A new study shows 77% of Americans feel anxious about their financial situation. And this stress hurts our ability to save money, budget, and pay off debt.
When we’re stressed, we tend to be worse at saving and budgeting and become more impulsive with how we spend our money.
According to a recent Capital One Mind Over Money Study, 77 percent of Americans feel anxious about their financial situation. The study also revealed:
- 58 percent said finances control their lives.
- 52 percent have difficulty controlling their money-related worries.
- 68 percent are worried about having enough money to retire.
If you want to stop squeezing every month and reach the end of the month easily and without choking, then read these 7 easy steps.
Then you’ll get the education and knowledge you need to get started in your finances and improve your personal economy.
1- Make a spending plan
To know how healthy your personal finances are, you first need to know how much you earn and how much you spend.
To do this, a spending plan must be set up, recording income and expenses.
2- Reduce your expenses
To save and reduce expenses, the greatest desire and goal of the majority of Americans. An idea that has almost always failed.
According to a recent Capital One Mind Over Money Study, 77 percent of Americans feel anxious about their personal financial situation.
Being able to save is not an easy task, and most Americans find it difficult to do so and generally do not save because they do not optimize their savings or consider that they do not earn enough to be able to save.
3 – Spend time on your savings
It’s a golden rule and although it falls by its own weight, not everyone really knows about it. No millionaires got rich sunbathing on the beach.
Financial education is essential, and you’ll need to spend some time. First, you need to analyze your expenses, and later, you need to analyze investment options to make your money grow. time
To do this, you need to be up to date, the more articles you read and the better informed you are, the more likely you are to get the most out of your money.
You also don’t have to be overwhelmed at first, if you start reading the news in a shovel on the first day, you’ll be fed up and within a week you’ll have thrown in the towel.
4- Check your credit
If you’ve gone into debt because you’ve borrowed too much in the past, you need to know that there are solutions like debt consolidation that help you out.
5- Automatic payments
Whenever possible, set up automatic payments.
To improve your personal finances, you can set up automatic payments for these monthly expenses, such as over the Internet.
This way, you’ll be able to forget to pay these bills each month and avoid potential non-payments.
6- Save and invest
Try to save every month to have your own financial mattress.
You don’t need to save a lot, you can start with 50 € per month on a savings account, and gradually increase this amount.
Some months you can save more and some months you can save less. invest
Set a motivational savings goal in your finances. For example, you can save to buy clothes on sale, buy a car or motorcycle or go on any weekend outing.