Worry about managing money is one of the leading causes of stress. Everyone questions their financial decision making ability every now and then; some question themselves all the time.
There are ways that you can cut back on the stress and make decisions that you are happy with.
Information is Power
Cutting back on the stress comes down to feeling confident about every money decision; confidence grows when knowledgeable.
Pro-Tip: Don’t be afraid to put the brakes on a decision until you feel that you are making a well-informed, educated decision. The more you build your decision making muscle memory, you’ll have answers faster and you’ll be filled with more confidence.
Abating the Stress
Where does stress over making financial decisions come from and what are people worried about? There is a lot of financial management information out there and it can be a part of the problem when it comes to stress and financial decisions.
Here are some of the most common things that consumers are stressed over when it comes to financial decisions:
- Spending methods can be worrisome – should you use credit or not use credit? Is cash the way to go? Putting this worry to rest is a matter of learning the advantages and disadvantage of each method and how it will affect you in the long run.
- Course 5: Lender Preparation
- Budgeting – many people worry if they are making the right budget decisions. A good rule of thumb is to write everything down, track your spending and be honest with yourself about what a want is and what a need is. Be 100% accurate with what your actual spending is and make the necessary corrections.
- Lesson 2: My Spending Plan