Article by guest blogger, Bessie Hassan from Finder.com.au
Financial stress is something that everyone would like to avoid if possible. Luckily, there is a wide range of resources available online to help you address your finances accordingly and prevent yourself from feeling overwhelmed. It’s never pleasant to feel the pressures that go hand-in-hand with financial strain, so here are some ways you can stop stressing about money:
Create an emergency fund
Even starting with just a small amount, a backup fund can help with contributing towards a more positive and less anxious mindset. Putting aside a small amount of money (perhaps a couple of hundred dollars) each month into a high interest savings account can help you accumulate a fund fairly quickly. This is a great thing to do to prevent any sleepless nights if you lose your income temporarily or need a short term backup later on down the track.
Actively seek help
Getting help or advice from someone outside of your direct financial situation can be very useful. You could attend a short course or seminar on staying financially healthy, or maybe seek advice from a professional such as a financial advisor. There are many resources available online that can provide you with objective advice or assistance. Sites like SmartMoney are a great source of information as they’re usually unbiased and easy to search.
Avoid unnecessary expenses
If you feel like you’re spending too much on a regular basis, you may want to reevaluate your situation and look over your expenses. If you’re paying for things you don’t need, then cut them out! But at the same time, don’t be too brutal. It’s important to make sure you aren’t removing everything that makes you happy – especially if it’s a source of relaxation that could help lower your stress levels. Find a balance where you’re still looking after yourself, but at the same time have a little bit left in your back pocket.
Evaluate your priorities
If you happen to be under the age of 30 and are thinking about getting health insurance, it’s important to know about lifetime health cover loading. For every year that you don’t have insurance, a 2% loading is added to the cost of your health cover for when you do decide to take it out. If you think you’ll want health insurance later down the track but aren’t sure when, it may be smarter to look into it now. If you do already have health insurance but feel like you aren’t on a policy with enough coverage, it might be a good idea to have a look at upgrading to one that will provide you with the security you’ll need in order to achieve that necessary peace of mind.
Stay on top of it
Maintaining these habits for longer than a short period of time are really the key to avoiding financial stress. By planning ahead, paying bills on time, and staying on top of your tax, the ideal situation means you will get into a routine of financial wellbeing and it should help ease your mind.
Getting on top of your finances and lowering your financial stress isn’t necessarily a task that should be particularly difficult. As long as you make sure you have time to relax, and try to get on top of everything, you should be fine! Good luck.
Bessie Hassan is a Money and Insurance Expert at finder.com.au, Australia’s most visited comparison website.