The 25-minute money hacks that will stop your finances seeming scary
-
Loading... - Carmen Espina
- 27 Jun 2022
- 147 Views
- 0 Like
- 0 Comment
Our finances can often cause us stress and never more so when fears about inflation and the rising cost of living are everywhere you turn. It’s tempting not to look too closely at your bank balance, credit card statement, or increasingly our Buy Now, Pay Later (BNPL) apps, simply hoping that everything will be okay and ignoring any potential problems.
But whatever your financial situation, there are some simple, straightforward steps that you can take to regain some control and curtail the worry. Whether it’s tips about reducing costs, strategies for spending smarter, ideas for earning extra cash, or simply ways of thinking about your money differently, there are plenty of easy ways to rejuvinate your relationship with your finances.
The stresses and strains on household finances are undoubtedly becoming heightened, but this doesn’t mean that you can’t take proactive steps to put yourself in a better position.
Mind over matter
Concerns about money can lead to action paralysis whereby people simply worry about their financial health but fail to take steps to address the issue. Elizabeth Buko, a financial coach and the founder of Wealth From Little, believes that people need to step away from the things that amplify their fears about money, and begin to look at their own financial circumstances.
“I think people hear the news about prices rising in the shops and energy bills going up and this makes them more scared,” she said.
“It can be sensible to reduce your exposure to media content [that heightens these fears] to avoid being in an environment that feeds your fears.”
Ms Buko adds that budgeting apps, such as Emma, are excellent ways for people to become more familiar with their finances, enabling them to track income and expenditure, create budgets, and also oversee investments.
“Being afraid of looking at the numbers of your bank balance doesn’t change what the numbers say,” she said. Read More...
