Stress and anxiety can cause you financial burdens, financial burdens can cause you stress and anxiety, how do you stop the cycle and regai...
Stress and anxiety can cause you financial burdens, financial burdens can cause you stress and anxiety, how do you stop the cycle and regain control of your financial situation? There are many answers, but one is technology. So many tech companies are now making the basics easy, and accessible, so even the most anxious, or least tech skilled person can find relief when it comes to getting comfortable with their personal finances and the relationship they have with money in general. Let us look at how technology can assist us over three common categories, debts, investments, and daily budgeting.
Research and Connections
Personal debt can have many faces, mortgage, credit cards, car loans, student debt, they are all common and technology can lend a hand in managing paying them down. Use your smartphone to research options for refinancing student loans with a private lender to save money off your monthly expenses. Once you have learned about your options, it’s likely that the lender you select for refinancing will have an app for you to manage your payments, and potentially customer service options within the app that are quicker to access than traditional methods. Freeing up money each month by refinancing your student loans will take some of the pressure off your overall budget and give you an opportunity to allocate that money elsewhere, creating even more financial reassurance for yourself.
Entry Level Investing
Sitting in a room full of people discussing their stocks and investments and all the ways their money grows, seemingly without any effort on their part, and not understanding what anyone is talking about, but feeling like you should, is an unsettling feeling. Learning how to make your savings work for you used to have to happen inside the office of a financial planner, and used to take a nest egg of cash to get your going, but those days are becoming a thing of the past. There are programs and apps now that make entry-level investing approachable. Automation apps can even make investing effortless but simply taking the spare change from your everyday spending and automatically adding it to your investments. You will not miss the pennies, but down the line, you will love to have the dollars they earn.
Day to Day Spending and Saving
If you do not already have a budget, creating one is going to help you to break away from a paycheck to paycheck lifestyle, and develop patterns and consistency surrounding your financial decisions that will lend themselves to less stress about how you are going to make it all work. Start by spending one month using a simple app to track your spending, and record everything. This is going to show you your existing habits, and where all your money goes each month. After you have that information you can begin to see where cutbacks can be made, and how things can be moved around to allocate more money towards the budget categories you have deemed most important. Many people think budgets are limiting but they have the opposite effect in most cases. You can also use your smartphone to remind you to make reoccurring payments each month and to go paperless making your financial documents more accessible. Using technology to consolidate steps in your financial plan will be a great asset in your overall goal of building a healthy and manageable relationship with money.