Managing Financial Stress:
So You Don't Lose Your Mind!!!

Managing financial stress is a must! As a matter of fact, financial burdens are often one of the most leading causes of stress, anxiety, and depression. Have you ever said something like this before...

• "I can't go out, I don't have enough money."


• "How am I going to pay all of my bills this month?"


• "Christmas is coming up. How are we going to afford gifts?"


• "Do I pay the electric bill or buy my prescriptions this month?"


• "I would really like to get a haircut and buy a new outfit, but I can't afford it."


• "This credit card bill is not going down! I don't know if I'll ever get it paid off."

Not having enough money can be a drag! Trust me, I know the feeling! But, it doesn't have to be like that forever. As difficult as it may seem, you can change your circumstances.

There are many ways to regain your financial freedom. And I believe in order to enjoy yourself fully, at least in this society, you need to gain financial freedom from debt, have a comfortable savings, and have the ability to afford the things that you need and want.

But what often gets in the way is life! There's that car to fix (again), that surprising medical bill, a job loss, a new baby, a new home with new repairs, and a depressed/anxious spirit that's having a hard time keeping his or her hopes up.

And what makes this extremely difficult is, you don't know how to get yourself out of this mess.

However, there are so many resources and people to help you manage your financial stress. And on this site, you'll only find the best financial information that I can provide to you (at least in my opinion with what has helped me the most), so you can improve and regain your financial independence and freedom!

Here you will find what I believe to be the best resources for managing financial stress. I have used these resources to help me get out of debt in my own life.

Dave Ramsey:

I love Dave Ramsey! His book "The Total Money Makeover" is primarily about setting small attainable goals for paying off your debt.

This book has helped my husband and I through many of our difficult financial burdens.

His technique for managing financial stress goes something like this..

1. Save $1000 for an emergency fund first.


2. After you have saved $1000 for your fund, start paying your lowest amount of debt off first.


3. After you have paid off all of your personal debt (excluding a house payment), start saving more money for your emergency fund and other financial necessities (i.e. child's college fund and your retirement). Ultimately, you want to get to a point where you can even pay off your mortgage.


4. After you are out of debt, stay out of debt by paying cash for everything that you need and want. And let go of the credit cards once and for all.

Although my husband and I struggle to keep $1000 in our savings, this fund has helped us through many problems that would have been hard to overcome otherwise.

As for our debt, we started on the lowest amount of debt we had in general and paid off our cars first. We are now working on paying down our credit card payment.

I have to say, his simple plan has worked wonders with managing financial stress.

Oprah's Debt Diet:

This plan helps you track your spending, evaluate your debt, has you sign a "get out of debt" contract, and provides relevant worksheets for your convenience. The Debt Diet is a very detailed and goal oriented program that helps you through all the aspects of managing your money.

How do you do this? By doing a lot of research in what you are good at, what you have to offer the world, and how much time/energy you want to put into creating multiple streams of income.

The reason I believe it's so important to build multiple streams of income is because this creates a feeling of security with your finances. In other words, if you were fired from your job, the blow wouldn't be as hard knowing that you had another source of income to back you up.

Here are some ways to build extra income that's separate from your primary job..

• Build a Website: I have built my own website in hopes of creating another income for myself. In time, this website will be my primary source of income, but it will never be my only source because I don't like to have "all my eggs in one basket!"
  

  However, even on a website, you can build multiple streams of income. There are plenty of ways to make money from a site. Here are some examples..

  • Google Adsense: Ads/Advertising on your site
  
  
  • Affiliates
  
  
  • Selling your own products: E-books and other items you have created on your own.

  And...

  • It's your own business, so the options for making money are limitless!
  
  
• Participate in side jobs: But only participate in side jobs that you love and that you are passionate about. Spending your extra time in a side job that is overwhelming, stressful, or time consuming is too expensive in terms of your mental and physical health in the long run.


• Learn what you can about investing your money: A great person to teach you everything there is to know about investing is Suzy Orman.
  

  She is a great inspiration for women and men who are financial management "virgins!" In other words, she walks you through issues of getting out of debt, what bonds/stocks to participate in, what you can and cannot afford, and much much more.

  I also love this magazine called,"Money."

  This magazine provides wonderful resources for managing your money wisely. You will find information such as "Rankings for 1,000 top mutual funds," "Your Safest Investments," Sure Strategies for Today's Market," and so much more. If you do not want to spend money on a subscription, then check out all the free information on the website.

• Partnership: I truly believe in the power of making your own money and not relying on others for financial support. However, in terms of marriage, doubling the income seems to always be better. When both partners in a marriage are working, managing financial stress is a lot easier. Of course, this depends on the couple and their choices, however, doubling the income typically beats living on one income.


• Turn your hobby into cash: There are many missed opportunities when it comes to turning your passion and/or hobby into money making opportunities.
  Many people believe that it will not be as much fun when your hobby turns into a "job." However, why not try it out first before you decide? For all you know, this may be the managing financial stress opportunity you've been searching for! And better yet, it may not even feel like a job!

When managing financial stress, it's important to believe that you deserve abundance.

Practicing the Law of Attraction is a great way to draw more money into your life. When you go to "The Secret's" website and click on "Gifts for You," you'll find a free e-book called, "The Science of Getting Rich." This e-book teaches you that it's okay to want more for your life and that you have the right to be rich! Overall, this book teaches you how to change your mentality from being in debt to living in abundance!

Stay tuned for more ways in managing financial stress!