As a means of exchange, money is highly entrenched in our lives and has become an integral part
of our day-to-day living.
Money is necessary for survival, and we use it to access almost everything; from food
and clothing to shelter and so much more.
Without money, one can easily come to a standstill.
Money affects our lives in numerous ways therefore, there is a natural tendency to worry about
it.
However, it is possible to avoid these feelings of worry by making a few changes which can
lead to financial security.
When it comes to money matters, a lot of discipline and focus are very important as managing money
is not the easiest thing to do.
In this regard, many people have fallen into money traps, and these usually result in unhealthy
amounts of stress.
The good news is that there are things we can do to help ourselves.
But before we explore these things, do give this video a thumbs up and subscribe if this
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1.Dont be too hard on yourself
Many times we feel like we are the cause of our problems and become fixated about what
we did wrong.
This causes us to lose sight of what we can do to resolve our money issues.
You may have spending problems which can get out of control and leave you in a really bad
money situation.
Unforeseen circumstances may also occur; for example, heavy medical bills may arise, you
may have serious car damages to repair or you may abruptly lose your job or source of
income.
This can leave you in a state of worry if not managed well.
Instead of worrying about what you cannot control, you need to take stock of your situation
and focus on what you can do to overcome it.
In a sober state of mind, contemplate what has brought you into the situation and consider
what you may be able to change in order to take steps towards recovery.
Avoid blaming yourself as this will only lead you into a deeper financial hole.
You have to be confident and determined that things will improve if you make the necessary
changes.
This will give you the confidence you need to progress.
2.
Identify a source of income
If for some reason you do not have a source of income, you need to figure out what you
can do to fix this.
You can apply for jobs relevant to your field of expertise or the area you have studied.
Use your networks and connections to get as many applications out there as possible.
Improving your knowledge and taking relevant courses to improve your skills can be an added
advantage.
Some people may not opt for employment but would rather run a business.
To get a business idea, you can assess yourself and find out what you love doing and what
your passions are.
You can also think about hobbies that can be turned into a business.
You don’t have to spend much to begin and if you nurture your business slowly and patiently,
you can expect an eventual reward.
Running your business will also help you learn and interact with more people which will eventually
create more opportunities for you.
Small startups which offer services such as deliveries, home or car cleaning services
and selling snacks or food may all be good starting points.
Starting something will initially leave you with no option but to get your hands dirty
as starting a business requires your full concentration.
3. Make a plan for your money
When money comes into your hands if you have not planned what to do with it you may eventually
put it in all the wrong places.
Without a sound budget and properly documented money goals, you will find it hard to allocate
your resources well.
Keep a record of your money, what comes in and what you spend.
What are your expenditures and are they really worth spending on?
So, you need to list what your expenses are and avoid any wasteful or unnecessary expenses
which will keep you from achieving your goals.
Set your goals wisely as the key objective is to be financially stable.
Your plan should include savings and investing some of your money in an interest earning
fund.
If you are someone who likes spending money uncontrollably, you will find that sticking
to your plan and learning how to be disciplined will help you out of a distressing money situation.
Initiate a system where you periodically review your money goals to see if they are working
for you and occasionally clean out unnecessary expenditures.
As a rule, you should always bear in mind that spending more than you earn will result
in financial problems.
Living within your means will increase your confidence as you will find that you are now
in control and on your way to recovery, having less to worry about.
4.
Ask yourself if you really need a credit card
I always say that credit cards are both good and bad.
It all depends on how we use them.
There are some rewards that come with a credit card like gaining points which can be monetized
every time you make a purchase in selected stores and outlets.
The extra dollars received will enable you to buy more.
Another advantage is that the card allows you to buy and pay later depending on your
credit terms.
This is helpful as you can still make a purchase with no funds.
On the other hand, some credit cards charge high-interest rates especially when you skip
monthly payments.
This may accumulate into large sums of money with time and get you entangled in a dire
financial situation that can be quite worrying.
If you know for sure that you cannot be disciplined with a credit card you need to ask yourself
if you really need one and if it is worth the pain.
You may need to reconsider acquiring one if you are recovering from a financial situation
and you may opt to get one only when you are sure you can manage it well.
A credit card can be very enticing and can make life convenient, but you must ensure
that obtaining one will not lead you into a financial grave.
5.
Save money
Instead of using all your income, you should save for emergencies and other eventualities.
There are many money funds and investment banks that offer good interest rates that
can serve as rewarding investment avenues.
So long as you identify the legitimate and credible partners to invest with, you are
assured of your money’s security as well as its growth.
With time, especially when you invest long term, you will have increased your money greatly
through compounding.
This offers you security and keeps you from worrying about money.
To make the best out of this, keep increasing your savings or investments to earn more.
You can do this by having many streams of income through jobs or businesses that you
run or through any other means available to you.
Saving also requires discipline and focus, and should be part of the financial goals
that you are pursuing for it to be relevant and helpful to you.
Save wisely and avoid unscrupulous bodies that could easily drown your hard-earned cash.
Do your research and use your networks to identify the best options that will yield
results.
6.
Plan for retirement
Who doesn't want to have a money stress free retirement?
I guess everybody wants to spend their old age in peace without the hassles of worrying
about money.
At this point in life, most people are not in a position to work for money because of
age and other related factors.
Planning for retirement can start as early as your first paycheck.
In fact, it’s actually safer than assuming you can start later as you have so much time.
When you start saving for retirement in your youth, the compounding effect and interest
earned over the years will be staggering.
This will ensure that you don't have to worry about money even when you cannot work for
it.
There are many good retirement schemes that you can invest in where your money will be
safe.
I always say that the best time to enjoy life is when you have retired.
Consider that all your children are grown up and can take care of themselves and you
have no one to take care of except yourself and your basic needs, passions and hobbies.
This is enough to motivate anybody to start saving for their retirement early so that
they can enjoy abundance in their old age.
Money stress in old age can be very devastating and should be avoided at all costs.
You will also be in a position to help others who may have not made the appropriate retirement
plans.
7.
Place your focus on what you can control
There are things in life that are totally out of our control and sometimes planning
for them can be nearly impossible no matter how hard we try.
For example, you don't know when you can get into an accident and end up in the hospital
for months with a hefty bill, or if a landslide will sweep your house down a slope and you’ll
end up homeless.
These are some of the inconvenient, unpredictable occurrences which can cause significant financial
stress and worries.
Realistically, we simply have no control or say, to prevent ourselves from worrying, it
makes sense to pay attention to the financial aspects we are aware of and can control.
What you know about your money may include how much you receive from your job, what you
get from dividends, commissions, side hustles, your bills and payment deadlines.
With this information properly recorded, you will
be able to control your spending and pay your bills.
8.
Get a mentor Financial stress can have a great impact and
cause one to become immobile, stagnant or dazed if one is unable to deal with one’s
situation.
If you find yourself experiencing financial stress, you should feel free to seek help
from either a health professional or a mentor.
They are able to help you move forward as they have a lot of experience.
In recent times, there have been many people dealing with financial stress and the health
professionals have dealt with many cases which they can share to show you that you are not
alone and help you through it all.
We all need to take charge of our lives instead of wallowing in worry and fear.
Incidentally, it is easier at times to succumb to defeat and negative circumstances around
you.
Never forget that with focus and determination, you can rise up and overcome your worries.
Planning early and setting goals that suit your financial factors go a long way in keeping
you secure.
It is important to note that every person experiences some form of financial worry from
time to time.
That’s all for today, thank you for watching!
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