Alicia Nelson-Bell, Finance Intern
A whopping 77% of Americans report experiencing money related stress, which puts it among the top things stressing Americans out. This financial stress has been shown to affect all aspects of our lives, including physical, mental/emotional, relationships and our performance at work. With all the different aspects of our financial well-being to be concerned about, you may be wondering what can be done to help decrease the stress and worry felt around finances. I'm sharing why saving money can help bring you greater peace of mind, rather than being things that add to the money stress you may be experiencing.
How can saving be a source of so much relief from stress when having the money to save can be so hard for many people?
Once you pick one or two of these simple savings strategies, come up with a plan of exactly how you are going to make it happen. Try automating some of these strategies, so you don’t even have to think about it and remember to do it. Then you also only have to commit to it once. Or when will you plan to contact your bank to set it up to round up your purchases to the next dollar into your savings account? If you commit to saving a certain amount per day or week, what are you going to do to free up that much money in your budget and will you set up automatic transfers or will you set a time on your calendar to remind you to manually do it?
Try a strategy out for a little while and see how well it works for you in increasing your savings and decreasing your financial stress and if it isn’t working very well for you then try another one. If you want more simple tips for saving and freeing up money in your budget, check out our recently updated Slashing Expenses resource.
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