Working at Beyond Finance allows me to have a positive impact on the “financial wellness” of hard-working people nationwide. Many of our clients have experienced challenging life circumstances. When you compound the pressure created by these challenges with the reality of not having enough money to deal with them, it can feel like the weight of the world is on your shoulders.
Having a financial plan of protection can help in more ways than just your pocketbook.
Having a plan for your money is essential for your financial health but can also tremendously impact your mental health. Being hit with unforeseen money emergencies can lead to stress and anxiety. The link between financial wellness and mental health is undeniable, but having a financial plan could protect you from the additional stress caused by the economic impact of life’s setbacks…
It’s time to plan for your financial wellness, and here are six ways how.
Live with Less
Instead of making decisions impulsively, plan for those moments in the future. If you make a small sacrifice now to put some money away, you usually don’t get those large surprises later.
Use the Force
Financial wellness requires budget planning and a little Jedi Mind Trick. If you know your monthly take-home pay is $3,500. Don’t make that your budget. Living off what your exact take-home pay often makes people feel like life is more “paycheck to paycheck.” Make your budget 10% to 15% less, and now you have money for savings. This tactic will help you establish discipline and will not let you down. (Or, as Yoda would say, “Let you down, it will not.”)
Know the Score
Beyond Finance is a strong proponent of knowing your credit score. That number is significant because it shows how “trustworthy” you are to a bank. The higher the score, the more likely they will give you a loan or a credit card. Our clients are working on their credit scores while they go through our debt resolution program. You can do it too! (It’s also free.)
Do the Hustle
Do you have a hobby or passion? If so, you can make some extra money and plan your finances. Having a “side hustle” can be a great way to earn income that can go towards entertainment, vacations, or to provide some cushion in your savings.
Fight the Fees
Late fees create a needless struggle for those working out of debt. You won’t have to worry about playing catch up if you pay your credit card bills, utility bills, car notes, and mortgage payments on time. Mark due dates in your smartphone calendar to help remind you when to pay specific bills. Auto debits help as well. Allow reminders to fight for you so fees don’t fight back.
Ask for Help
This is crucial to your financial stress–you can ask for help whenever necessary. Maybe a friend or family member doesn’t have the same money problems. How do they do it? If you don’t want to ask people, the Internet is full of resources for financial literacy–including our excellent blog.
You are not alone. Credit card debt can be overwhelming if you can only pay minimal amounts. Personal consolidation loans help reduce payments, but what if your credit score needs help too? Banks may not loan you the money. Nevertheless, don’t let anyone tell you that “bankruptcy is the only answer.” If that were true, Beyond Finance would not have clients working diligently to put their financial worries behind them.
If you don’t know how to plan or are so consumed with debt collection calls that you don’t know where to turn, there is help. Call us. That could be the first step in a new plan for your future financial wellness.