Kick Your Debt Anxiety to the Curb for Good With These Smart Tips
Debt is a burden that many Americans carry. It’s a source of both frustration and anxiety. Consumer debt (along with other sorts), has skyrocketed into unmanageable proportions for a large part of the population. If your debt is triggering unwanted anxiety, it’s important to know that you’re not alone. Consider these smart tips to find some relief, and know that there are plenty of places to find professional help.
Be More Specific with Your Budget
Monthly budgets are a great way to get an overview of your expenses and spending. Organizing finances with a monthly budget is the most common way that Americans budget. The process is beneficial, but can cause some anxiety if you question where you sit throughout the month. Try creating weekly and daily budgets, and use them to gain a better understanding of your short term spending. This method allows you to easily monitor your finances, and track daily spending.
Automatic Payments to Curb Anxiety
Have all of your payments and bills automatically withdrawn from your account. As long as you’re prepared for the monthly hit, you’ll have less anxiety surrounding getting each bill paid on time. Make sure that the automatic payments are for amounts you can afford. You can also manually pay more toward your debts when your income allows it, or if you come into some unexpected cash.
Divide Accounts to Subside Anxiety
Consider using a separate account for bill payments to organize your finances. Running numbers is a regular occurrence for most everybody. That does not mean, however, that constant equations should be bombarding your mind throughout the day. With different accounts established for bills and daily spending, you can ensure that your bills are covered when the time comes.
Cash In by Dealing with Physical Money
Debit cards are sometimes double-edged swords. More convenient than cash, these cards make spending easier, but also less evident. Try dealing with cash for your daily spending. It’s impossible to ignore the math when you watch your cash supply physically dwindling. Leftover cash at the end of the day can be stored in a jar, and over time you can see its contents grow. Take the jar, and occasionally put it directly toward your debt.
Know What to Expect with Monthly Expenses
Make sure you fully understand all of your bills and expected charges. Expenses that fluctuate (like phone and utility bills) can cause confusion and anxiety. Unexpected charges can throw off budgets, and unnecessary charges do occur. Monitor your bills from providers, and inquire about any unclear charges. It’s also important to check in with companies periodically to ensure that you’re using the most fitting and most cost efficient plan possible. Interest rates and account fees are much the same, and should be monitored and negotiated through time.
Debt anxiety is a real problem in our world today. Thankfully, there are ways to alleviate financial stress and frustrations. Being smarter with your money can help you kick your debt anxieties to the curb, and enjoy smoother transactions on the road of life.