If you find managing the day to day family finances stressful you are not alone. 46% of women feel great financial stress due to managing the family finances. And women often feel a greater financial burden than men because in many cases, we have the responsibility for the overall budget.
And if you have children, the stress can be enhanced. If this sounds like you and you feel a little bit stressed about managing the day to day finances, read on as we share five tips with you to reduce financial stress.
Tip #1 – Educate yourself
It’s important that you empower yourself with knowledge. And a great place to start is the Internet. There are so many good websites out there that can give you some free information and education. Gather advice about your financial decisions and talk to people who really get money. This may include parents, role models, family and friends, people that are good with money. Or get a money mentor that can help you along the way.
Tip #2 – Have clear goals.
It’s so much easier to make good financial decisions when you’re clear on your goals and you’re clear on your priorities and values for yourself and your family.
Tip #3 – Establish good money habits
This means don’t spend more than you earn. Put money aside to invest and save for a rainy day. This is about paying yourself first and making sure you’ve got the discipline to set aside a certain percentage of your income every pay. To learn how to be the boss of your money, read our blog here.
Tip #4 – Get rid of bad debt.
Debt is a huge contributor to money stress. If you can eliminate some of that unwanted debt, your stress will disappear too. Start with the debt that’s really expensive. Debt like your credit cards and personal loans. Try and get to a point where you only have debt that is investing in your future. This includes debt like your mortgage or investment loans for investment properties that are going to grow in value and help you with your financial future. You can learn more about this topic by exploring your debt consolidation or refinancing options, or reading our blog ‘getting rid of unwanted debt’.
Tip #5 – Get a money mentor
This is someone who can guide you so that you don’t feel alone when you’re having to make the big decisions. A money mentor should not only be there to support you but someone that you can ask any questions to without feeling like it’s a silly question. Someone that’s going to educate you along the way.
Your money mentor could be a friend, a family member, a partner, accountant, financial planner, mortgage broker or a personalized money mentor like the Rise High Money Mentor program. Click here to learn about the Rise High Money Mentor Program.