Speaker 1: hello everyone welcome to money wisdom channel in this video we're going to talk about 10 essential ways on how to reduce financial stress if you are new to this channel do like and subscribe to the channel the number of people who suffer from financial stress and anxiety is staggering no matter how much you make or if your situation has been planned well in advance things can cause worry for even those with the most secure jobs out there. Financial stress is something that everyone, even those with the most money, can experience. You might not be experiencing economic anxiety right now, but there are still many ways for it to affect your life in positive or negative ways, depending on what you do about them. It can have a detrimental effect on your health and well-being. It's essential to find ways of managing the problems that come with money so they don't take over everything else in life. Today, we will be talking about the 10 essential ways to reduce financial stress. If you like this video, don't forget to like and subscribe to the channel. To begin with, reducing your financial stress you have to talk about it. Unfortunately, there is a common misconception that if you don't address that issue, it will worsen. This makes the problem more challenging to solve and can lead to depression or other mental illnesses because we're avoiding our problems. Instead of tackling them, living with stress is unpleasant but it can also have a negative impact on the people around you. It may feel a little scary to open up about your finances but if you want the best possible outcome for yourself and those who depend on what happens with this situation then speaking up will be necessary. Writing it down can also help along with the ideas that might make it better. It won't go away on its own so If you ignore it, the problem will only get worse and more serious. Next, review your budget. The key to managing your money is knowing where you stand. You should check up on the budget at least once per month so that no stone gets left unturned. And there are never any surprises when it comes time for paychecks and taxes. You can't manage what you don't measure. A budget is the best way to see how much money is coming in and going out, so all of your finances must be on an even footing from day one. Then, set goals. Having a plan for your money can help you control how it's spent and what priorities are set. It also lets the holder know where they stand financially, with one thing being able to do all those things, their hard-earned cash goes into without fault. This way, there comes tough decisions like saving or paying off student loans. Planning can help get the ball rolling on making plans and priorities clear. You can make a list of all the things that you want your money to do for you and set measurable goals. For example, I would like to have $5,000 saved for next year's vacation by the middle of this year. It is essential to set the goal for you and your family to survive and thrive. Setting goals will help ease financial tension by directing what we want out of life and motivating us through our careers or other passions that may lie outside the scope of money-making opportunities. After that, make it easy on yourself. The more time you save in managing your finances, the less stress and worry. An easy way to do this is by automating as much of your financial life as possible with tools like having a portion from each paycheck automatically deposited into an account for retirement or setting up recurring bills so they are paid on auto pay every month. These simple changes can make all the difference when deciding what responsibilities are the top priority. Fifth, track your spending and cut off your expenses. Research has shown that tracking your finances can be an effective way to manage stress. Keep a daily list on how you spend money and it will help decrease the amount owed in debt and give peace of mind knowing where everything stands. Tracking your spending is one of the most critical aspects of managing personal finances. People use many different ways to track their spending, from pen and paper, charts or apps, on phones or desktops, up to sophisticated financial software programs available today. This gives you a sense of what's going on with all areas, which can help drastically lower any stress levels associated. While tracking your spending, you may be surprised to how much you're spending on unnecessary items or services. When you find yourself with too many months and not enough money, the solution is to cut expenses. Divide up the grocery list and have each family member take a corresponding section to see who can find the biggest bargain, or if you're single, manage your shopping trip so that you don't spend too much. The keys to saving more money is simple. To save more money, you can use free online resources to help cut your expenses. You need a few creative ideas and the right attitude. With the proper precautions, you can trim your expenses and leave yourself with more cash at the month end to invest in other financial planning basics. 6. Find the lowest price If you need to buy an expensive item, don't just run down the street and make your purchase at any store. Research what's available in town. When the time comes to purchase something big like this or anything else, there won't be as many options which can lead to confusion on how much everything costs together since not all stores carry equal goods, especially if one has better deals than others due mainly because they're cheaper or having coupon codes online where customers save money bringing them back regularly without having ever left their house first. Seventh, you need to get rid of your debt. With so many people feeling the pressure of debt, it is no wonder that financial stress affects them. Whether you're dealing with overspending or life-tosing obstacles in your way, getting out the debt can seem daunting, but not impossible if we put our minds towards achieving this goal and take steps together. More time passes without adding new tasks to old ones. The more accessible each day becomes as long as progress has been made toward reaching goals. There are ways out though. Let's take small steps every day towards our goal. This will reduce or even eliminate any anxious feelings associated with being in arrears, improving mental health. The more you reduce your debt, the faster and easier it will be to save money each month. Remember, keeping up with your debts can help improve credit standing which could save you thousands of dollars throughout your lifetime. 8. Avoid temptation Limiting your time at the mall can help you manage to spend. Choose an alternative social activity over discounted retail therapy. Leave credit and debit cards home so there's no room for impulsive purchases when it comes to just cash only in my wallet or purse. Keep in mind that money isn't everything. If you feel tempted to spend less on financial matters or put off making big decisions for later. Stop right now because there is no point in continuing down this path if it only leads to more stress. Ninth, seek professional help, financial and psychological. There is help out there for people in debt and feeling stressed. The best way to avoid making poor financial decision is by not dwelling on past mistakes. You can't change them. So why focus on what went wrong instead of looking at your finances as a whole package and worrying about everything going sour all at once? Try breaking down each aspect separately before investing too much energy to fix those issues. Mental health problems are more likely to be linked with financial stress and it turns out that this connection is not just a coincidence. Talking with a financial advisor or making an appointment at the nonprofit credit counseling service are great ways to find out what you're doing wrong and make positive changes. You'll meet new people who can help guide your money habits in the right direction so that it won't be hard anymore. Seeking out help does not make you weak. It shows that you're smart enough to know when something needs fixing and why it should be done by somebody else instead of doing them yourself. The truth about finances is asking others involves very few risk but plenty of potential rewards. Lastly, protect what matters most. The wise person protects themselves against unforeseen events and takes precautions for their family's safety with insurance. When an unexpected problem arises, they will have a plan that ensures financial security no matter what happens. In American culture, there is often this mindset that if you're not spending money, then somehow your assets aren't being adequately protected, which isn't true at all. With the proper use of insurance, you can sleep peacefully at night knowing that your loved ones will be supported financially when things aren't working out. Worrying about money is a natural symptom of stress and anxiety but it won't cure what's wrong with you. Instead, an action plan that addresses both of your financial pressures and personal angst would be more beneficial. Putting your finances in order is a priority. The stress you feel over money can make it difficult to focus on other aspects of life like relationships and health. The bottom line, you have the power to reduce how much anxiety there is when dealing with financial issues. Thank you for watching. I hope you have learned something from this video. If you like this video, do give us a like, subscribe to the channel, and comment down below. Thank you and goodbye.