5 Ways to Deal With Financial Stress

These are tough times, particularly for homeowners. Maybe you’re facing a job loss, or perhaps the COVID-19 pandemic has created other financial pressures. If you’re feeling a little stretched, take a deep breath, and consider the specific steps you can take to cope with financial stress.

5 Strategies for Dealing With Financial Stress

From creating (and sticking to!) a budget to developing an emergency fund, here are five concrete ways to start getting your finances under control and easing your stress.

1. Develop a Budget That Accounts for COVID-19 Expenses

When it comes to personal finances, a surprising number of homeowners just wing it. That can be stressful because you never have a clear understanding of how much money you have coming in, how much you’re spending, and how those two numbers match up. Too often, those numbers don’t match up and you end up spending more than you’re bringing in. Developing a household budget and sticking to it means you never have to wonder if you have enough money.

2. Write Down Everything You Spend

If you really want to get a handle on your spending and your cash flow, a great thing to do is start writing down everything you spend in a journal. Doing this for about a month will shine a light on exactly where your money is going. Most homeowners who try this almost immediately find several ways to pare down their monthly spending.

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