Five steps you can take to reduce financial anxiety
Inflation is the number one cause of financial worry
(InvestigateTV) — More than 50% of Americans are stressed out by their finances, according to a recent Bankrate study.
Danetha Doe, founder of the website Money & Mimosas, said to ease anxiety about finances, consider setting up weekly money dates.
These dates, Doe said, consist of five steps that will help you review your finances, goals and take a moment to celebrate what you’ve accomplished the week before.
Step One: Did I pay myself first this week? That could be shifting income into savings account or putting money into an investment account.
Step Two: Reflect on how much was spent the last week and where it went. Think about the spending pattern and any changes you might want or need to make.
Step Three: Reflect on investments. Review 401(k) plans or retirement accounts and any other investments, including small or home-based businesses.
Step Four: Look over debt plans and bills that need to be paid this week.
Step five: Pick one weekly accomplishment to celebrate. This celebration could be financially related or just wins in life.
Doe said having weekly money dates should eventually change people’s perspective about money and help them feel more empowered about their budget.
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