- Date : 23/10/2019
- Read: 3 mins
As a woman, financial stress can stem from a myriad of problems. Here are a few tips to help you budget better as you dismiss negative thoughts related to financial crunches.
Studies show that men and women manage money differently. While that statement might differ from household to household, two facts remain constant. Statistically, it has been observed that women stress more than men. The second fact is that most of the times, the cause of this stress is money-related. As a woman, if the topic of money gives you cold feet, you need to reexamine your current financial situation.
Financial anxiety can deplete both self-worth and competency. Especially if you are the sole breadwinner of the family, the expense of raising children and managing a household can leave you sleepless. So take a step back as we help you tackle your today and secure your tomorrow:
1. Review Your Budget
If money matters are leaving you feeling frantic, it often means that your personal budget is amiss. You could be spending more on futile products and not accounting for your purchases. Go over your monthly bills to match your expenditure. Cut down on items that don’t fit the bill of necessities till you creep out of the black hole called ‘debt’. Try to pay off loans and stick to the monthly budget you have made. This will reinstate your peace of mind.
2. Educate Yourself
When it comes to handling money, ignorance is never bliss. Financial mismanagement can lead to anxiety. Stop being embarrassed about your money-related decisions and start educating yourself financially first. Take classes on budget management, learn about
lucrative mutual fund returns, use a retirement planning calculator to estimate your savings goals for a financially healthier tomorrow.
Combating the fear of the unknown by educating yourself about money matters can significantly reduce stress.
3. Get Professional Help
Making an appointment with an expert financial advisor will reinstate the faith that you’re on a path headed towards financial security. These experienced advisors can help you with all kinds of financial matters. These include saving through short-term mutual funds , retirement planning, or just getting you through the month stress-free. Consider them as counsellors but for money. With a more strategic long-term financial plan, you will be able to get sound sleep at night knowing both your today and tomorrow are secure.
4. Set Up An Emergency Fund
Life is full of uncertainties, and often it is the fear of unknown events that leave us feeling anxious about our financial future. Unforeseen events like the demise of a partner, natural disasters, illnesses or even loss of a job can paralyse your perfectly planned out budget.
So set up an emergency fund and contribute to it every month from your earnings. Knowing you have money set aside for contingencies will calm your nerves.
5. Assess Your Progress
At the end of each month, find both negative and positive aspects of your financial situation by tracking your progress. While it will not contribute to your saving goals, knowing you are on the path to achieving financial security can help alleviate stress.
Your worries are not going to magically disappear if you constantly stress about money. Instead, learn to calm your fears and make proactive financial decisions that boost both confidence and control.
Focusing on the issue of women’s mental health is incredibly pertinent in reducing financial anxiety prevalent in women.