Throughout life, my family has taught me the importance of investing in myself, my future and my finances. Budgeting comes second nature to me because it’s an important concept that I was taught at an early age. I believe it’s never too late to start gaining knowledge that’s needed to plan for later in your life. Financial stress could potentially happen to any of us, but it’s important to plan for potential setbacks.
So, how does a person try to avoid financial stress? First, have a plan. Whether your plan includes details for a month from now, 5 years or 10 years from now, map out a solid plan of life goals and the finances that will be needed in order to obtain those specific goals. Second, have an emergency fund in place should an unforseeable event happen that causes you to be out of work. Whether it be a layoff, sickness, family emergency or a life event-always do your best to have a plan in place should unexpected life events happen.
Financial stress often takes a physical toll on our bodies. Worry and stress cause migraines, depression and other chronic conditions that can be a detriment to your health. The American Psychological Association says, “Stress about money and finances appears to have a significant impact on many Americans’ lives. Some are putting their health-care needs on hold because of financial concerns. Nearly 1 in 5 Americans say that they have either considered skipping (9 percent) or skipped (12 percent) going to a doctor when they needed health care because of financial concerns. Stress about money also affects relationships: Almost a third of adults with partners (31 percent) report that money is a major source of conflict in their relationships.”
Developing a lifestyle that incorporates less stress about your finances may be difficult at first, but it’s definitely beneficial to your overall health. For me, I’ve adopted the pay yourself rule. Every month, I have a set amount of money that goes toward recurring monthly expenses first, I then deposit a large percentage of my earnings into my savings account and the money I have left over, I deposit into an account that is specifically for entertainment. I’m a free spirit. I enjoy spontaneous trips. I love traveling and I enjoy getting away at a moments notice for a relaxing weekend trip. I fund my weekend trips by planning ahead. I believe it’s important to enjoy your life, but you also have to live responsibly.
How do you differentiate between a want and a need? Having the necessary essentials in life is great. I believe anything over and above is a WANT not necessarily a NEED. A year ago, I purchased a new car, I’m in the process of starting another business and I’m also looking at relocating. Essentially, all of my financial goals have been geared toward a new step in my life. As an entrepreneur, it’s important to me that I not only have a plan in place, but I also have several backup plans prepared to implement in the event my plans don’t work out the way I thought they would.
So, what are some ways to reduce the amount of money you spend on a daily basis? Think of the things you enjoy and make a chart of how much you’d be saving if you enjoyed those things a few times a week versus every day. For instance, if you’re a coffee drinker and you enjoy fancy coffee that costs $8.00 a day, make your own coffee at home a few days a week. If you eat out every day, pack a lunch a few days a week instead of eating at a restaurant. You would be surprised at the amount of money you will save just by making small changes to your daily habits.
So, what if you’re already in financial hardship and you need help right now? Chapes-JPL has specific programs that may be of assistance to you. Chapes-JPL has one simple goal, to provide affordable asset loans on jewelry, gold, diamonds, watches, and other valuable assets, at a low rate and at fair value.They offer loans as low as $100 and as high as $5 Million at some of the best interest loan rates in the industry.Unlike typical pawn shops that lend at extremely high rates (and in public storefronts for the world to see), Chapes-JPL provides loans at low rate and in private financial offices. You can feel much more confident when you reach out to a business that’s committed to helping those in need. Connect with Chapes-JPL and their wonderful staff by visiting their website. Chapes-JPL