It has been said that the top three things married couples fight about are money, sex and parenting. While it is easy to see how these topics can cause fights, they do not have to. Use these four tips to reduce your financial stress and give yourselves one less thing to fight about.
Set Up a Budget
The first financial move every adult should make is to set up a budget. With a budget, you know exactly how much you can spend in various categories, such as food, clothing and entertainment, and still have money left over at the end of the month. Sticking within your budgeted amount gives you the freedom to never worry if you can afford things. Your budget will tell you exactly how much you can afford without getting yourself in a financial mess.
Maintain an Emergency Fund
For true peace of mind, put money aside each month in an emergency fund. Then, when the unexpected happens, you will not have to worry how you are going to pay for it. Flat tires and surprise medical bills do not have to be a source of financial stress if you already have the money set aside for them. According to financial guru Suze Orman, a good amount for an emergency fund is eight months’ worth of income.
Create a System for Paying Bills
Paying bills can be very stressful when you forget to pay them on time and get overloaded with fees and penalties. Create a system to ensure your bills are always paid on time. Mark bill due dates on a calendar, or break them down into what bills you will pay with each paycheck. You may want to sign up to have your bills auto-debited if you are sure you will have the money available in your account.
If you are already in a financial mess so deep you cannot seem to dig yourself out, bankruptcy might be a good option. While bankruptcy should not be taken lightly, it can be a lifesaver for those who need it. A good attorney can help you sort through your options and make the best decisions for your unique financial situation. Visit our website for more information.
Money should be fun and enjoyable. It should empower you, rather than weigh you down. If money is a constantly stress in your life, follow these four tips to reduce your financial stress and give yourself a greater peace of mind.