Money is perhaps the number one stressor of all time. In fact, CNN Money says that 72 percent of adults report being stressed about money and that 90 percent of those reporting stress say it’s worsened in the last few years. The economy is much better than it has been, but there are still economic fears overhead that make it difficult to relax.
Stress is a serious mental health issue that can have a strong impact on your physical health. Studies show that when people feel stressed for a prolonged period, they’re more likely to develop heart disease, diabetes, obesity, cancer, and a number of other life-altering illnesses.
To improve you mental health and get your finances in order, here are some tips for better handling money.
- Improve Your Credit Score
Your credit score has an impact on anything you do. It will affect your ability to take out loans, qualify for low health and auto insurance, and more. Of course, you could always decide to look for direct debit car insurance quotes or something of the like, as these types of plans will be able to take some of the strain away from your financial situation. However, this might not be a forever option, which is why you need to make a change, and it can all start with your credit score. If you have poor credit, which is pretty much anything under 700, it’s important to repair it.
Repairing your credit takes time, although there are some services that can speed up the process like checking for errors or negotiating with creditors. Ultimately, the best way to improve your credit is making on-time payments for a lengthy time period. Try automating payments through your financial institution to ensure on-time payments. It will take a few years, but you’ll be in a much better financial place in the end.
- Find a Workable Budget
You know that a budget is supposedly meant to help you stay on track with your finances, but if you’ve never found a budget that works well for your situation, you won’t understand the truth of that statement.
There are dozens of budgeting apps and programs out there. Do a little research. Whether you end up doing the envelope method or using the free budgeting app Mint, finding a budget that you enjoy and that’s easy for you will help you stay on track.
- Increase Your 401(k) Savings
If you’re like most Americans, you’re worried about retirement. Unfortunately, one in three Americans reportedly have no retirement savings. If you haven’t started a 401(k) or similar retirement fund, do so now and put in the maximum contribution each month.
If you have a 401(k), increase your contributions. Oftentimes, your employer will match your contributions, and you’ll be able to maximize your earning potential. If you want financial peace, making sure you have enough savings at the end of your life is vital.
Don’t live the rest of your life stressed that you won’t be able to live comfortably and financially stable. These are just three small, but highly impactful ways that you can reduce your financial burden and become less stressed as a direct result. Investing time into your financial health will set you up for a lifetime of prosperity.