When it comes to everyday stressors, money and finances are near the top of the list. According to one recent survey by the American Psychological Association, 72 percent of Americans reported feeling money-related stress in the previous month. While no two people have the same relationship with money and finances, there are a few things that can help reduce the stress you may feel about how much money you have and how you save and spend it. Here are 3 top pointers that financial experts often pass along to their clients.
Pay down debt as soon as you can.
Everyone’s financial situation is different, but one thing is seemingly universal: carrying debt can be very stressful. So, financial experts recommend that you get on top of your loans, credit card debt, and any other bills you may owe as soon as you are able to. This is especially true if you have high-interest rates attached to your debt, which can cause you to ultimately pay way more than you may have initially taken out in loans or spent on your credit card.
Plan your budget and spending.
It sounds simple, but it’s one of the first things people overlook when using their money: formulating a budget and planning their spending, instead of simply forking over whatever the required cost of something is at any given time. Knowing how you are spending your money and tweaking it so that it best benefits your income, is crucial. So is planning for long-term financial goals, like sending a child to college, or retiring with a comfortable stash of cash.
Increase your retirement savings.
Speaking of retirement, do you know how much you have saved up, and how much further you need to go? Whether you enjoy a more lavish lifestyle or require only the bare necessities to get by happily, determining how much you should save to accommodate your desired lifestyle is very important. The second most important thing is increasing your retirement savings, if possible. Take it from top financial experts: it never hurts to have more than enough money to meet your needs in your back pocket.
Staying on top of your personal and professional life can be a challenge. At McDermott 55 Apartments in Plano, Texas, we hope to make your daily routine a bit easier with tips and tricks that can be applied to every aspect of life.