Worrying is normal
Worrying about money is normal. We need money to survive and basically sustain our existence , and that is a pretty frightening idea that would make anyone jittery —Confronting our fears about our financial situation can be mentally draining to even begin to address.
But there’s a better answer than just winging it and hoping the solution will come to you , or you’ll soon hit a big score or perhaps find a better job with a bigger payout.
While those things will certainly be positives, they aren’t necessarily the solution. You will have to face said fears and address the elephant in the room that has left your piggy bank broken.
YOU ARE NOT ALONE
You should know that when it comes to worrying about finances , you are definitely not alone, you are possibly doing better than some people financially ,and others are doing better than you .
This is less about the amount of income but more about financial responsibility. Here are some things you can do right now to help you worry less about money.
1: Access your finances
The first step to overcoming your financial worries is to access your finances.
What is your income and recurrent expenditure? So many of us avoid looking at “how bad” it is because we’re scared. We don’t know how to solve our money woes, so we try to ignore it and put it off.
Pick a Month , preferably next month as the time to address your financial situation and get a handle on money worries.
- Note your inevitable bills such as light , rent , water, food etc.
- Note your general expenses and miscellaneous expenses.
Once you’ve gathered all of that financial data together, sit down and take a look at it.Then it’s time to make an informed budget.
Make an Informed Budget
Budgeting is simply the process of creating a plan to spend money. Creating this spending plan allows you to determine in advance whether you will have enough money to do the things you need to do or would like to do , or to prioritize and align your financial capacity with your wants,needs and necessities.
Making a budget can be challenging, especially if it’s something you haven’t done before. You’ll need to take a strict look at your full financial picture and then work on what you can realistically tackle and make headway on. Hence why it is necessary to start by gathering your financial data of monthly expenditure as stated in the previous paragraph.
Make Feasible Cuts
Part of working on your budget is looking at your payments , subscriptions , phone bills and other utilities and services.
Think of ways you can creatively reduce your bills.
Are you on an Apple or Spotify family subscription ? or even Netflix with others, but you basically pay the whole thing? It’s time for these people to start chipping in. Can you switch out internet services to a cheaper one?
Take advantage of the competing providers. Do you even watch the Dstv you pay for?
Once you’ve created your adjusted budget, make a commitment to stick to it.
Your budget shows the picture of what you can realistically live on and what you can afford to spend each month. If you’re constantly going over your budget, you need to reduce your spending somewhere or do a reassessment on your priorities. It might mean sacrifices, but it will be worth it when you can relax and you can slowly let go of your financial worries.
Stay Focused , Avoid Debt and Learn to say “NO
Keep your eye on the prize and revisit your informed budget regularly. Keep a close eye on the progress you’re making and congratulate yourself on the little victories. Just like setting any goal, we have to take small steps toward the final outcome.
By tackling the toughest things first—facing and assessing your income and expenditure , making a budget , you’re already getting the hard stuff out of the way. Now that you have a plan, the hardest and the most important step you have to take is to keep at it and stay the course.
You will need to be disciplined and rethink your approach to social plans. You don’t have to let go of every fun thing you do , but let your friends know that you’re trying to reduce your spending and save more money.
Research Further and Get Expert Help if Necessary
In the end, it’s not that easy to get a handle on your finances and sometimes seeking the advice of a financial adviser or expert might be best as it is their job to know more than others in these areas. You can also take advantage of the internet and learn as much as you can.
Remember your goal: to stop worrying about money.
We understand that things are not rosy , but whatever you’re facing financially, don’t lose hope! .Simply do the right things no matter how difficult they may seem. All of us can turn things around and get our heads above water if we try. You might be going through a rough time, but if you set your goals and take small steps to get yourself back on your feet, you can do it! .
And remember you can open a vault term with stellas and earn 15% interest on your savings, so whilst you are figuring the rest out, your profit rolls in gradually.
