Common money fears and how to overcome them

If you’ve ever worried about your financial status and are stressed about coming up with cash, take solace in the fact that you are not alone. A recent survey by CNBC reported that over half of all Americans lose sleep at night over financial worries. Here are a few of those common fears, and how you can work to overcome them.

Living paycheck to paycheck
One of the most common money concerns most Americans have today is living paycheck to paycheck. Despite how hard most of us work, more often than not it feels as though we’ll never get ahead. It can be very difficult to enjoy life outside of the workplace when there isn’t a lot of extra money. To combat this money stressor, it is recommended that individuals sit down and physically write out a solid spending plan, including expenses as well as savings and debt payoff. Secondly, look for ways to cut costs, even in the smallest possible ways. Cancel that gym membership when the weather is nice and you can exercise outdoors. Cut your television package if you primarily use Netflix. Small changes can add up and will help you to be able to stash away money for your emergency fund.

Saving for retirement
Many of us live in the moment and because retirement is so far away, it’s hard to fathom dealing with what seems like the distant future. Many Americans even feel as though they won’t ever be able to retire, and for that reason put little to no concern in saving up. The reality is, preparing for retirement does not have to be a complicated process. Take advantage of your organization’s retirement plan or if one is not available through your company, consider setting up and contributing automatically to an IRA. Start out with small amounts and as you (hopefully) make more money over time, up your contribution amount until you hit your comfort level.

Getting control of debt
When you’re faced with large amounts of debt, it seems like you’ll never catch up and get it under control. Many even believe they’ll never be debt-free. The fact is that there are certain things you can do to take a chunk out of your personal debt. First, closely examine how much you owe and how much you’ve been paying. Then, you can more easily determine your best repayment strategy. Start with smaller debts to get you motivated and once those are under control, turn to those with higher interest rates.

 

Wendy Moody

Wendy Moody

Wendy Moody is a Senior Editor with CUInsight.com. Wendy works with the editorial team to help edit the content including current news, press releases, jobs and events. She keeps ... Web: www.cuinsight.com Details