As you lie down in bed each night, what’s on your mind? What keeps you tossing and turning? If we had to guess, it’s probably money worries.
If it offers any solace, you’re not alone. New numbers from CreditCards.com reveal that 65% of you are losing sleep over financial concerns. That’s down from 69% during the Great Recession, yet still higher than what it was before the recession (56%). Specifically, you’re concerned most with healthcare bills and costs, the first time this worry has topped the list in the 10 years this survey has been around. Retirement, paying the mortgage, paying for college, and credit card debt round out the top five.
Ok, so how do you go from stressing out and worrying… to actually taking back control of your personal finances? Simply put, you cannot ignore what's worrying you. You need to face it head on. Don't bury your head in the sand.
And it can start with baby steps.
Maybe it’s as simple as tracking how your family spends its money for a week. Or maybe it’s getting more organized – after all, 15% to 20% of your budget is wasted every year just because you’re disorganized (late fees, wasted food, and misplaced items you have to repurchase can really add up). Or perhaps it’s reprioritizing who you pay first (hint: it should be you).
However, ultimately, the best way to see where you are right now, and to know if you can get to where you want to go, is to get a financial plan from a trusted financial planner. Because a financial plan isn't just for retirement. A financial plan can also help you figure out how to make decisions tied to your everyday expenses. It can help you build a strategy for hitting your short-term goals, in addition to your long-term goals.
The Simply Money Point
Most people don’t have anything written down; instead, all the numbers and fears and stress just snowball inside your head. So, take a cue from businesses – they have a business plan actually written down on paper. Get your own version in the form of a financial plan and take back control of your personal finances.
Want to get a financial plan from our team at Simply Money Advisors?