5 Tools to Help Reduce Financial Stress

Finances are no joke! They can be stressful, they can keep you up at night, and they can make or break your world. Of course, money isn’t everything, but money management is a necessity. You don’t have to be rich and/or make a lot of money to take advantage of proper money habits. In fact, there are tools to help reduce financial stress that anyone can leverage.

When you have the right tools and resources, you can do amazing things with your finances. Now, don’t get me wrong, the tools are only as good as the woman behind them, but if anything can make saving money, paying off debt, and getting financially ahead easier, sign me up! I’m sharing 5 tools to help reduce financial stress in your life, so you can focus on achieving the life you want!

Tool #1: A budget

A budget will forever be on my list of tools that make people’s financial lives easier. The reason for that is because without a budget, you don’t have a true understanding of your finances. At its simplest form, a budget shows what money is coming in, what money is going out, and what money is left over. You can use that information to reach your financial goals.

When you are fully aware of your income and expenses, you can control how money is allocated. You can decide to cut back spending on food. You can decide to save more instead of shopping. You can save first because you know what you can afford to save. A budget can and will make your financial life much easier, you just have to use one. If you don’t know where to start, let me help! Check out the personalized budget plans I create for women.

Tool #2: A debt payoff tracking system

In the article 5 Systems to Track Your Debt Payoff Progress, I shared 5 great options for keeping tabs on your debt repayment efforts. Dealing with debt is not fun and unfortunately, most people will struggle with it. That’s where a system can make your life a lot less stressful. Nothing is better than seeing progress month-over-month. In order to do that, you actually have to track your debt payments on a consistent basis.

Tool #3: An easy way to save

As I mentioned earlier, a budget will show you what you can afford to save each month. Having a resource that makes saving money easier will allow you to save even more than you thought! Some people think that saving money needs to be on a large scale to be effective, and that is so far from the truth.

Saving money, whether a little or a lot, is impactful. There are great tools like Digit (my absolute favorite), contributing up to what your employer matches into your 401k plan, and free bank features like “Keep the Change” that make saving money a lot easier. Check out the video below for my favorite unconventional ways to save money. Start implementing these tools to help reduce financial stress!

Tool #4: A financial coach

“She literally holds your hand the whole way through and offers so much great advice, friendship and a sounding board if you think you’re about to make a hasty spending decision.”

“I was hesitant to get a financial coach but this was the best investment. Raya, you helped me feel more comfortable and actively start prepping for my 3-5 year goals!”

“Raya is much more than a coach. Talking to her on a weekly basis I felt as though she was my confidante and friend. She praises you for doing well and does not make you feel less than for your mistakes. Before forging this relationship, I was weary about how successful/helpful it would be, but trust me, she taught me things I didn’t even think I was prepared for at my age.”

Those are just a few of the testimonials I received from clients who made the investment in a one-on-one financial coach, ME! The thing is, it’s not always easy to recognize how bad your situation is. When you have a coach to guide you along the right path, you can do so much more than you imaged.

Just like you would hire a personal trainer to help you with your fitness, weight and health goals, you would hire a financial coach to help you with your money goals. If you can’t seem to get out of your situation, or your past efforts haven’t worked, schedule a free consultation with me. You may surprise yourself at how much progress you can make with the right person on your side!

Tool #5: Proper bank accounts

Some people think that a simple checking account is all they need when it comes to banking. NOT TRUE! At minimum, everyone should have one checking account and one savings account. Your checking account should never be used for saving, and your savings account should never be used for taking money out consistently.

When you are knowledgeable about the banking options available to you, you can leverage those options to get ahead financially. If you don’t make much money, it’s not wise to have a checking account that comes with fees or minimum balance requirements. If you have funds in savings that shouldn’t be touched, you can earn more interest with an online savings account.

Familiarize yourself with the options available to you. Do your research. Get the most bang for your buck. Proper bank accounts can help reduce financial stress and make sure you are taking advantage of the best banking options available to you.

Related: 10 Things to Do Now to Be Richer Next Year

 

If there are certain things that can make managing your finances easier, why wouldn’t you take advantage? Especially if those options didn’t require money! Actually, even if those things did require money, wouldn’t it be worth it? Financial stress is not pleasant and it can affect other areas of your life. Make your financial life easier by doing things that will help you get ahead! What tools do you implement to reduce money stress in your life? Have you tried any of the tools above? Leave a comment below to share!

-Raya
The CGS Team

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