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5 Unique Ways to Eliminate Fears and Doubts Regarding Your Finances

Jenna Taubel

Jenna Taubel About The Author

Apr 17, 2018 6:19:00 AM

 If your finances are a regular source of stress and anxiety, you are not alone. Some people avoid paying bills until the last minute because of the overwhelming concern that this task involves. Other people experience extreme stress when they pull out a debit card to pay for groceries because they are not sure if they have enough money available in their account to do so. 

When these or other similar types of fears and anxieties plague your life, you understandably need to find a way to improve the situation. The best way to accomplish this is to make focused efforts to manage your finances more intelligently, and these tips can help you in this area.

Save Money Regularly

If you stress about potentially running out of money, this is a sign that you may not have enough money in your savings account. A savings account is a type of emergency or backup plan that you can reach for when your expenses exceed your available funds in a checking account. When you save even $25 or $50 per month regularly, you will gradually increase your comfort level because you will have an increasing amount of reserve cash on hand.

Live Within Your Means

Another common cause of financial stress and fear is living beyond your means or right up to the edge of your means. When you live in this manner, you likely are saving very little regularly. You also increase the chance that you may have to turn to credit cards just to make ends meet when even the smallest extra expense arises. Review an accurate, detailed budget today to look for ways to save. Many people are pleasantly surprised that they can reduce costs by several hundred dollars per month or more with a little effort.

Invest Wisely

Once you have a healthy savings account balance, you should continue to sock money away. Investing allows your money to grow at a faster rate for you potentially. According to Fidelis CPA, “whether you need advice on tax advantaged ways to save for your children’s education, or more complex issues, thoughtful planning from a trusted partner is a must.” When you invest regularly, your nest egg likely will increase in value. This increase can provide you with financial security as well as with peace of mind that you may be able to retire comfortably when the time comes to do so.

Avoid Credit Card Debt

Credit cards can give you a source of immediate comfort because they give you a way to pay for extra expenses as needed. However, as you see your credit card balance and monthly payment amount increasing, negative feelings about credit cards quickly develop and build. Credit cards cost money in the form of regular interest charges, late fees, and annual fees. These are all expenses that can be eliminated from your life if you avoid credit card debt.

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Hire a CPA

Taxes are also a cause of anxiety for many people. You may worry about not preparing your taxes potentially and adequately facing fines or being audited. You may also be concerned that you are paying more than necessary for taxes. According to Christi Bender CPA, “you need to stop being confused and start understanding what impacts you and what you can do about it.”

As you can see, professional help from a CPA is smart. With tax help from a pro, you can ease your mind about all of your tax concerns.

Getting control of your finances can seem elusive and impossible. However, with progress in each of these areas, you may feel the fear and stress associated with personal finances evaporate in the weeks and months ahead.

We do our best to provide helpful information but we cannot guarantee the accuracy or completeness of the information presented in the article, under no circumstance does the information provided constitute legal advice. You are responsible for independently verifying the information if you intend to use it in any way. Additionally, the content is not intended to be reflective of First Alliance Credit Union’s products or services, for accurate and complete details about our product and service information you must speak to an advisor at First Alliance Credit Union.