how to improve your financial status

For many people , financial concerns are a regular source of anxiety, which

is understandable given the uncertainties of today’ s economy . It ’ s important to remember that worry doesn’ t solve much , but answering the question of how to overcome financial problems does .
The monetary benefits of dealing with financial problems — saving more , paying down expensive debt — will improve not just your bottom line but your overall mood as well. The less you worry about dealing with finances and money issues, the more you can enjoy life .
Here ’ s how to help reduce your money stress and get motivated to take control of your finances , according to bettermoneyhabits .bankofamerica .com.
Identify your stress points
Whether it ’s the realisation that you need to get more serious about saving for retirement or you are dealing with a troublesome account balance, it’ s important to recognise what is causing your anxiety . Write down your three biggest financial sources of stress so you know what you ’ re up against . Keeping the list short can help you feel less overwhelmed .
Give it a positive spin
Your mindset can help keep you motivated to fix your financial problems. Rather than get bogged down by thoughts of never getting out of debt , imagine the amount of stress you feel decreasing as your debt 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 spend less and put the difference toward my debt so my balance declines .” 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 .
Make the most of your income
The belief that you simply don’ t have enough money to put towards your goals can keep you from dealing with your financial problems. Try to focus on making the most of the income you do have by spending wisely . You may also consider using a calculator to see how long it may take you to hit a savings goal .
Small steps are key
You may not be able to cut any one expense by N5 ,000, but you may be able to identify five monthly expenditures you could reduce by N1, 000. 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 behaviour — if you can’ t go into sporting supply 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 what you ’ re sacrificing for than those you love , trust and respect .