Financial stress is a real thing. Nearly 9 out of 10 U.S. adults say they feel it every month, according to a survey conducted by the National Endowment for Financial Education. There are ways to reduce that pressure, including these 5 quick tips.
- Automate Your Monthly Bills (and Savings): Set up automatic recurring payments in Online Banking for fixed-cost bills such as your insurance, rent, and wireless services. Additionally, set up automatic deposits from your paycheck to a special savings account.
- Have a Small Money Buffer: This doesn’t have to be thousands of dollars. Simply put, $200-$400 into its own savings account. This buffer is meant to cover small, unexpected bills or charges. If you use any of it, work toward replenishing it.
- Stop The Sales Emails: Sure, special offers can help you save money. But if you don’t know the sale exists, you’ll save even more. Unsubscribe from all of your special offer emails and stop the FOMO (fear of missing out).
- Focus on Your Needs First: Your wants (including new electronics, concert tickets, etc.) should never take priority over your needs (rent, mortgage, vehicle, etc.). Focusing on your needs first can help you avoid overspending and reduce your overall financial stress.
- Schedule a Weekly Money Date: Pick a day and time to focus on your finances. In 20 minutes, go over your checking account, savings account, credit card bill, and other debts. Look for anything out of the ordinary and always strive to spend less and save more.
Boost Your Financial Wellness
More Financial Wellness Matters blogs on topics ranging from financial self-care to protecting your financial health are coming soon. Twice a month, we’ll dig a bit deeper into the relationship between financial health and overall well-being, shedding light on the behaviors and beliefs that drive money relationships. With simple tips and proven insights, we hope to enhance your financial well-being and help you live a healthier, happier life.