Money worries affect everyone at some point or another, but persistent money worries can be a serious problem. Whether you’re worried about paying your bills, clearing your student loan or whether or not you can make it until the next payday, there are many things that could be keeping you up at night. While you might not resolve everything overnight, there are things you can do to help ease your money worries to help you get some much-needed sleep.
Take a look at the following tips to help you beat money stress and sleep better at night.
Address your concerns
What exactly is keeping you up at night? Once you figure it out, you can help to overcome it, or at least stop it from keeping you awake through the night. Only when you face up to your issues can you start to face them and find a solution.
It might be a scary thing to do, but it’s time to get a clearer picture of your financial situation. Assess your income and your outgoings, what your debts are and what your savings targets are. With all of the information there in front of you, you can stop the guesswork and even perhaps alleviate some of your concerns if things aren’t as bad as you think they are.
Create a budget that works for you
If you’re not great at managing your finances, then a budget could be the way forward. Having a budget gives you a spending plan you can stick to, helping you to manage your money easily. A budget template is a good place to start, and you can adopt different budget types to suit your financial goals or your personal circumstances.
Alternatively, you can use a more intelligent budgeting solution to help you keep control of your finances. An AI-based tool is great for giving you advice about your spending, keeping you on track and helping you think twice about purchases. You can also try some budgeting apps that analyze your spending throughout the month to help keep you on track of your budget.
Make a plan to clear your debts
If it’s debt that’s on your mind, you’re going to need to make a plan to tackle it. According to researchers, the best way to do this is to use the ‘snowball’ method. The snowball method involves listing your debts from smallest to largest, working your way to pay them off that way, regardless of the interest. This is because you’ll clear some debts quickly, helping you feel a sense of achievement to help spur you on to clear the rest of your debts.
However, another method you can try is the ‘avalanche’ method. This involves listing your debts from highest to lowest in terms of interest rate and working to clear the highest first. This is the method that will save you the most money as you’ll avoid paying higher interest rates for longer.
Whichever method you choose, make sure you find a way to clear your debts that suits you. The sooner you start to pay them off, the sooner you will become debt free.
Share your concerns
If money is troubling you, then something you can do to help you sleep better at night is to talk to someone about it. While it might seem daunting, sharing your concerns can help you to unload the weight from your shoulders, and might even present a solution you hadn’t thought of.
When debt becomes too much to handle, there are other avenues you can go down to get help. The Government has some excellent advice on dealing with debt, including debt charities and debt counseling who are good resources for advice and for providing you with support. Talk to someone as soon as possible to stop your problems from getting worse.
Find a better deal
You could find yourself saving a lot of money if you take the time to find yourself a better deal on things like your utilities, loan payments and even while shopping online. Even with a poor credit rating, you can find a better loan deal than what you’re paying now to help ease your situation. It’s always worth shopping around to see if you could save money.
Get into the habit of comparison shopping before you buy things. Whether you’re signing up to a new electricity supplier or you’re starting a new phone contract, do a search first to see who can offer you the best deal. By doing this, you could find yourself saving a lot of money each month to help your income stretch further.
Earn some extra income
If you’re unhappy with the amount of income you have coming in, then there are ways you can boost it. Getting another job or a promotion isn’t always an option, which is where a side hustle comes in. Side hustles are very popular at the moment as people look to improve their financial circumstances. With a side hustle, you can boost your income or make money from doing things you enjoy or have a talent for, helping you to earn some extra cash while also pursuing your interest.
There are a lot of great side hustle ideas to help you get started, so explore ways you can earn some extra money on the side to help ease your financial concerns. Your side hustle can be temporary or can be a permanent venture, with some people going on to start their own businesses because of a side hustle!
Try not to worry yourself sick
As easy as it is to say, try not to worry yourself sick about money. By finding a solution and doing something about your problems, you can start to feel less stressed and anxious, helping you to sleep better at night. If you start to stumble, don’t give up on your goals – simply pick yourself up and start again.