Struggling Financially? How to Not Stress About Money
March 11, 2021 | Louis Tully
We all face financial struggles, so the question of how to not stress about money is always a hot topic. The truth is, there’s no good answer. You’ll likely keep stressing about money as long as you keep struggling. So, the real answer you need is not just how to not stress about money, but how to cut down on financial struggles to ease your worry. And for immediate financial relief, we show you how a payday loan could help.
Be Proactive To Learn How To Not Stress About Money
1. Start Budgeting
Budget is the best money-management tool around. It lets you keep track of where your money is going, keep track of your financial obligations, and stop you from overspending.
If you wish to learn how to not stress about money, the first thing you need to do is take care of inescapable financial obligations, as they are likely to be the primary source of your stress.
2. Start Saving for Emergencies
…unless you get hit by an emergency.
Having 6 months’ worth of your expenses saved up (that’s how much should be in your emergency fund, according to most financial experts), could do wonders for you on your journey of figuring out how to not stress about money.
It’s a security blanket that will cover your needs, even in the worst-case scenario. At least for a considerable period of time.
3. Utilize Sinking Funds
Having separate funds for large necessary expenses will help you keep peace of mind and not stress about money when push comes to shove.
Things like scheduled doctor’s visits you know you shouldn’t skip (like visiting a dentist every 6 months), car maintenance fund, holiday fund are all things you’d have an easier time saving for little by little, instead of scrambling to come up with money when push comes to shove. After all, spending $300 on Christmas is much easier and less stress-inducing when that money comes from a fund you’ve been saving $30 a month for over the course of an entire year, instead of one single paycheck.
4. Make Plans for Retirement
If you’ve figured out how to not stress about money short-term, doesn’t mean you won’t be stressing about it long-term – unless you make long-term plans.
If your emergency fund is in place, then it’s time for you to come up with a retirement plan, so that you know that not only is your present taken care of – but also your future.
Ideally, you should be able to max out your 401k (never say no to free money from your employers if they contribute – even when you’re paying off your debt), and invest between 15-20% of your income.
What Do I Do In An Emergency, If An Emergency Fund Isn’t Set Up?
Answering the how to not stress about money question becomes infinitely harder when you’re facing a financial problem with no security blanket. This is not something you can fix with meditation and soothing tea.
What you can do is, again, be methodical – consider all the aspects of the emergency: is it time-sensitive? Could you handle it if you only re-adjusted your budget? How much extra money do you need, and how fast?
If your emergency is time-sensitive, which is often the case, then you might want to get a short-term loan, like a payday loan, to deal with it swiftly, and ensure it won’t escalate.
What Makes Payday Loans An Optimal Option?
Payday loans are easy to apply for, accessible for most people, and hard to abuse as the small amount makes it hard to “over-borrow”.
As long as you’re over 18 years old and have some sort of income, you’re likely eligible for payday loans, as your credit history won’t be checked (you can apply for payday loans even if your score is bad or nonexistent altogether), and any kind of income will be accommodated.
And, last but not least – you get the money if approved for a payday loan, which can be crucial in an emergency.
How Do I Apply For A Payday Loan?
Applying for payday loans is easy. So easy that you can do it entirely online or over the phone, never having to leave the comfort of your home. Here’s how:
- Go to the website and fill out the online form.
- Answer when the loan representative calls you.
- Provide the loan representative with your government-issued ID, your most recent pay stub, and a blank check from an active checking account in your name.
- Get approved after they assess everything – and get the cash.
The entire process takes, on average, around 30 to 45 minutes.
Even if you are struggling financially, let us help you with how to not stress about money. It will make your life a whole lot easier. And if you need a hand, let Idaho Title Loans know. With the fast cash payday loans we offer you can get back on track with your finances in no time at all.