around the corner to the local shop, then you’re wasting fuel, and doing a number on the environment too.
Start asking yourself if you really need to take your car with you on every errand. Reducing the amount of time you spend in your car will reduce your maintenance bills, cut down your insurance, and even make you a healthier version of yourself.
3. Work on Your Credit Rating
When’s the last time you checked your credit score? You might not be worried about your rating right now if you’re not looking for a loan, but that score is going to come back to haunt you in the future if it’s not great. With that in mind, it’s worth looking for ways to improve your credit wherever you can. Consider spreading a big cost over a period of months if you know you can afford the personal loan repayments.
Remember to set your payments up to come out of your bank account automatically too. This will help to reduce the risk that you’ll forget to make a payment one month and end up with a huge fee tacked onto your account.
4. Plan Your Meals
Planning your meals can help you to save money in several ways. For instance, when you meal plan, you can think about how you might be able to divide a bulk amount of produce over a number of days. For instance, if you’re going to have chicken two nights in the week, buying a double amount of chicken could save you more than buying two portions separately.
Meal planning also cuts costs by ensuring that you can create a list of the items you need from the supermarket. A list gives you a sense of direction, so you’re less likely to overspend on things you don’t need. Finally, meal planning can also help out if you make your food in advance by ensuring that you always have something ready to eat. This makes it less likely that you’ll order in.
5. Use More Money Saving Apps
You use apps for everything from quiz nights with your friends to social media, so why not take advantage of them for saving money too? Get on your app store and look for any apps that might help you to improve your budget. There are plenty of tools that can help you to accelerate your path towards your goals with things like motivational tips and advice.
Remember that some banks have their own apps too. If your bank is one of the few that are going digitally savvy, consider signing up for the app. It might help you to keep track of your purchases, and avoid falling into your overdraft. Tracking your money is often one of the most important parts of budgeting.« Could Reaching Your Savings Goals Be Easier than You Thought? How to Budget on a Variable Income »