Press Release (ePRNews.com) - SYDNEY, Australia - Aug 15, 2017 - There are plenty of triggers in our lives leading to financial stress: too much debt, not enough money, kids, marriage and the list can go on.
Knowing how to manage your money is one of the largest stressors on relationships. If you can reduce your worry, you will be able to focus more on your life and relax knowing you have a plan that can help you in the short term and even start on the path of building wealth and financial security.
Here are 5 things you can do now to relieve your financial stress and make it easier to function every day.
One: How to Budget
The number one way to manage your money is to develop a plan. You don’t have to find a financial adviser; you just need to find a good online budgeting tool, one that’s simple to use and you don’t need a degree in accounting to understand.
At first, you may think that a budget is only going to add to your financial stress, but it is the best tool you have to get control of your finances and stop worrying about money.
By understanding where your money comes from and where it goes, in good detail, you will soon have a very clear grasp of what it takes to get under control. There is a new budgeting tool available, like an online budgeting spreadsheet, but simpler, and it’s called Your Spending Plan (https://www.yourwealthvault.com.au/#course), which makes a lot of sense because a budget ends up showing you what money you have left to spend.
Usually a budget takes a lot of time to setup and develop but not in this case. A series of nurturing questions guides you to completing the framework of your budget without even knowing you are doing so.
If you can complete a budget, and in this case it’s super easy, you have control over your money and it can lead to changing your financial situation. Without it you’re running blind, waiting to stumble and fall.
Two: Get an Emergency Fund
You never know when something out of the ordinary is going to happen. Your car needs to be repaired, or is due for a service, you need a holiday, your child has a once in a lifetime opportunity that costs money: these are all expenses that you hadn’t necessarily planned for.
If you have an emergency fund, you have money set aside to cover unexpected expenses and financial emergencies. It is also easier to use the money in your budget the way you planned if you know you have the extra money in the bank ready to cover the unexpected emergencies that may crop up.
Three: Get Financial Advice
If you find yourself struggling to work on your budgeting planning don’t be afraid to get outside help. A financial adviser can help you create a long-term investing strategy that will help you plan for retirement, but it certainly helps to have your basic budget in place first. It’s not a nice feeling to be overwhelmed by debt.
The great thing about creating your spending plan is how it leads you through the process of how to budget by asking easy everyday questions and by the time you have answered them, your picture is painted.
Four: Monitor, Review and Amend Your Budget
Financial issues are usually a combination of income and spending imbalances. If you know that you do not make enough money, decide what you can do to change the situation. If you have a spending problem you need to know specifically where it is and how you can adjust it. To see it all in black and white in the form of an easy to follow plan can help you change your situation permanently, and should be able to reduce your stress.
You need to monitor and review your spending plan constantly to stay on track. By monitoring your spending you can determine whether you are spending more or less money than you allocated to each category.
Five: Be Positive and It Will Show
No matter what is going on with your finances you must have a positive outlook. This will manifest itself in your day to day approach to money. While you may wonder how this can help you achieve financial security and in building wealth, it can make a big difference in the amount of stress that you feel. You can do this by tracking your progress towards your financial goals.
You can change your financial situation, and you will find it easier to accomplish if you are not worried and afraid all of the time.
We all have different beliefs and emotions about money that impacts our ability to earn, our need to spend and our potential to save or create the financial security that we desire and we can all take control off them too.
Your Wealth Vault is the creator of this great new online budgeting tool, Your Spending Plan (https://www.yourwealthvault.com.au/), a simple and easy to use resource which will educate you to understand how your money works. By understanding the flow of your money you can easily get on track, start building wealth and establish financial security for your future. Your Spending Plan is a web first – you haven’t seen a budgeting savings tool like this before – it’s so simple to use it almost completes itself.
Your Wealth Vault