According to CNBC, 73% of Americans find money to be their number one stressor. That’s a very high number and money is sadly something we can’t live without. We need it for everything, and when money is due for something, there is no leeway—especially if you want to build or maintain good credit. While it’s always a goal to be on top of our finances with a solid savings account, life happens, and we’re all bound to be in a pinch at some point in our lives. An unexpected medical bill, a burst pipe and squeaky brakes are just a few examples of unexpected payments that may wreak havoc on your wallet and your mental health.
If you’re currently stressing about money due to unexpected expenses or you want to start building your savings account, here are some tips and tricks:
1. Take Out a Small Loan
If you ever experience an unexpected expense, there are lending solutions available. You can take out a loan with the help of lending platforms, such as GetCash. Many think a loan is about taking out a large sum of money, but a loan doesn’t have to be for thousands of dollars. Some lenders will even loan you less than $1,000. Having filled out a secure online loan application, you’ll get matched with vetted lenders and get approved for anywhere between $100 and $5,000.
There are even lenders out there who will work with those that have bad credit. Regardless of your credit score, do your due diligence and make sure you read everything before you sign. You should also have a solid plan for how you’re going to pay it off to avoid high interest fees. The last thing you want to do is put yourself in the red even more.
2. Cancel Some Subscriptions
If you want to start building a savings, go through your subscriptions. It’s so easy these days to subscribe for a variety of services on our phones, TV’s, and computers. You could save well over $100/month if you just go through your recurring payments and cancel any subscription or service you rarely use. Examples include iPhone apps, TV streaming services, and coffee subscriptions. There are also a variety of services that exist that claim they’ll cancel your subscription for you.
3. Eat at Home
Going out to eat is always fun, and it’s very convenient to just UberEats, but it adds up. If you want to start saving money, try and eat at home as often as possible. Not only will you save a lot of money doing so, it’s healthier to do so.
4. Cancel Your Gym Membership and Workout Outside
With the weather starting to warm up, using the great outdoors as your gym is becoming easier. If you pay money each month to attend a gym or fitness boutique, consider canceling it for a bit. It’s been proven that spending time in nature is good for your mental health. If you have a membership that you love and do utilize, see if they offer account freezes. Taking a month or two off from a membership could be all you need to catch up on some bills.
5. Be Okay with Saying No to Your Friends
FOMO is real, but you don’t want it to mess up your finances. Going out with friends can get expensive—especially if the night out includes alcohol. Bars upcharge, so spending $8-$18 on a single drink these days is pretty standard. Even going to the movies is pricey. If you have a lively social life, it’s okay to say no to an invite every now and then. Depending on your relationship, you may even want to discuss your finances to see if they would be interested in coming to your place for a movie night instead. It can be uncomfortable to talk about money—especially with friends—but they may also be stressed about the cost of each outing as well. Not only is it way cheaper this way, having fun in the comfort of your own home is easy. Did somebody say “game night?!”
We hope these tips will help you relieve stress the next time you run into money issues. How do you relieve stress when caused by your financial situation? Let us know in the comments below: