Continuing with our Money and Mental Health theme this April, this weeks blog post looks at how you can manage your money stress.
Financial stress and worry is something we all experience at one point or another throughout the year. Last week we identified what the potential signs of money stress are so that you can be aware of looking after your mental health. However, knowing the signs of money stress is only the first step, knowing how to manage these feelings is key to overcoming these negative emotions.
Read on to see our top three ways for managing money stress, or scroll to the bottom for a video guide!
1) Create a Clear Budget
Money stress can stem from not knowing how much you have to live on each month. By creating a budget you can be clear on how much disposable income you have. This helps you prioritise your spending and gives you greater clarity on your finances.
2) Set Mini Money Goals
By setting mini money goals you can motivate yourself to manage your money better and reduce your money stress as a result. For example, break down a bigger savings goal into smaller targets. These mini targets are also great to keep you on track and reduce stress surrounding your finances.
A sinking fund is a great method to break down a larger savings goal and help put into perspective the time-scale needed to save for your large purchase. By identifying a time frame you have less uncertainty about when, or how, you will pay. You can find out more about this method here.
3) Ask for Help
If you need help or advice with your money stress, don't be afraid or embarrassed to ask for it. It is so important to open up about your money worries with friends, family or even helplines if you need support. There are many people and resources that can support your financial journey.
Managing your money stress and good mental health are closely linked, so you cannot focus on one without the other.
As a prepaid card provider we feel it is important to equip our users with the skills and tool to manage their finances in a way that works best for them. Knowing how to manage the stresses associated with managing your money is an important part of that, so we hope this blog post has been useful.
Remember, with the ImageNPay app you can budget your finances to help you minimise money stress in your life.
With a £120 monthly spend cap on our standard plan, our digital prepaid card can help you stay within your budgets monthly limit. You can download for FREE on iOS in the UK.
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Next Week - How to Open up About Money Stress