The American Psychological Association has found that finances remain one of our top stressors. And as we know, money impacts every aspect of life. This is especially true if you happen to carry a debt burden. It can be like a ball and chain attached you your leg. You just cannot get away from it. It’s on your mind all of the time. You go to bed thinking about it and wake up thinking about it.
Fortunately, this doesn’t have to be the case. Here are a few ideas for taking control of your money and finding peace.
It’s important to start by setting goals in the important areas of life. What are your your goals and dreams, and how much will it cost to achieve them? If the goals are important enough, you’ll find that you’ll be inspired and willing to take the necessary steps to achieve them.
Effectively managing money will require discipline in a culture where we are inundated with messages aimed at getting us to spend our hard earned income on things often aren’t considered essential. Being disciplined allows you to be in control as you slow down and think before taking action.
One way to exercise discipline is to develop and stick to a budget. This is often easier said than done. However, when done well, it can lead to having more control of your money. It’ll also pay tremendous dividends today and over the long-term.
Budgeting well can result in having extra money that can and should be saved for your goals. The best way to save is to automate by having your money directed to the proper places before you even receive it.
It can be helpful to have someone hold you accountable on the journey of freeing your mind by controlling your money. Identify a trusted family or friend and ask them to support you. You can also reach out to a financial advisor, who is a fiduciary. This is a person, who is objective and will make it a priority to have your best interest at heart. They can support you in developing a plan to achieve your goals and dreams. It can be encouraging to know that you are not alone.
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This content is developed from sources believed to be providing accurate information and provided by Kelly Financial Planning. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.