June 2, 2019

Financial Stress

Self Inflicted Financial Stress: Stop pretending to be someone you aren't and start saving money!
Mental stress has a massive impact on overall health and poor managed finances is one of the biggest causes of mental stress. We see this in our offices on a daily basis and it takes a huge toll on someones health.
In almost every one of these financially stressful cases it comes down to the fact that people value appearance over long term financial stability.
Some of the culprits are:
1. Buying a house that's at the top end of your budget
2. Driving a car that's more than you can afford
3. Paying for cable and all the extra channels
4. Eating out frequently
5. Shopping daily on Amazon
6. Expensive Vacations
You can easily save money by stopping these things immediately, and it's really not that hard to do. Sell your house and buy a cheaper one, buy a cheaper used car, etc.
"Northwestern Mutual found that Americans with retirement savings have an average of $84,821 saved"
If you were to only cut out $200 of your spending per month (Some cable packages are almost this much alone) which is very possible for most people and invested it instead over 30 years, you could easily have at least $250,000 which is much better than the average $84,000 and a great start towards reduced financial stress! Many people could do way more if they really wanted to.
You can make a huge impact on your overall health by managing your finances properly. Stop buying ridiculous stuff and trying to impress the people around you when it's more than you can afford!