Having a little extra money could help you to pay for things you need or want.
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You can spend PIP on whatever you need it for. Not sure when you reach State Pension age? Find out here. They will ask for basic information and then send you a claim form. Step two: Fill in the claim form. If you need any help with this, contact your local Age UK. Step three: Your claim will be assessed by a healthcare professional and you might have a face-to-face assessment. Step five: You will be informed of the decision on your claim. If your claim is turned down you can challenge it. Talk to your local Age UK for advice or read our advice on How to challenge a benefits decision.
There are two main ways to stop worrying about money: Changing the way you think and changing what you are doing. By applying both changes to your life, you will have the greatest impact on your quality of life, health, and relationships. Get a Mantra The more positive energy you feed yourself, the more you will believe and embody it. One way of doing this is to get a mantra to repeat.
You can say it to yourself every time you begin to worry or post the mantra in places where you will often see it, such as your bathroom mirror or computer monitor. Draw from Your Faith If you are religious or spiritual, now is the perfect time to draw peace and comfort from what you believe. Many people turn to their faith in times of need, and your faith can allow you to let go of your fear of the future. Know that you will be taken care of. Try praying or meditating to clear your mind and find peace.
Count Your Blessings All too often we focus on the negatives in life, which is one reason why so many people worry. A good practice to combat worry is to focus on the positives. One way to do this is to write down five positive things that happened during your day. Do this every evening before bed for at least two weeks. For instance, think about whether or not you need to buy a latte or save the money. For instance, tomorrow your house could be destroyed by a natural disaster like a fire or tornado.
There is no way to predict or prevent such a tragedy, though you can plan for it. Tragedy can strike, but you will be okay and you will move on. For example, the worst case financial scenario for my family would be losing all we own and becoming homeless. My husband and I would get jobs, save some money, and be on our own again.
How you act is one thing you have complete control over. Focus your energies here and make a point of doing, or at least trying, the following. You should see a marked decrease in how much you worry about money and a big improvement in your quality of life.
When I’m five ways you’ll benefit
Instead, set aside specific time every week to examine and discuss your finances. For example, plan every Monday evening to spend an hour checking your bank account, paying your bills, reviewing your budget, and talking about money with your spouse.
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A budget can serve as a real eye-opener to what you are spending your money on and it will afford you greater control over your spending habits. It will also ease the fear-of-the-unknown factor by giving you a firm grasp on your financial situation rather than having your finances simply be a black hole. Pay Off Debt Once my husband and I became debt-free, the amount I worried about money decreased dramatically. We felt less guilt, less pressure, and a renewed sense of freedom. This can be especially true if you owe money to a family member or friend.
Use the time you have set aside to deal with money issues to construct a plan to eradicate debt. If you have a lot of student loan debt, look into refinancing into something with a lower interest rate.
Build an Emergency Fund Another stress reducer is to have money saved up in an emergency fund in case anything expensive and unexpected happens, like having to replace your water heater or losing your current source of income. Make sure this money is put someplace where you can easily access it when needed. Using a savings builder account from CIT Bank will allow you to earn a little interest on the money.
Obtain Multiple Sources of Income When I decided to become a stay-at-home mom , my husband and I cut our income in half, which was very stressful. But to make up for it, I started blogging and babysitting, and my husband started doing some work in web design. In this way, we at least have multiple sources of income in case one of them fails. Simplify Your Finances When life becomes overwhelming, simplification is often the solution.
In the case of your finances, simplify by combining various accounts. Aim to have one checking account , one savings account, and one credit card. Having only three accounts will calm your worries because it is a lot less to monitor and control. Utilize AutoPay This is an important tip if you are someone who forgets to pay their bills on time or stresses about it in order to make the due date.
With automatic bill payment plans , your credit card is automatically charged the amount each month or billing cycle. Link automatic payments to your credit card instead of your bank account in case you are overcharged and need to dispute something. Also, remember to have money budgeted to for each AutoPay bill. Just make sure that your portfolio is diversified and well-allocated according to your retirement timeline, goals, and risk tolerance. A great way to diversify is to invest in index funds or use alternative investments like fine art through Masterworks.
Scheduling semi-annual meetings with your financial advisor may give you peace of mind on this front. However, that should not be a replacement for acquiring a basic understanding of how the market and retirement investing work. Cancel cable and stop watching TV. Do you eat out for lunch? Pack a healthy brown bag lunch instead. Do you have an expensive car? Trade it in for something more affordable.
Run the numbers and see how much you can save.