Finance News

Tips to Avoid Financial Stress

Tips to Avoid Financial Stress Author: Carissa Chan One of the many common causes of stress is finance mismanagement. Increasing food and energy costs and never ending debt repayments are among some of the most common factors that contribute to the day-to-day stress of life. Working to minimise financial stress can help you avoid the anxiety – and sometimes depression – associated with not being able to make ends meet. Here are a few tips to better manage finances and avoid financial stress:
  • Evaluate spending
It is important to understand your spending so you can better plan and manage your money. This could be as simple as listing expenses and categorising these items. From there, one could rank, prioritise, and categorise them under discretionary and/or choice expenses.
  • Utilise multiple accounts for money management
This is a very straightforward method. Set up multiple accounts, each for different expenses. By directing sufficient funds to cover each expense into each account, you will be able to meet fixed expenses and not overspend on unnecessary items.
  • Be prepared for “What if”
Unexpected expenses can be a headache if you do not have the savings to pay for them. Medical costs, being temporarily unable to work or unexpectedly out of work are all scenarios that can sneak up on us. If this should happen, the right insurance is a powerful tool to make sure you are protecting yourself and your loved ones from undue, and unexpected, financial burden.   For anyone who is struggling to stay on track with finances and is finding themselves stressing about money management, consider consulting one of our accredited financial advisers for assistance.             General Advice Disclosure: This document contains information that is general in nature. It does not take into account the objectives, financial situation or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. If you decide to purchase or vary a financial product, your financial adviser, AMP Financial Planning and other companies within the AMP Group may receive fees and other benefits. The fees will be a dollar amount and/or a percentage of either the premium you pay or the value of your investment. Please contact us if you want more information.

ASCK Pty Ltd (ACN 105 450 566), trading as AMEGA Financial Solutions is an Authorised Representative and Credit Representative of AMP Financial Planning Pty Limited Australian Financial Services Licensee and Australian Credit Licensee 232 706. General advice warning: This website contains general information only. It does not take into account your objectives, financial situation or needs. Please consider the appropriateness of the information in light of your personal circumstances.

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