Smart Ways to Stop Stressing About Money | Cleveland Bradley County Teachers Federal Credit Union

Though money is certainly a useful tool for living in our society, money stress is a real affliction that impacts many people, regardless of how much they make. Even for higher earners, costs can be a source of stress as living expenses tend to rise to meet income.

For most people, money can be a major source of stress. Between paying back debts, managing monthly expenses and allocating paychecks, there is a lot to worry about.

While these are all very real concerns, stress can be rather unhealthy and make it harder to make smart decisions. Fortunately, we have some tips to help!

Helpful Tips to Reduce Money Stress

Take a look at your transactions. While understanding how much you spend each month may feel like the last thing you want to do, it can actually be an extremely helpful exercise. Over half of Americans are not aware of how much money they are spending, and this ignorance can lead to serious worries. Examine your bank and credit card statements to face your spending head-on, and use this time to audit any unused subscriptions or other areas where you can cut back.

Consolidate your accounts. If you have multiple, old accounts, this may be a source of stress too. If your money is spread out and you are not sure what should be going where, that can make it difficult to feel on top of your game. Consider opening a single checking account and a single savings account to start so you can begin to get a handle on what you have available to you.

Make a list of priorities. When feeling overwhelmed, not knowing what to do can be every bit as stressful as the issue you are facing. Make a list of your financial priorities so you can start to figure out where to begin. Whether you are aiming to pay down debt, save for retirement or have another goal entirely, having an end number in mind can help you figure out what steps you need to take to get where you want to be.

If you are ready to take charge of your money, we are here to help! Contact us today for information on the accounts we offer.