Money Wisdom Series: Reducing Your Money Stress And Taking Control Of Your Finances

When you realize that you need to get more serious about saving for personal improvement, for emergency or for retirement; when or you realize that you are dealing with a troublesome interest rate on a loan , it’s important to recognize what’s causing your anxiety & stress. Write down your three biggest sources of financial stress so you know what you’re up against. Keeping the list short can help you feel less overwhelmed and strategize to dealing with it.

Your commitment and resolve to ensure you start some savings no matter how small or insignificant the amount is what would ignite the spirit within you to move forward and set you on the path of financial freedom. Get started now because it is never late in the day for anyone to take the step forward.

“How much you earn does not really matter but how well you manage what you earn is the most important path to secure a sound financial life”

GIVE IT A POSITIVE INTEREST

Your mindset is key in dealing with any financial challenges you may be facing and a positive mindset can help keep you motivated to fix your financial problems. Everyone at some point in time may go through some financial stress/difficulty but your resolve towards dealing with it is what is critical. Rather than get bogged down by thoughts of never getting out of the financial difficulty, imagine the amount of stress you feel decreasing as your problem load gets smaller and smaller. It’s important to believe you can do it.

BE REALISTIC

Determine what you can reasonably achieve and then dedicate yourself to following through each and every month. Make yourself a promise: “Each month I will reduce my expenditure and save towards personal improvement, emergency and retirement.” Just like a crash diet or intense new workout routine can lead to burnout, you don’t want to set overly ambitious financial goals that you may abandon in a few weeks or months. What is important is the commitment and consistence in your approach towards a sound financial life.

Being realistic in your goal setting is paramount and every financial goal you set must be reasonable and achievable. Saving 15% of your earnings or salary or income each month towards emergencies, personal improvement and retirement is important because this would get you on the path of financial freedom.

SMALL STEPS ARE KEY

You may not be able to reduce your expenditure by GHS X, but you may be able to make a commitment to save a % of GHS each month. Get it right by making the savings before you’re your expenditure. Forgive yourself if you slip up. Sticking to a budget is not always easy, and there may be days when your resolve falters. If that happens, remind yourself of how much you have to gain by reaching your goals. Then examine your spending patterns to see why you overspent. You may need to modify your budget or your behavior—if you can’t go into the mall or the beer bar stores without buying something, stop visiting them.

KEEP YOURSELF HONEST

Leaning on your relationships can help keep you on track. Every hard task becomes easier with the support of friends and family, so share your goals. There’s no one better to hold you accountable and remind you of what you’re sacrificing than those you love, trust and respect. You must be discipline and focus if you want to succeed financially.

©Jerry.J.Afolabi, unlike others is passionate about financial education, independence and financial freedom. He is approachable, provides one on one client engagement and genuinely interested in helping people to take control of their own finances.

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