Overcome Financial Stress: 7 Effective Strategies

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Rising prices on items you need every day, such as food and fuel, have many people facing intense financial stress. Knowing you’re not alone may not be of great comfort; stressed-out family members, friends, and co-workers may not be helpful now. However, there are actions you can take, all on your own, to lower the pressures you face.

1. Inventory What You Have

Many people find rising grocery prices a source of anxiety. Before you shop, stop. Go through your cupboards. Do you have pasta or rice? Are there canned goods you can use to create a few meals? Build your grocery list and meal plan around your resources.

2. Do a No Spend

No spending days and weekends make money management simple. Is there an item you want? Put that on your wish list. Is there an item you need? If you need it today, buy it. Implementing no-spending days and weekends frees up a lot of time; if you used to shop for entertainment on your days off, stay home and save fuel. Keep inventorying what you have.

3. Track Your Spending

Write down what you spend and store your receipts inside the notebook. Review the receipts once a week. Do you have any regrets? Mark those items with a red pen. This action will help you remember what not to buy in the future.

4. Build a Budget

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Use the information from your tracking process to build a budget. List your payments, such as rent and insurance, and create an estimate of the cost of your consumables. Talk to cellphone and internet providers to try to lower those payments.

5. Start a Savings Account

Set up a savings account with no debit card. Route a small portion of your income, or the money from a second job, into this account. Simply ignore it. If you’ve been stuck feeling broke, this account can help you prove to yourself that you can save.

6. Start a Side Hustle or Second Job

If you need money immediately, look for a second job. Get a gig at a store where you regularly shop for employee discounts. Work at a restaurant for free food. If you have a bit more time, take your current skills and build a freelance gig. Be prepared to put in some time before it pays off.

7. Choose and Celebrate Temporary Hardships

What’s a simple hardship you can undertake? Can you eat oatmeal for breakfast every day for a week to build up your grocery budget? Can you pack your lunch to work every day for a month instead of going out with co-workers? Use these funds to invest in tools for other frugal activities and hobbies.

Learning to be a better money manager is a slow process. Build frugal skills over time to help you get the most from every purchase you make. It might seem like a daunting task at first, but saving just a few dollars each week will have a large impact on over time.