How to End money Stress.
Stress is caused by uncertainty and feeling out of control. Psychologists tell us to reduce anxiety, we need to focus on the things we can control. Right now, everyone is focused on incomes, which most of us CAN’T control and not on our EXPENSES, which we can control.
86% of us don’t know our basic expenses or have a budget and only 3% of us have a budget we stick to. Now is the time to focus on expenses, especially when we can’t go out and tap our cards to buy things we can’t remember.
To get back on track:
1. Pull out the statements to check fixed basic expenses. On average this is under half of total spend.
2. Split variable expenses into the things you do every week, like groceries and those other things we do occasionally, which are easier to think about monthly
3. Set up a minimum five bank accounts across two banks to effectively manager money.
4. Avoid credit cards and any borrowing for personal items.
5. Build a buffer. While this won’t help now, it gives us a focus on the first thing to save for after covering the basics.
6. Make a plan for your future – plan to buy a home, collect investments, take great holidays. Looking forward makes us feel better about the current situation.
#makeaplan
#moneycoach #moneyshit
